The number of Edmonton single family homes, condominiums and duplexes on the market stood at 7,680 in June, an increase of nearly 16 per cent over June 2017, according to new statistics from the Realtors Association of Edmonton.

Across the greater Edmonton region, there were more than 10,000 listings in June, the highest seen in five years, association chair Darcy Torhjelm said Wednesday.

Having that much choice is good news for buyers, Torhjelm said.

"You don't have to be in any rush now," Torhjelm said. "Now you can be very specific about what you want."

Torhjelm said there doesn't seem to be one particular reason behind the spike in the number of places for sale.

"It could be people trying to downsize their expenses," he said.

Condo prices see biggest decrease

While inventory is increasing, the average selling price for all residential real estate in the city was $377,125 in June, down 5.41 per cent compared to June 2017.

Condominiums took the biggest hit in price, with the average sale price down 9.18 per cent compared to June 2017, to $235,334.

The average price for a single-family dwelling in Edmonton was $452,020 in June, down 3.72 per cent year over year.

Duplexes and rowhouses in Edmonton experienced the smallest price dips, dropping by 0.33 per cent year over year. The average price paid for those homes in June was $361,519.

Sales 'slower than typical'

Edmonton saw 2,861 new listings in June, up nearly nine per cent compared to June 2017.

There were 1,260 sales during the month, down 11 per cent over June 2017. To the end of June, there were 6,133 sales in Edmonton, down 5.3 per cent year over year.

Listings in the city have spent an average 55 days on the market this year, compared to 50 days in 2017.

"Sales are slower than typical for this time of year," said Torhjelm, adding that he expects to see that pick up in August before the start of the school year.

Torhjelm pointed out that increases in interest rates and changes to mortgage qualification rules as some of the reasons why sales have slowed.

His advice for anyone trying to sell right now is to make sure the home shows well, and to complete any repairs that have been put off.

"You can't get away with that stuff right now," he said.