July is traditionally a slow month for real estate in Edmonton, and this past month was no exception. However, even though there were fewer sales than June, the average price was distorted upwards with the sale of many high priced luxury properties. Here is what Steve Sedgwick had to say about this: “We can attribute much of the average price increase to the strength of high end home sales. When we look at the median price of residential properties, we see a clearer picture of what is happening to prices. The median sales price for all residential is up less than a percent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slower sales.”

In the single family home market, the average price of $450,366 was up by 3.45% compared to June and up by 3.07% compared to last July even though sales were down by 19%. This really illustrates the point above about how a few high priced homes can affect the average price, so maybe it would be better to look at the median price instead. In total there were 938 houses sold with a median price of $407,000 and it took an average of 52 days to sell.

On the Condo side, the average price of $257,482 was down 2.2% from June and up ever so slightly by .05% from last July. There were 401 sales which is down by 30%.. The median price was $243,000 and it took on average about 61 days to sell.

As usual, for more information here is our infographic:

 

Posted by Robert and Shawna Eskiw on
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