Greater Edmonton Area Monthly Stats**
Year over year residential unit sales and average prices decrease
Edmonton, November 2, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales month over month decreased 5.71% and decreased 13.61% year over year. Single family home sales are down 9.71% compared to September 2018, and down 14.86% compared to October 2017. Duplex/rowhouses decreased 20.16% month over month and 30.77% year over year. Month over month unit sales of condominiums increased 8.80% and decreased 4.92% relative to October 2017.
Average prices also declined in October. The all residential average price was $358,954, a month over month decrease of 4.01% and year over year decrease of 3.08%. The average price of a single family home was $425,864, a decrease of 1.36% compared to September 2018 and decrease of 1.30% compared to October 2017. Duplex/rowhouses decreased 3.45% month over month and 2.21% year over year, to an average price of $333,215. Condominiums also decreased to an average price of $221,293, down 8.16% compared to September 2018 and down 8.80% compared to October 2017.
“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.”” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”
New listings and overall inventory are down compared to September 2018. Listings decreased 3.22% and inventory decreased 2.68% month over month. When compared to October 2017, both categories were up. New listings increased 4.05% and inventory increased 8.50% year over year.
The average days on market for single family homes increased to 62 days, increasing by one day compared to September 2018 and seven days compared to October 2017. Average days on market for duplex/rowhouses was unchanged month over month, and five days longer year over year. Condominiums sold on average in 72 days, three days shorter compared to September 2018 and five days longer relative to October 2017.
* 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.
**INFORMATION COURTESY OF REALTORS® ASSOCIATION OF EDMONTON WEBSITE