Edmonton, November 2, 2016: Edmonton’s housing market remains constant for another month with residential unit sales increasing in October by 5.5% year-over-year (YoY). Single family unit sales increased by 7.1% YoY, condominium unit sales were down 3.9% YoY, and duplex/rowhouse unit sales climbed 17.4% over reported unit sales in October of 2015.
“The housing market in Edmonton continues to experience relative stability, with increased sales and steady prices year-over-year for October,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “We typically see the market slow during the colder months, so it is encouraging to see us moving into late fall with strong numbers.”
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $423,755, which is down 1.6% from September and down 1.75% YoY. Condominium prices were up year-over-year by 0.5% and down by 2.3% month-over-month. Duplex/rowhouse average prices also decreased 7.7% from the previous month and 6.9% from October 2015. However, all residential property prices were mostly unchanged in October, only down 0.64% compared to 2015.
“We’re seeing buyers who are confident in the future of the Alberta economy, and we are heading towards a solid finish to 2016,” Sedgwick said. “Residential unit sales across all categories are down 6% year-to-date compared to last year, however, our prices remain stable.”
The average days on market increased in October, which is typical for this time of year. In total, 1,265 units sold in October, with the average residence in the Edmonton CMA needing only 61 days to sell. Single family detached homes sold on average in 57 days, 3 days longer than September, and condominiums sold in 65 days, which was unchanged from the previous month. Duplexes/rowhouses needed an extra week, selling on average within 67 days in October compared to 60 in September. In October, there were 2,147 new listings available in the Edmonton area, down from 2,272 listings that came on the market in October 2015. With sales up over last year for October, the reported sales to listing ratio moved from 53% to 59%, indicating balance in the market.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|October 2016||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$423,755||-1.55%||-1.75%|
|SFD median(4) selling price – month||$392,250||-1.26%||-0.92%|
|Condominium average selling price||$245,698||-2.25%||0.45%|
|Condominium median selling price||$230,000||0||1.48%|
|All-residential(5) average selling price||$364,004||-2.65%||-0.64%|
|All-residential median selling price||$348,000||-2.25%||0.87%|
|# residential listings this month||2,147||-21.61%||-5.50%|
|# residential sales this month (reported)||1,265||-5.52%||5.50%|
|# residential inventory at month end||7,215||-8.17%||
|# Total(6) MLS® System sales this month||1,661||-3.49%||5.59%|
|$ Total value MLS® System residential sales - month||$523 Million||-7.27%||2.20%|
|$ Total value MLS® System sales – month||$603 Million||-5.63%||2.82%|
|$ Total value MLS® System sales – YTD||$75 Million||10.3%||-7.17%|
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.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).