June 2017 Market Stats: In the Edmonton Census Metropolitan Area (CMA), all residential unit average prices for June 2017 are up 3.74% compared to May 2017, and up 4.19% relative to June 2016.
Average sale prices for single family homes increased both month over month and year over year, increasing to $453,735, up 2.91% compared to May 2017 and up 4.37% relative to June 2016.
Average prices for duplexes/rowhouses and condominiums were stable in June.
The condominium average price was $260,084 in June 2017, an increase of 3.69% compared to May 2017 and a decrease of 0.66% compared to June 2016. Duplexes and rowhouses average price increased to $350,431, a 1.75% increase from May 2017 and 0.68% lower than June 2016.
The number of all residential units reported sold were 1,867, which is mostly flat month over month, up 0.76%, and year over year, down 0.74%. Single family sales were 1,192 units, an increase of 1.88% compared to May 2017 and 1.27% in June 2016. Reported condominium sales were 461, which is up 2.67% month over month and down 5.53% year over year. There were 307 duplex/rowhouse unit sales in June 2017. This category continues to grow in popularity, with an increase of 53.5% compared to May 2017 and an increase of 68.68% in June 2016.
“Affordability and value are key drivers across all property segments. Buyers can be discerning, but with stable prices and potential interest rate increases around the corner it is important for buyers to get off the fence”, says James Mabey, REALTORS® Association of Edmonton Chair. “Patience is a virtue, however, as a seller if you are getting good feedback, but aren't attracting an offer it may be time to refresh with your REALTOR® whether a price correction may be necessary."
In June, inventory was 8,586, which was an increase of 6.24% compared to May 2017, and an increase of 6.55% compared to June 2016. Total new residential listings in June were 3,427, down 6.80% from May 2017 and up 14.73% from June 2016.
The all residential average days-on-market was 53 days, down one day from May and identical to June 2016. On average, single family detached homes sold in 46 days, condominiums sold in an average 61 days and duplex/rowhouses sold in 62 days.