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Edmonton Real Estate News

Sales Activity Slows in June While Prices Stay Level


The number of residential units reported sold in the Edmonton Census Metropolitan Area (CMA) were flat month-over-month but down 11.1% year-over-year for June. There were 1,117 single family sales reported in June 2016. That number is down 10.1% from June 2015, but on par with the 1,119 reported sales in May. Reported condo sales at 465 were up 11.5% month over month and down 18.7% from the previous year. Duplex/rowhouse sales at 173 are up 9.8% from last year but down 14.8% from May.

All residential average sale prices remained virtually the same as June of 2015, up only 0.1%. At $435,366, single family homes experienced a decline in average price of 1.1% from May and 1.8% from June last year. The average condo price was bolstered by the sale of several luxury properties.  At $263,326, it was up 3.5% from May and 2.5% from last year. The average duplex/rowhouse sold for $352,7785 (up 4.6% y/y, up 0.7% m/m).

“Although June’s residential unit sales are up slightly over May, we did not see the numbers set in June of 2015. Also notable is that the sustained lull in sales we have seen over the past two years has not been reflected in average price. Continued sales of higher priced properties in the region have helped keep average prices strong,” says REALTORS® Association of Edmonton Chair Steve Sedgwick.  

Total new residential listings in June were 3,041, down 6% from May and down 4.7% from the previous year. There were 8,179 residential properties available in the Edmonton CMA at the end of June. That is up from 7,177 in June of 2015 and 5,609 in June of 2014.

“Inventory remains high and buyers continue to have good selection,” Sedgwick said. “This is welcome particularly to those looking in the popular $350,000 to $450,000 single family price range.”

In June, the all residential average days-on-market was 53 days, down 1 day from May and up 4 days relative to June 2015. On average, single family detached homes sold in 50 days in June, while condominiums sold in an average of 58 days and duplex/rowhouses sold in 53 days. 

Review these statistics and more at www.ereb.com.


 Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

 

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®).