The market that refuses to back down
Despite a glut of inventory, prices in this one western market refuse to drop, which is good news for investors.
Residential home prices remained relatively unchanged in April, with an average price of $377,283 in April – down less than 1% month-over-month and up less than 1% year-over-year.
“Prices in Edmonton and area market remain stable. This is good news for sellers who have been concerned about selling in a ‘buyer’s market’,” Steve Sedgwick, Realtors Association of Edmonton chair said. “Buyers continue to have a great selection of properties to choose from and sellers need to be competitive with their listings.
“Continued lack of significant movement in the average house price is a good signal that Edmonton’s economy is strong.”
The average single-family home price increased slightly to $439,982 – up from $439,815 in March. Listings and sales volume fell for single-family detached homes year-over-year.
Condo prices, meanwhile, fell less than 1% year-over-year and sold for an average of $250,869 in April.
A total of 1,498 homes were sold in Edmonton last month – up 10% month-over-month but down 6% year-over-year.
The average days on market was 40, which was seven days shorter than in April 2015.
“New listings were slightly down in April, but inventory remains high,” Sedgwick said. “We expect to see sales continue to rise through the early summer months. It will be interesting to see whether there are many new listings added to the existing inventory in the coming months.”