Edmonton home sales drop, time in the market increases as real estate cools – Edmonton

After two hot months, Edmonton recorded its first big drop in real situation market in July.

According to the Association of Edmonton Realtors (RAE), home sales fell 23.8 percent in July from June this year, and saw a 10.3 percent annual decline from July 2021.

Sales of single-family homes were down 12.4 percent from July 2021 and 24.4 percent from June 2022.

Apartment sales were down 1.6 percent from July 2021 and 22.1 percent from June 2022, while sales of duplexes/rows were down 12.7 percent year-on-year and 21.3 percent from last month.

“This is the first time this year that we have seen such significant declines in our monthly statistics in the Edmonton real estate market,” said Paul Gravel, Chairman of RAE.

Gravelle says the market isn’t finished yet.

“Although July is usually a slower month for real estate due to the holidays, we expect to see a continuing downward trend as we approach the start of fall,” he said.

Listed homes sit longer and sell for less, too.

Single-family homes averaged $489,370 — an increase of 5 percent year over year, but a monthly decrease of one percent. These homes average 33 days on the market, six days longer than June.

Residential units sold an average of $229,463 and saw a slight decrease of 4.4 percent year over year and 3.7 percent compared to June 2022. These units take an average of 52 days to sell, five days longer than the previous month.

higher interest rates The slowdown is being blamed on real estate markets across the country.

In Toronto, July sales were down 47 percent from the same period last year and 24 percent from last June.

Residential home sales in Metro Vancouver have been down more than 40 percent, compared to July 2021 this year and down nearly 25 percent in just one month.