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Residential sales along with prices of homes in the Edmonton area are both lower than they were last year at this time, show the latest real estate figures.

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) decreased 15 per cent relative to last January, the Realtors Association of Edmonton said in a Monday news release.

Single family home sales dropped 14.34 per cent while condominiums decreased 18.56 per cent and duplex/townhouse sales dipped 1.02 per cent.

But when compared to the previous month, residential unit sales increased, typical for this time of year. Single family home sales increased 1.51 per cent, condominiums sales rose 22.16 per cent and duplex/townhouse sales jumped 32.88 per cent. Overall, residential unit sales increased 9.75 per cent compared to December 2018.

Average home prices, however, declined in January.

The average selling price of a single family Edmonton area home was $404,275, a decrease of 6.04 per cent compared to January 2018 and a drop of 5.52 per cent compared to December.

Condominium average prices decreased 4.90 per cent year over year but rose 6.18 per cent month over month.

Duplex/townhouse average prices fell 7.51 per cent relative to January 2018 and slipped 6.85 per cent relative to December.

Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.

Listings for January were almost identical to January 2018, increasing by 0.08 per cent.

Inventory remained higher than average, with an increase of 6.10 per cent relative to December and an increase of 9.31 per cent compared to January 2018.

Average days on market reflect sluggish seasonal sales, with the residential average increasing to 84 days, up from 72 in December 2018.

Single family homes sold on average in 79 days, an increase of 10 days from December 2018.

Condominiums increased to 93 days on market and duplex/townhouses increased to 90, both categories up from 78 average days on market in the previous month.