Posted on
November 7, 2014
by
Dan Weiss & Carolyn Knispel
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