Marginal dips in prices and unit sales signal a stable market
August’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) remains consistent with last August at $369,956, down 4% from July of this year. The price of single family homes in August dropped 4% relative to July from $450,366 to $434,362. Year-over year prices remained stable decreasing by less than 1%. The average condo sale price for August 2016 of $251,526 is down 2% month-over-month (m/m) and 1% year-over-year (y/y). The average duplex/rowhouse sold for $344,377; down 2% y/y and down 1% (m/m).
“Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton.
At 1,433 units reported sold, all residential sales in the Edmonton CMA were down 5% m/m and down 2% y/y. 861 single family homes were reported sold in August 2016, down 3% from the previous year. Reported condo sales at 406 were down 6% over August 2015. Duplex/rowhouse sales at 136 were up 11% over last year. New residential listings were down 5% m/m and over 6% y/y.
“While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle,” said Sedgwick. “While unit sales for condos have been impacted the most, prices remain stable. This is thanks in part to the continuing trend of unit sales of over $750,000 that are keeping average sales price of condos elevated by almost 3%.”
The number of days the average home in the Edmonton Census Metropolitan Area (CMA) took to sell in the month of August was 55. This is consistent with August 2015 and down one day from July 2016. On average, single family detached homes sold in 49 days in August 2016, while condominiums sold in an average of 62 days and duplex/rowhouses sold in 56 days.
There were 7,908 residential properties available in the Edmonton CMA at the end of August, down 2% from 8,048 in July 2016, but up 9.4% from the 7227 properties available on the MLS® System at the end of August 2015.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|August 2016||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$434,362||-3.55%||-0.80%|
|SFD median4 selling price – month||$400,000||-1.72%||-|
|Condominium average selling price||$251,526||-2.31%||-1.12%|
|Condominium median selling price||$235,000||-3.29%||-0.15%|
|Duplex/Rowhouse average selling price||$344,377||-1.07%||-2.02%|
|Duplex/Rowhouse median selling price||$325,250||-0.23%||-4.62%|
|All-residential5 average selling price||$369,956||-3.78%||-0.05%|
|All-residential median selling price||$345,000||-3.63%||-2.13%|
|# residential listings this month||2,747||-5.11%||-6.25%|
|# residential sales this month (reported)||1,433||-5.41%||-2.18%|
|# residential inventory at month end||7,908||-1.74%||9.42%|
|# Total6 MLS® System sales this month||1,905||-3.84%||-4.18%|
|$ Value Total residential sales this month||$608 million||-7.95%||-3.27%|
|$ Value of total MLS® System sales – month||$708 million||-7.17%||-4.27%|
|$ Value of total MLS® System sales - YTD||$5.63 billion||15.88%||-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