Inventory and average sales price hold month over month
Entry-level buyers turn their attention to semi-detached product...
Month over month, unit sales volume was flat or down across all categories, which is typical for the month of August. Average prices for residential properties in the Edmonton Census Metropolitan Area (CMA) in August 2017 were down 2.66% compared to July 2017, but were up 0.78% relative to August 2016.
The number of all residential units reported sold was 1,542. This represents a month-over-month decrease of 4.93%, but only a year-over-year decrease of 2.03%. The number of single family detached units sold was 930. This represents a decrease of 7.28% compared to July 2017 and a decrease of 1.38% compared to August 2016. It was a softer month for condominium sales with 398 reported, which is down 4.10% month over month and down 10.36% year over year. Duplexes and rowhouses continue to perform well with 184 unit sales in August 2017, which was up 1.66% compared to July 2017 and up 19.48% compared to August 2016.
“Price conscious buyers appear to be turning their attention to semi-detached product as opposed to condominiums for the best value. Changes to mortgage rates and qualifying rules seem to be keeping the entry level market a bit quiet and those that are taking advantage of the amazing selection are very value conscious” says James Mabey, the REALTORS® Association of Edmonton Chair.
The average sale price for single family homes was $438,325 for August 2017. This represents a month-over-month decrease of 1.92% and a year-over-year increase of 0.83%. Average prices for condominiums in August 2017 was $245,184. Showing a month-over-month decrease of 6.37% and a year-over-year decrease of 3.76%. The average price for duplexes and rowhouses was $355,134. This represents a 3.27% increase from July 2017 and a 3.98% increase from August 2016.
In August, inventory was 8,570, which represents a decrease of 0.23% compared to July 2017, and an increase of 10.10% compared to August 2016. Total new residential listings in August were 2,961, down 4.91% from July 2017 and up 9.75% from August 2016.
“A drop in month-over-month units sold in August is historically normal activity for the Edmonton region,” says Mabey. “But average sales prices were higher this August than in any August over the last five years. This may be a positive sign for the economy overall and for forward price growth in the housing market.”
Average days on market across all categories of residential properties in the Edmonton CMA was 57 days. That was four days longer than the average for July 2017 and two days longer than August 2016. On average, single family detached homes sold in 51 days, condominiums sold in an average 68 days, and duplexes / rowhouses sold in 64 days