August 2010 stats
| | | | | | |
| July | Change from | June to July 2010 | August | Change from | July to August 2010 |
New Listings | 2,955 | -552 | -15.8% | 2,700 | -255 | -8.6% |
Sales | 1,294 | -155 | -10.0% | 1,195 | -99 | -7.6% |
Average Sale price *House and Condo sales | $309,975 | -$9,958 | -3.1% | $302,241 | -$7,734 | -2.4% |
House | $378,979 | -$20,031 | -5.1% | $372,253 | -$6,726 | -1.8% |
Condo | $240,371 | +$117 | +0.04% | $232,230 | -$8,141 | -3.4% |
What do these statistics tell us?
Welcome to the fall market in Edmonton. Prices for single family homes have fallen for the second month, but only by 1.8% not a huge drop but still a softening of prices. Condo prices also took a dropped in August. This is what Larry Westergaurd president of the Edmonton Realtors association had to say:
“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year.” “There may be bargains in the condominium market as prices are about $10,000 less than a year ago, on average.”
The struggle this year is that, listings continue to outstrip sales at a rate of 2:1, leaving the market saturated with properties, great for buyers also good for sellers who price their properties aggressively.
For the same month last year there were 1,540 total properties listed by comparison 2,700 were listed last month. Sales are lagging behind 2009 of 1,694 in comparison in 2010 only 1,195 properties sold in the month of August 2010 a difference of 499.
We are not seeing a huge reduction in prices however; this is in part due to seller’s willingness to hold on to their homes longer and wait hoping that prices will rebound. With the optimism of economic recovery in the U.S. eroding and talk of a double dip recession along with continuing financial troubles in Europe it may take some time for consumer confidence to build with respect to the Canadian real estate market.
Dave Dry
Realtor
Re/Max Real Estate
Direct: 780 446 3727
Office: 780 457 3777
E-mail:info@davedryhomes.com
www.davedry.ca
www.davedryhomes.com
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