The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend.
“The strength of prices in the Edmonton market is an excellent indication that we are maintaining stability,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 – up 2.76% from the previous month and up 4.28% from 2014. All residential properties sat at $368,874; down 0.91% from August and down 0.75% over September 2014.
“We will likely see prices continue to dip as we move into the colder months. Real Estate in Edmonton has a very seasonal trend and colder months always mean fewer sales. We may see buyers take advantage of this trend and benefit from low interest rates while they still can,” Tetreault says.
All residential active inventory remains healthy with 7,108 properties available at the end of September, down from August by 1.65% but still up over last September by 47.71%.
Average days on market for all residential properties was down this month by 1 over last month sitting at 53. This is up by 8.51% from last year. Single family average days on market was down to 51. Condominiums were averaging 57 days compared to 56 in August, and duplex/rowhouses took an average of 51 days to sell in September.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|September 2015||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$432,150||-1.75%||-0.98%|
|SFD median(4) selling price – month||$400,000||-0.68%||-1.05%|
|Condominium average selling price||$252,953||-0.67%||0.58%|
|Condominium median selling price||$229,000||-2.84%||-0.43%|
|All-residential(5) average selling price||$368,874||-0.91%||-0.75%|
|All-residential median selling price||$352,750||-0.63%||1.07%|
|# residential listings this month||2,777||-5.09%||36.87%|
|# residential sales this month (reported)||1,462||-0.2%||-6.76%|
|# residential inventory at month end||7,108||-1.65%||47.71%|
|# Total(6) MLS® System sales this month||1,898||-4.53%||-10.56%|
|$ Total value MLS® System residential sales - month||$605 Million||-2.48%||-7.28%|
|$ Total value MLS® System sales – month||$708 Million||-4.24%||-10.08%|
|$ Total value MLS® System sales – YTD||$6.9 Billion||12.27%||-9.32%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales
Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate
Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.
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