July's Residential Unit Sales Up 11% Year Over Year.
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of July 2019 rose 11.49% compared to July 2018. While sales rose, the number of new residential listings dropped 10.01% from July 2018, and overall inventory in the Edmonton CMA dropped 13.58% from July of last year.
Single family home unit sales increased 17.79%, while condo unit sales dropped 0.89%, and unit sales of duplexes increased 4.42% from the same period of time last year.
All residential average prices decreased to $366,344, a drop of 1.70% from July 2018, and are virtually unchanged from June 2019. Single family homes sold for an average of $429,717, a 1.91% year-over-year drop from July 2018, but a 1.37% increase from June 2019. Condominiums sold for an average of $222,911, a 10.3% drop year-over-year, and a decrease of 6.59% from the previous month. Duplexes dropped 2.80% from last year to $333,317, which was a 1.63% decrease from the previous month.
“Edmonton real estate unit sales in July are up year over year,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Prices remain relatively flat; however, the average price of condominiums is down over 10% year over year.”
Single family homes averaged 57 days on the market, a five day increase from last year. Condos spent five days longer on the market, from 65 to 70 days, while duplexes averaged 66 days on market, a five day increase from July 2018. Overall, all residential listings averaged 62 days on market, a 8.77% increase year-over-year, and a 5.08% increase from June 2019.