Edmonton, July 3, 2014:
Sales of all types of residential property in the Edmonton Census Metropolitan Area (CMA) were up almost ten percent as compared to the same mid-year point in 2013. According to the REALTORS® Association of Edmonton there were 11,595 residential properties sold this year through the local Multiple Listing Service® (MLS®) compared to 10,556 sold by June 30, 2013. Prices also rose year-over-year; the value of sold property increased 15.3% from $3.6 billion to $4.2 billion.
In June, the average price of a single-family detached (SFD) property in the CMA dipped 0.7% to $435,534 month-to-month. The all-residential average price was $371,839; down 0.2% from May. Throughout the CMA, the average price for a condominium rose 0.6% from May to $254,182.
“The average price has been fairly stable this year with relatively small market fluctuations from month-to-month,” said REALTORS® Association President Greg Steele. “When compared to last year at the same time however, average prices are up and we have established new peak prices for single-family detached homes for the past five months.”
In June, the average price for a SFD home was $435,534, which is down marginally from the new historic peak set in May of $438,506. Condominium average prices were up 0.6% from May at $254,182 but did not hit the June 2013 peak of $258,383. Duplex/row house prices dipped 1.7% from May at $343,198 and the all-residential average price was down 0.2% to $371,839.
Overall, YTD residential listing activity was up 6.9% compared to last year at this time, with sales up 9.8%. The increased sales put downward pressure on the inventory, resulting in a month end inventory of 5,704 available homes (4.7 months of available inventory at current sales levels).
“The new higher pricing plateau that we have seen this year has motivated more homeowners to put their home on the market resulting in increased choice for home buyers,” said Steele. “But properties move quickly in this market and buyers must work closely with their REALTOR® to catch the ideal property when it comes into the market.”
The average days-on-market was just 41 days in June and the YTD average of 45 days, compared to 47 last June. The sales-to-listing ratio was 66%: slower than the 72% last June.
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.