Edmonton, November 4, 2014: The Edmonton area has been blessed with a beautiful fall and the local housing market has followed the weather trend. The fall months always tend to be a quieter market, but this year sales remained strong a little longer than usual. Edmonton Census Metropolitan Area (CMA) total residential average prices remain stable (up 8.5% over last year) thanks in part to an incline in sales of higher priced houses.
The seasonal slide is reflected in the dip in single family sales, down 12% from last month at 850 sold (918 adjusted). While still up almost 8% from last year, single family prices dipped down from $436,870 in September to $426,848 in October, a difference of 2.3%.
With an average price of $260,491, condos actually gained a bit of momentum going up 2.6% month-over-month and 9.75% year-over-year. Duplex/row house prices were also up month-over-month at $352,907.
In October, 2,049 residential properties were listed which is up 18.6% from last year. 1,412 were reported sold (1,525 adjusted) in the Edmonton CMA. Total days on market for all residential properties were down 3 days over October of 2013.
The demand for single family homes in the $350,000 to $400,000 remains high with 185 properties selling in this range in October. However, inventory is tight at the $350,000 to $400,000 mark with only 227 available properties available as of October 31. “We have seen a lot of action this year in houses under $400,000. People may need to adjust their expectations when looking at houses in this range. There is a big demand for properties at this price point and with a light inventory, you may need to wait a bit longer to find the right house for you,” explains Greg Steele, President of the REALTORS® Association of Edmonton.
Another “hot” market is houses priced over a million dollars. “We have seen this trend throughout 2014. Almost 2% of the single family dwellings sold last month were over a million dollars. Compare that to last October where less than one quarter of 1% of the sales were over a million.” Steele said. 125 million dollar plus homes have sold in 2014 compared to 94 at this same time last year and 75 in 2012.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|October 2014||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$426,848||-2.30%||7.80%|
|SFD median4 selling price – month||$399,894||-1.30%||6.90%|
|Condominium average selling price||$260,491||2.60%||9.80%|
|Condominium median selling price||$241,000||-3.90%||8.70%|
|All-residential5 average selling price||$365,520||-1.90%||8.50%|
|All-residential median selling price||$350,000||0%||7.10%|
|# residential listings this month||2,049||-6.60%||15.40%|
|# residential sales this month (reported)||1,412||-15.60%||-0.49%|
|# residential inventory at month end||4,473||-7.00%||-7.00%|
|# Total6 MLS® System sales this month||1,939||-8.62%||0.10%|
|$ Total value MLS® System residential sales - month||$594 million||-11.10%||8.80%|
|$ Total value MLS® System sales – month||$703 million||7.80%||6.90%|
|$ Total value MLS® System sales – YTD||$8.4 billion||9.90%||15.90%|
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