Average prices hold as September unit volumes reflect interest rate adjustments
Edmonton, October 3, 2017:
September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) showed month-over-month consistency and was comparable to September 2016. The average sale price across all residential categories in September 2017 was $370,252. This figure is 0.85% lower than August 2017 and 1.06% lower than September 2016.
The average condo sale price was $252,313. This figure represents a month-over-month increase of 2.91% and a year-over-decrease of 0.31%. For single family detached sales, the average price was $430,644. This represents a month-over-month decrease of 1.75% but a year-over-year increase of 0.17%. The average duplex / townhouse selling price fell by 3.52% month over month and 5.55% year over year.
"Once the distractions of summer are over, the market usually picks up with buyers looking to move in to a new home before the snow flies", says James Mabey, Chair of the REALTORS® Association of Edmonton. "However, it is possible we didn't see a strong performance for unit sales this September because the Bank of Canada raised interest rates twice this summer, putting some downward pressure on buyer purchase intentions. Despite this, consistent average sale prices last month throughout the Edmonton area (and across most property types) suggest the local market enjoys continued health."
The number of all residential units reported sold was 1,341. This represents a month-over-month decrease of 13.04% and a year-over-year decrease of 6.35%. The number of single family detached units sold was 812. This represents a decrease of 12.69% compared to August 2017 and a decrease of 10.28% compared to September 2016. There were 355 condominium sales reported in the Edmonton CMA in September 2017. This figure represents a month-over-month decrease of 10.8% and a year-over-year increase of 1.43%. Duplexes and townhouses numbered 159 unit sales in September 2017, down 13.59% month over month and up 11.19% year over year.
“Despite a slowdown in sales, it is encouraging to see duplexes, townhouses and condo sales rise compared to last September,” says Mabey. “Traditionally, these are the properties that attract first-time buyers and a strong entry-level market is a good indicator of consumer confidence. Inventory is strong for these types of buyers to make their move, especially for condos.”
Average days on market across all categories of residential properties in the Edmonton CMA was 58 days. This figure is one day longer than the preceding month and identical to September 2016. On average, single family detached homes sold in 53 days, condominiums sold in an average 67 days and duplexes / townhouses sold in 62 days.