The all residential average sale price continues to remain strong at $384,504 up almost 2% over the previous month and over 3% from July 2015. At $450,366, single family homes experienced an increase in average price of over 3% from both the previous month and year. The 2% drop in average condo price month-over-month can be partially attributed to the sale of several luxury properties in June that bolstered the average price. The average condo sale price for July 2016 of $257,482 remains the same as July 2015. The average duplex/rowhouse sold for $348,050; down 2% year-over-year (y/y) and down 1% month-over-month (m/m).
“We can attribute much of the average price increase to the strength of high end home sales. When we look at the median price of residential properties, we see a clearer picture of what is happening to prices. The median sales price for all residential is up less than a percent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slower sales.”
At 1,515 units reported sold, all residential sales in the Edmonton CMA were down 15% m/m and down 16% y/y. 938 single family homes were reported sold in July 2016, down 16% from the previous month and 16% from July 2015. Reported condo sales at 401 were down 13% over June and 25% from the previous year. Duplex/rowhouse sales at 154 in July are up 11% y/y but down 10% m/m.
“The July slow down in unit sales is typical. May and June remain the busiest months of the year when it comes to sales volume. Every year we traditionally see a slow down in July and August followed by an uptick in September,” says REALTORS® Association of Edmonton Chair Steve Sedgwick. “There is no question that the pace and volume of sales has dropped. The positive side of this is that there continues to be a good selection of inventory for buyers.”
The number of days the average home in the Edmonton Census Metropolitan Area (CMA) took to sell in the month of July was 56. This is up 3 days from the previous month and 6 days from July of 2015. On average, single family detached homes sold in 52 days in July 2016, while condominiums sold in an average of 61 days and duplex/rowhouses sold in 57 days.
Total new residential listings in July were 2,895, down 7% from July 2015 and down 5% from the previous month. There were 8,048 residential properties available in the Edmonton CMA at the end of July, down from 8,179 in June, but up from the 7,226 properties available on the MLS® System at the end of July 2015. That is up from 7,177 in June of 2015 and 5,609 in June of 2014.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|July 2016||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$450,366||+3.45%||+3.07%|
|SFD median(4) selling price – month||$407,000||+0.74%||-0.25%|
|Condominium average selling price||$257,482||-2.22%||+0.05%|
|Condominium median selling price||$243,000||-0.41%||+5.65%|
|All-residential(5) average selling price||$384,504||+1.71%||+3.33%|
|All-residential median selling price||$358,000||+0.56%||+0.85%|
|# residential listings this month||2,895||-4.80%||-7.27%|
|# residential sales this month (reported)||1,515||-15.13%||-16.39%|
|# residential inventory at month end||8,048||-1.60%||+11.14%|
|# Total(6) MLS® System sales this month||1,981||-16.09%||-16.34%|
|$ Total value MLS® System residential sales - month||$660 Million||-14.10%||-13.19%|
|$ Total value MLS® System sales – month||$763 Million||-14.31%||-14.38%|
|$ Total value MLS® System sales – YTD||$4.86 Billion||+20.25%||-9.02%|
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®).