The outlook for Edmonton’s housing market remains stable. The average residential price in October for the Edmonton Census Metropolitan Area (CMA) is up 1.72% year-over-year (YoY) despite reported sales being down 15%. Single family sales are down 14%, with prices up 3% YoY. Condo sales are down 17% YoY and prices are down almost 6% from October of 2014.
“The average recorded selling price of single family homes in October was bolstered by the sale of two properties well over the $3.5 million mark. Even without these sales we are continuing to see strong prices in this category,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We will likely continue to see average days on market grow as the inventory remains higher than last year and single family sales are down almost 15%.”
Average days on market for all residential properties was 57 this month, up almost 8% over last month and up from last year when average days on market was 51. Single family average days on market was up to 56. Condominiums were averaging 61 days on market compared to 57 in September, and duplex/rowhouses took an average of 49 days to sell in October, down from 51 days the previous month.
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $438,935; up 1.57% from September. The average price for condominiums ($244,225) fell 3.45% over last month. Duplex/rowhouses also dropped to an average of $359,130 – down 1.39% from the previous month but up 1.76% from 2014. All residential properties average price sat at $371,756, up 0.78% from September.
“It is common to see a dip in both sales and prices at this time of year, but condos have definitely been the most affected. The influx of inventory, both new and resale, has given buyers a bigger selection and more time to make their choice.” Tetreault continues, “There are buyers out there looking to take advantage of low interest rates and the great selection of inventory of all types of property. Sellers need to be competitive in a market with healthy inventory.”
All residential active inventory remains robust with 6,641 residential properties available in the Edmonton CMA at the end of October, down from September by 6.57% but still up over last October by 48.47%.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|October 2015||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$438,935||1.57%||3.02%|
|SFD median(4) selling price – month||$397,500||-0.63%||-0.59%|
|Condominium average selling price||$244,225||-3.45%||-5.9%|
|Condominium median selling price||$225,000||-1.75%||-6.25%|
|All-residential(5) average selling price||$371,756||0.78%||1.72%|
|All-residential median selling price||$346,000||-1.91%||-1.14%|
|# residential listings this month||2,272||-18.19%||28%|
|# residential sales this month (reported)||1,199||-17.99%||-15.08%|
|# residential inventory at month end||6,641||-6.57%||48.47%|
|# Total(6) MLS® System sales this month||1,573||-17.12%||-23.86%|
|$ Total value MLS® System residential sales - month||$497 Million||-17.73%||-20.63%|
|$ Total value MLS® System sales – month||$586 Million||-17.26%||-21.63%|
|$ Total value MLS® System sales – YTD||$7.5 Billion||9%||-10.48%|
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®).