The Edmonton real estate market has slowed down dramatically in June while the prices of single detached home are relatively stable. The inventory for Edmonton homes has increased substantially to 9,406 active listings, from 8,780 in May, and 29% higher than in June of 2009.

There were in total 1539 sales , that is 8.5 percent less than last month and almost 40 percent less than in June of 2009. The buyers paid on average 391,497 for single detached homes, which is almost identical compared to last month’s prices and 5% more than same time last year, while condos were down by 2.4 percent to an average price of $242,644.

“There was less external pressure on the market from incentives or rate changes last month and as a result the market seems to be operating in a normal controlled manner,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “It has been quiet on the news front but very busy in REALTORS® offices as they list client’s properties for sale, book showings for buyers and attend open houses. This has not resulted in immediate sales, however, and, in anticipation that this slowdown will continue through the year, we have reduced our 2010 sales forecast by 2,000 units from 21,000 to just 19,000.”