Edmonton market continues to remain stable during economic uncertainty
Edmonton, October 4, 2016: September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) continues to remain strong both month-over-month (m/m) and year-over-year (y/y) up 1.1% and 1.5% respectively. The average price of single family homes remains consistent down less than 1% m/m and down 0.2% y/y to $430,461. Condos average prices also remained flat at $251,365 (-0.06% m/m,-0.45% y/y). Average prices for duplex and rowhouses stood firm, up 4.66% from August 2016 and down slightly year-over-year for the month of September.
“We are moving into the quieter real estate months with a healthy inventory, strong prices and slower listings and sales,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “It continues to be a good time to buy. We usually see less inventory coming into winter months, so it is beneficial for buyers to have a respectable selection and reassuring for sellers to see continued stability in average sale prices.”
1,339 units reported sold in September 2016; all residential sales in the Edmonton CMA were down 6.56% m/m and down 8.41% y/y. 846 single family homes were reported sold, down 3% from the previous year. Reported condo sales at 327 were down over 20% relative to September 2015. Duplex/rowhouse sales at 135 were down by only 1 unit from August but down 5.59% over last year. All residential listings were down slightly for September -0.29% m/m and -1.47% y/y.
“We expect to see listings and sales slow as winter approaches. We may begin to see the effects of slight downward pressure on prices, but do not expect to see any drastic movement as our market continues to remain stable,” said Sedgwick. “Sellers can expect to wait a little longer than previous years for their property to sell.”
The number of days the average residence in the Edmonton CMA took to sell in the month of September was 57. This is up two days from August 2016 and up three days from September 2015. On average, single family detached homes sold in 54 days in September, while condominiums sold in an average of 65 days and duplex/rowhouses sold in 60 days.
There were 7,857 residential properties available in the Edmonton CMA at the end of September, down less than 1% from 7,908 in August 2016, but up 10.54% from the 7,108 properties available on the MLS® System at the end of September 2015.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|September 2016||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$430,461||-0.90%||-0.24%|
|SFD median4 selling price – month||$397,250||-0.69%||-0.69%|
|Condominium average selling price||$251,365||-0.06%||-0.45%|
|Condominium median selling price||$230,000||-2.13%||1.10%|
|Duplex/Rowhouse average selling price||$360,388||4.66%||-0.61%|
|Duplex/Rowhouse median selling price||$340,000||4.53%||-0.80%|
|All-residential5 average selling price||$373,926||1.07%||1.53%|
|All-residential median selling price||$356,000||3.19%||0.85%|
|# residential listings this month||2,739||-0.29%||-1.47%|
|# residential sales this month (reported)||1,339||-6.56%||-8.41%|
|# residential inventory at month end||7,857||-0.64%||10.54%|
|# Total6 MLS® System sales this month||1,721||-9.66%||-9.33%|
|$ Value Total residential sales this month||$564 million||-7.15%||-7.05%|
|$ Value of total MLS® System sales – month||$639 million||-9.82%||-9.85%|
|$ Value of total MLS® System sales - YTD||$6.33 billion||12.26%||-8.26%|
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 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. For information on a specific area, contact your local REALTOR®.