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‘It’s been difficult’: Real estate market drops in 2018
Published Thursday, January 3, 2019 3:25PM MST
Edmonton’s real estate market is looking forward to a new start this year, after 2018 brought with it a decrease in prices and listings sitting on the market longer.
“The real estate market has been difficult,” said Michael Brodrick, Chair of the Realtors Association of Edmonton. “It’s been difficult for realtors, it’s been difficult for buyers and sellers.”
The residential average sale price for 2018 was nearly $370,000, a decrease of 1.28 per cent. Condominium prices took the hardest hit, decreasing 4.9 per cent to just over $236,000 on average.
Brodrick says a high amount of inventory for condos across the province weighed down on prices.
“Condo prices were really affected simply by the level of inventory we had. There was a tremendously high level of condos on the market that drove prices down further than the average overall residential price.”
Listings sat on the market on average for 62 days, up from the average of 59 days in 2017.
Brodrick says the beginning of 2019 should bring some stability to the market, but will likely be similar to 2018 with houses remaining on the market for longer.
“The housing market will continue to move, it’s just a matter of what pace it will continue to move at. People will need to be patient, and people will need to realize things are going to be difficult in the housing market in the near future.”
With files from Dan Grummett