Purrfect Properties Blog

Real Estate Market July 2019

How is the Edmonton Real Estate Market doing?  Some describe it as flat.  That really means that it’s a buyers market, for those who are choosing to buy right now. I’ve been reporting on the real estate market in my area for the last ten years, and I have never seen stats like this.  Down.  Everything is down. Except for days on market and the number of listings, that is.  This is the fifth consecutive summer that prices have gone down. Selling a home in this market, is a LONG SHOT, even if the home is priced right and in a good location.

Buy Now

While this is not the time to put your homes up for sale, this is an excellent time to buy. Prices are at historical lows across Canada (except for Quebec) and inventory is at 10 year highs. REALTORS® are putting everything they can on the market, hoping that one will sell. Interest rates are dropping every week due to the housing stall across Canada.

A Recession

Even now, Economists are predicting Edmonton is heading into another recession (assuming we got out of the last one from 2015) and Economists across North America are waiting for another fallout: recession.  So there’s no telling where the bottom of this market will be.  Even if you are aware of the 5-8-or 12 year cycles economists talk about in real estate.

The Current Stats

The Edmonton Residential Real Estate average is sitting at a lovely $365,949. A decrease year over year by -3.71% and a decrease of -0.70% from last month.

*Stats as of June 30, 2019

July 2019 - Edmonton Real Estate Market Statistics

July 2019 – Edmonton Real Estate Market Statistics

Residential single family dwellings are sitting at an average selling price of $423,894 a decrease -4.45% year over year and a decrease of -1.76% from last month.

Condo dwellings, continuing on a downward trend, dropped -0.99% from last year to $238,648 and increased 0.36% from last month.

Rowhouses and Duplexes are sitting at an average of $338,838 a decrease of -1.61% from last year and an increase of 1.24% from last month.

Highest Edmonton Home Sales for June of 2019?

Single Family – $2,150,000
Condos – $720,000
Duplex/Rowhouse – $745,000

Average Days on market?

Single Family: 53 Days, up 4 days from last year
Condos: 66 Days, down 1 day from last year
Duplex/Rowhouse: 67 Days, up 11 days from last year.

New Listings on market?

3,115 new listings for a total of 9,428 listings on market. A decrease year over year of -11.68% and -0.92% less than last month.

How many Sales in June of 2019?

1,811 sales – which shows 5.21 Months of inventory on market, which is a buyers market. This stat is also known as Market Absorption Rate. You have a 19% chance of selling your home in todays’ market. Not good for us REALTORS®.

Total Sales for 2019?

8,440 Year to Date Sales, for a year over year decrease of -3.98%.

Don’t chance chasing the market in a downwards trend.

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