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Jeff & Sandy Johnson Serving the community since 1991

Jeff & Sandy Johnson Serving the community since 1991

Monthly Real Estate Update News

Market Report: August 2019

 

Supply adjustments offset

impact of slower sales in August

 

 

Provincial sales eased in August compared to the previous year across all regions except Calgary and Lloydminster. However, slower sales were also met with a pullback in new listings, causing further year-over-year reductions in inventory levels and reductions in the amount of oversupply in the market.

“Demand for housing still remains slow across most markets. This does not come as a surprise, as many regions continue to struggle with persistent weakness in the job markets and concerns regarding the province’s economic prospects,” says Ann-Marie Lurie, AREA Chief Economist. “The current improvements in the housing market are mostly driven by supply adjustments.”

Easing new listings relative to sales is causing inventories to decline, helping push the market toward more balanced conditions. Province wide reductions in oversupply are primarily driven by Edmonton and Calgary. While these reductions are supporting more stability in prices this month, year-to-date average prices continue to ease, and have generally trended down throughout most of this year.

 For More informaiton click below:

Market Report: August 2019

 

 

Real Estate News for August

Hello Friend

Welcome to my news letter. Here you will find the latest real estate news and stats for your area. If you would like more information about market conditions in your community, or have any other realty estate related questions, please contact us. We would be happy to meet with you to see how we can help you out. 

 

EDMONTON REAL ESTATE BOARD

 

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.

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