The average residential price in August for the Edmonton Census Metropolitan Area (CMA) is up 1% year-over-year (YoY) and down slightly by 0.2% relative to last month. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $439,829; up 0.7% from July and up 1.0% YoY. The average for all residential properties sat at $372,256; down 0.2% from July and up 1.0% over last August.
“Edmonton continues to experience a relatively stable market with respect to year-over-year prices. A slower pace of sales, combined with growing inventories, are creating favourable conditions for entering the Edmonton market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We have a great selection of inventory this year, a luxury we did not have last year. Sellers may have to wait a little longer to sell their houses but they should still being getting a good price for their house. Buyers can take more time to select their home and have more choice than they
would have last year.”
“While there is no doubt that oil prices and the resulting economic slowdown have impacted the housing market, Edmonton has been able to weather these changes better than other Alberta markets.” Tetreault continues, “New developments and projects both in the city and outlying areas have kept the housing market moving.”
Sales continue to lag behind last year in all areas except duplex/rowhouse. An increase in availability of duplex/rowhouse options has helped this category grow over last year in sales (up 1.7%) and price (up 1.53%). Condos continue to be the hardest hit, with sales down 7.7% and average prices down
2.8% from last year.
Sales of all residential properties reported last month are down 5.6% from those reported in August of 2014. Single family home sales of 884 were down 4.3% YoY compared to 1,111 reported last month. Inventory remains strong at 7,227 for the Edmonton CMA at the end of August 2015, up 35% from
last August. All residential listings were up YoY by 26.9% but down by 6.3% from last month. There is currently just under five months’ supply of inventory in the Edmonton CMA.
Average days on market for all residential properties was up again this month at 54. Single family average days on market was up to 52 from 48 in July. Condominiums were averaging 56 days compared to 54 in July, and duplex/rowhouses took an average of 52 days to sell in August.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|August 2015||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$439,829||0.66%||1.06%|
|SFD median(4) selling price – month||$402,750||-1.29%||0.06%|
|Condominium average selling price||$254,672||-0.79%||-2.79%|
|Condominium median selling price||$235,700||2.7%||2.93%|
|All-residential(5) average selling price||$372,256||-0.18%||1.03%|
|All-residential median selling price||$355,000||-0.28%||1.72%|
|# residential listings this month||2,926||-6.31%||26.89%|
|# residential sales this month (reported)||1,465||-19.15%||-5.61%|
|# residential inventory at month end||7,227||0.01%||35.49%|
|# Total(6) MLS® System sales this month||1,988||-16.05%||-11.05%|
|$ Total value MLS® System residential sales - month||$628 Million||-17.39%||-2.93%|
|$ Total value MLS® System sales – month||$740 Million||-16.97%||-1.45%|
|$ Total value MLS® System sales – YTD||$6.14 Billion||14.92%||-8.87%|
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®).