The City of Edmonton has grown by over 60,000 people in the past two years according to the recent municipal census. Surrounding communities are also growing because of the strength of the Alberta economy. The pressure on housing is forcing real estate prices and sales volumes up and shortening the time it takes to sell a home, according to the REALTORS® Association of Edmonton.
The total value of residential real estate sales through the Edmonton Multiple Listing Service (MLS®) System has increased almost 14% compared to the same time last year. Over $5.7 billion worth of homes have been sold compared to $5.0 billion last year at the end of August. New arrivals to Edmonton have pushed the number of homes sold so far this year up from 13,377 to 14,858; an 11% increase. Average days on market was just 49 days in August compared to 53 last year.
“Our members are kept busy finding and selling homes for our clients,” said REALTORS® Association President Greg Steele. “There has been some pressure this summer with a tight inventory of available homes and lots of new customers but low interest rates and new construction are enabling people to find a suitable home in the Edmonton area.”
The average price for a single family dwelling (SFD) in the Edmonton CMA in August was $435,430 (up 1.9% over July) and condos sold on average for $262,273; a 3.1% increase. Duplex/row house prices were down 2.7% to $349,590 which limited the average all-residential sales price to a 2.0% increase at $368,597 in August compared to July.
In the last half of the summer, residential sales were down compared to July from 1,999 to 1,552 units. Single family sales were down 15.4%, condo sales were down 20.8% and duplex/rowhouse sales were down 11.8% in the month. Total sales were down 6.0% when compared to August 2013.
“We move into the fall with 5,334 residential properties in the inventory and a vibrant market,” said Steele. “Homebuyers and sellers are encouraged to work closely with a REALTOR® to find a suitable home in their preferred neighbourhood and price range.”
The number of homes listed for sale in August was 4.2% higher than the same month last year. The sales-to-listing ratio was 67%: slower than the 75% last August.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
| August 2014 | M/M % Change | Y/Y % Change | |
| SFD2 average3 selling price – month | $435,430 | 1.90% | 4.30% |
| SFD median4 selling price – month | $402,750 | 1.70% | 5.80% |
| Condominium average selling price | $262,273 | 3.10% | 7.50% |
| Condominium median selling price | $228,500 | -4.40% | -0.60% |
| All-residential5 average selling price | $368,597 | 2.00% | 5.00% |
| All-residential median selling price | $348,900 | 1.10% | 5.70% |
| # residential listings this month | 2,305 | -15.20% | 4.20% |
| # residential sales this month (reported) | 1,552 | -22.40% | -6.00% |
| # residential inventory at month end | 5,334 | -4.90% | -4.00% |
| # Total6 MLS® System sales this month | 2,037 | -6.80% | -6.90% |
| $ Total value MLS® System residential sales - month | $647 million | -17.60% | -2.20% |
| $ Total value MLS® System sales – month | $751 million | -4.50% | 3.30% |
| $ Total value MLS® System sales – YTD | $6.7 billion | 13.80% | 15.00% |
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
The REALTORS® Association of Edmonton reports that the Single Family Detached (SFD) average price in July was down 2% from June at $426,716 and the All Residential average price was off 2.6% from June at $362,091 in the Edmonton Census Metropolitan Area (CMA). Condo prices were stable month-over-month at $254,654 and duplex/rowhouse average prices rallied with a 5% lift to $360,309.
“Like the shortening summer days and the appearance of fall fashions, real estate prices begin to soften at this time of year,” said REALTORS® Association President Greg Steele. “Despite the seasonal slide, prices in the Edmonton area are still up when compared to the same month last year. The local market continues to be very active and REALTORS® report having a busy month.”
Year-over-year, the average SFD price was up 3.9% compared to July 2013 and the All Residential average price was up 3.3%. Average condo prices were up 4.6% from a year ago and duplex/rowhouses were up 9.2%.
Residential sales were up year-over-year from 1,835 in July 2013 to 2,013 (up 9.7%) with SFD sales (1,179) up compared to the same month last year by 4.8%. Condo sales of 639 units were up 15.4% and duplex/row house sales were up 27.7% compared to July 2013. Current month sales are adjusted to account for late reported sales.
“The demand for real estate remains strong and in line with other market fundamentals,” said Steele. “Fortunately, year-to-date listings are also up compared to last year and there is adequate supply with over 5,600 residential properties in inventory.”
The average days-on-market was up slightly to 46 days in July as compared to 41 days in June. The sales-to-listing ratio was 69%: slower than the 75% last July.
REALTORS® represent buyers and sellers of residential, commercial and industrial property throughout the greater Edmonton region and from Cold Lake to Drayton Valley, from Westlock to Wetaskiwin. There are just over 3,200 REALTOR® members of the association serving over 40,000 clients a year.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
| M/M % Change | Y/Y % Change | ||
| SFD2 average3 selling price – month | $426,716 | -2.00% | 3.90% |
| SFD median4 selling price – month | $396,000 | -4.00% | 3.10% |
| Condominium average selling price | $254,654 | 0.20% | 4.60% |
| Condominium median selling price | $239,000 | 0.00% | 6.20% |
| All-residential5 average selling price | $362,091 | -2.60% | 3.30% |
| All-residential median selling price | $345,000 | -3.90% | 3.00% |
| # residential listings this month | 2,718 | -8.10% | 10.60% |
| # residential sales this month (reported) | 1,864 | -12.70% | 1.60% |
| # residential inventory at month end | 5,609 | -1.70% | -3.90% |
| # Total6 MLS® System sales this month | 2,570 | -1.95% | 4.10% |
| $ Total value MLS® System residential sales - month | $786 million | -6.10% | 5.70% |
| $ Total value MLS® System sales – month | $948 million | -4.40% | 9.40% |
| $ Total value MLS® System sales – YTD | $5.9 billion | 20.90% | 16.50% |
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
Sales of all types of residential property in the Edmonton Census Metropolitan Area (CMA) were up almost ten percent as compared to the same mid-year point in 2013. According to the REALTORS® Association of Edmonton there were 11,595 residential properties sold this year through the local Multiple Listing Service® (MLS®) compared to 10,556 sold by June 30, 2013. Prices also rose year-over-year; the value of sold property increased 15.3% from $3.6 billion to $4.2 billion.
In June, the average price of a single-family detached (SFD) property in the CMA dipped 0.7% to $435,534 month-to-month. The all-residential average price was $371,839; down 0.2% from May. Throughout the CMA, the average price for a condominium rose 0.6% from May to $254,182.
“The average price has been fairly stable this year with relatively small market fluctuations from month-to-month,” said REALTORS® Association President Greg Steele. “When compared to last year at the same time however, average prices are up and we have established new peak prices for single-family detached homes for the past five months.”
In June, the average price for a SFD home was $435,534, which is down marginally from the new historic peak set in May of $438,506. Condominium average prices were up 0.6% from May at $254,182 but did not hit the June 2013 peak of $258,383. Duplex/row house prices dipped 1.7% from May at $343,198 and the all-residential average price was down 0.2% to $371,839.
Overall, YTD residential listing activity was up 6.9% compared to last year at this time, with sales up 9.8%. The increased sales put downward pressure on the inventory, resulting in a month end inventory of 5,704 available homes (4.7 months of available inventory at current sales levels).
“The new higher pricing plateau that we have seen this year has motivated more homeowners to put their home on the market resulting in increased choice for home buyers,” said Steele. “But properties move quickly in this market and buyers must work closely with their REALTOR® to catch the ideal property when it comes into the market.”
The average days-on-market was just 41 days in June and the YTD average of 45 days, compared to 47 last June. The sales-to-listing ratio was 66%: slower than the 72% last June.
REALTORS® represent buyers and sellers of residential, commercial and industrial property throughout the greater Edmonton region and from Cold Lake to Drayton Valley, from Westlock to Wetaskiwin. There are just over 3,200 REALTOR® members of the association serving over 40,000 clients a year.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
| June 2014 | M/M % Change | Y/Y % Change | |
| SFD2 average3 selling price – month | $435,534 | -0.70% | 5.80% |
| SFD median4 selling price – month | $412,500 | 0.60% | 8.60% |
| Condominium average selling price | $254,182 | 0.60% | -1.60% |
| Condominium median selling price | $239,000 | 1.70% | -0.40% |
| All-residential5 average selling price | $371,839 | -0.20% | 3.90% |
| All-residential median selling price | $359,000 | 2.00% | 6.40% |
| # residential listings this month | 2,963 | -12.60% | 12.80% |
| # residential sales this month (reported) | 1,961 | -10.50% | 3.50% |
| # residential inventory at month end | 5,704 | 1.20% | -6.20% |
| # Total6 MLS® System sales this month | 2,621 | -2.10% | 2.50% |
| $ Total value MLS® System residential sales - month | $836 mil. | -1.60% | 5.50% |
| $ Total value MLS® System sales – month | $992 mil. | -2.10% | 7.11% |
| $ Total value MLS® System sales – YTD | $4.9 bil. | 29.10% | 16.16% |
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