Edmonton, August 5, 2014: The REALTORS® Association of Edmonton reports that the Single Family Detached (SFD) average price in July was down 2% from June at $426,716 and the All Residential average price was off 2.6% from June at $362,091 in the Edmonton Census Metropolitan Area (CMA). Condo prices were stable month-over-month at $254,654 and duplex/rowhouse average prices rallied with a 5% lift to $360,309.
“Like the shortening summer days and the appearance of fall fashions, real estate prices begin to soften at this time of year,” said REALTORS® Association President Greg Steele. “Despite the seasonal slide, prices in the Edmonton area are still up when compared to the same month last year. The local market continues to be very active and REALTORS® report having a busy month.”
Year-over-year, the average SFD price was up 3.9% compared to July 2013 and the All Residential average price was up 3.3%. Average condo prices were up 4.6% from a year ago and duplex/rowhouses were up 9.2%.
Residential sales were up year-over-year from 1,835 in July 2013 to 2,013 (up 9.7%) with SFD sales (1,179) up compared to the same month last year by 4.8%. Condo sales of 639 units were up 15.4% and duplex/row house sales were up 27.7% compared to July 2013. Current month sales are adjusted to account for late reported sales.
“The demand for real estate remains strong and in line with other market fundamentals,” said Steele. “Fortunately, year-to-date listings are also up compared to last year and there is adequate supply with over 5,600 residential properties in inventory.”
The average days-on-market was up slightly to 46 days in July as compared to 41 days in June. The sales-to-listing ratio was 69%: slower than the 75% last July.
REALTORS® represent buyers and sellers of residential, commercial and industrial property throughout the greater Edmonton region and from Cold Lake to Drayton Valley, from Westlock to Wetaskiwin. There are just over 3,200 REALTOR® members of the association serving over 40,000 clients a year.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$426,716||-2.0%||3.9%|
|SFD median(4) selling price – month||$396,000||-4.0%||3.1%|
|Condominium average selling price||$254,654||0.2%||4.6%|
|Condominium median selling price||$239,000||0.0%||6.2%|
|All-residential(5) average selling price||$362,091||-2.6%||3.3%|
|All-residential median selling price||$345,000||-3.9%||3.0%|
|# residential listings this month||2,718||-8.1%||10.6%|
|# residential sales this month (reported)||1,864||-12.7%||1.6%|
|# residential inventory at month end||5,609||-1.7%||-3.9%|
|# Total(6) MLS® System sales this month||2,570||-1.95%||4.1%|
|$ Total value MLS® System residential sales - month||$786 million||-6.1%||5.7%|
|$ Total value MLS® System sales – month||$948 million||-4.4%||9.4%|
|$ Total value MLS® System sales – YTD||$5.9 billion||20.9%||16.5%|
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®).