August report from REALTORS Association of Edmonton has mixed results
Coming off the heels of the Canadian Mortgage and Housing Corporation’s prediction that Alberta and Edmonton will experience moderate growth in 2013, a report in the Edmonton Journal says that the River City saw a dip its residential real-estate market in August compared to July and August of 2011.
Statistics released by the REALTORS Association of Edmonton show that the 1,430 sales in August was a 17.4 per cent drop from the previous month and over 10 per cent dip from 2011. The 2,732 residential properties listed on the Multiple Listing Service in August are down 2.2 per cent from July and 5.6 per cent from August 2011.
But there were some silver lining in the report. In August, 53 per cent of single family detached homes were sold before $375,000, which is 6 percentage points lower than 2011’s 59 per cent, meanwhile, home sales over $500,000 were up 15 per cent in August compared to just 11 per cent last year.
Doug Singleton, the REALTORS® Association of Edmonton President, had this to say about those statistics:
“August sales illustrate the changes in the composition of the market. More consumers are purchasing homes at the higher end of the market. This is an indicator of consumer confidence and a long term view that this market is stable.”
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