Prices Remain Virtually Unaffected by Dip in Sales
Edmonton, October 2, 2015: The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend.
“The strength of prices in the Edmonton market is an excellent indication that we are maintaining stability,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 – up 2.76% from the previous month and up 4.28% from 2014. All residential properties sat at $368,874; down 0.91% from August and down 0.75% over September 2014.
“We will likely see prices continue to dip as we move into the colder months. Real Estate in Edmonton has a very seasonal trend and colder months always mean fewer sales. We may see buyers take advantage of this trend and benefit from low interest rates while they still can,” Tetreault says.
All residential active inventory remains healthy with 7,108 properties available at the end of September, down from August by 1.65% but still up over last September by 47.71%.
Average days on market for all residential properties was down this month by 1 over last month sitting at 53. This is up by 8.51% from last year. Single family average days on market was down to 51. Condominiums were averaging 57 days compared to 56 in August, and duplex/rowhouses took an average of 51 days to sell in September.
|September||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$432,150||-1.75%||-0.98%|
|SFD median4 selling price – month||$400,000||-0.68%||-1.05%|
|Condominium average selling price||$252,953||-0.67%||0.58%|
|Condominium median selling price||$229,000||-2.84%||-0.43%|
|All-residential5 average selling price||$368,874||-0.91%||-0.75%|
|All-residential median selling price||$352,750||-0.63%||1.07%|
|# residential listings this month||2,777||-5.09%||36.87%|
|# residential sales this month||1,462||-0.20%||-6.76%|
|# residential inventory at month end||7,108||-1.65%||47.71%|
|# Total6 MLS® System sales this month||1,898||-4.53%||-10.56%|
|$ Value Total residential sales this month||$605 million||-2.48%||-7.28%|
|$ Value of total MLS® System sales – month||$708 million||-4.24%||-10.08%|
|$ Value of total MLS® System sales - YTD||$6.90 billion||12.27%||-9.32%|
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