Edmonton, December 5, 2012: A significant lift in single-family detached prices from $372,061 in October to $382,923 in November drove up the all-residential average price from $324,924 to $331,198 (up 3.32% Y/Y). Condominium prices, which surged upwards in October, dropped back to the September level for an average of $230,493. This is about 1% higher than a year ago. Duplex and rowhouse prices were $312,041 on average (up 3.2% y/y).
The median price for single-family detached homes was $363,000 in November, the highest it has been since August. When the median price is lower than the average price, it indicates that there were more lower-priced homes sold. Even a few higher-priced homes drive the average price up. There were 51 sales reported for properties priced over $600,000 in November: the same number as reported in October. A year ago there were just 43 homes sold over $600,000.
REALTORS® listed 1,610 residential properties in November and sold 1,063 properties. This resulted in a sales-to-listing ratio of 66% as compared to 61.7% in October. At month end there were 5,681 residential properties in the inventory, which is down 8% from a year ago. Sales were slower in November with average days-on-market up three to 64 days.
“The slow steady escalation in housing prices reflects the confidence that home buyers have in the local economy,” said Singleton. “People are moving up but also relocating to take advantage of job opportunities. As a result the housing market is stable and balanced.”
On November 1 the REALTORS® Association of Edmonton added real estate sales activity from Northeast Alberta to the local Multiple Listing Service®. However, for comparative reasons the additional property sales in Bonnyville, Elk Point, St. Paul and Cold Lake have not been added to the sales reported by the Association in the Greater Edmonton area. The reporting format for the local housing statistics is being redesigned and sales in NE Alberta will be reported in January.
“We are pleased to welcome the 70 REALTORS® from Northeast Alberta to our membership,” said REALTORS® Association of Edmonton President Doug Singleton. “The members and their clients are now part of a larger association and will benefit from increased services and a wider choice of MLS® listings. Unfortunately the integration of the additional listings and sales has to be delayed for a month while the new reporting format is finalized.”
Activity (for all residential sales on Edmonton MLS® System)
| November 2012 | M/M % Change | Y/Y % Change | |
| SFD2 average selling price - month | $382,923 | 2.90% | 4.90% |
| SFD median3 selling price | $363,000 | 1.40% | 4.60% |
| Condominium average1 selling price | $230,493 | -1.60% | 1.00% |
| Condominium median selling price | $222,500 | 1.60% | 1.10% |
| All-residential4 average selling price | $331,198 | 1.90% | 3.30% |
| All-residential median selling price | $315,000 | 0% | 1.60% |
| # residential listings this month | 1,610 | -27.70% | -9.10% |
| # residential sales this month | 1,063 | -22.70% | -6.60% |
| # residential inventory at month end | 5,681 | -11.30% | -8.00% |
| # Total5 MLS® System sales this month | 1,217 | -21.50% | -6.30% |
| $ Value residential sales this month | $352 Million | -21.20% | -3.50% |
| $ Value of total MLS® System sales - month | $415 Million | -20.50% | -44.70% |
| $ Value of total MLS® System sales - YTD | $6.70 Billion | 7.14% | 4.29% |
1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales
1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.
Edmonton, November 5, 2012: Even with ghosts, ghouls, and goblins running through the streets, homeowners could find refuge in the local housing market. The REALTORS® Association of Edmonton reports that housing prices in October were up compared to a year ago and are the highest in October in the past five years. The all residential average price for the Edmonton Multiple Listing Service® was up 0.6% at $324,924 when compared to October 2011. The average price of a single family detached home was $372,061 up 2.1% over a year ago. Condos were priced on average at $234,177 which was an uptick of 1.8% from a month ago and up 5.4% from last October. Duplex/row house prices were down 1.1% Y/Y at $305,777.
“Homesellers are pleased that their property may be worth more than it has been in the past five years but homebuyers can plan their financing in an environment of small, steady price increases,” said REALTORS® Association of Edmonton President Doug Singleton. “The housing market is be-deviled in other centres but here in Edmonton both buyers and sellers find it heavenly. The pace of sales is steady, prices increase year-over-year, there is sufficient inventory and average days-on-market is reasonable.”
REALTORS® listed an average of 72 homes each day in October and sold an average of 44 per day. There were a total of 2,228 residential listings in October, with sales of 1,375 properties. As a result of lower listings and larger sales volumes, the month end residential inventory was down (-7.9%) from last month with 6,406 properties available. Days-on-market was an average of 61 and the sales to listing ratio was 62%. There was $447 million worth of residential property, $53 million of rural and $23 million of commercial property sold through the Edmonton MLS® in October.
“Life happens to us all,” said Singleton. “Unless you are an investor, the best time to buy or sell your home is when your lifestyle changes. No matter what your personal circumstances, your REALTOR® is here when life happens.”
Activity (for all residential sales on Edmonton MLS® System)
| October 2012 | M/M % Change | Y/Y % Change | |
| SFD2 average selling price - month | $372,061 | -2.10% | 2.90% |
| SFD median3 selling price | $358,000 | -0.40% | 3.30% |
| Condominium average1 selling price | $234,177 | 1.80% | 5.40% |
| Condominium median selling price | $218,900 | -1.80% | 4.20% |
| All-residential4 average selling price | $324,924 | -0.60% | 2.10% |
| All-residential median selling price | $315,000 | -0.30% | 1.00% |
| # residential listings this month | 2,228 | -7.70% | 4.60% |
| # residential sales this month | 1,375 | -4.40% | 9.40% |
| # residential inventory at month end | 6,406 | -7.90% | -7.90% |
| # Total5 MLS® System sales this month | 1,551 | -5.10% | 6.70% |
| $ Value residential sales this month | $447 Million | 8.90% | 11.70% |
| $ Value of total MLS® System sales - month | $522 Million | 8.20% | -30.50% |
| $ Value of total MLS® System sales - YTD | $6.25 Billion | 10.00% | 11.40% |
1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales
1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.
Edmonton, October 2, 2012: The REALTORS® Association of Edmonton reports that residential listings and sales have trended lower in the third quarter after an active start to the year. In September, there were 1,269 residential sales in the greater Edmonton market as compared to 1,442 in September 2011. Despite the recent cooling trend, residential sales year-to-date are still up 7.2% as compared to last year at this time. There have been 14,565 residential sales to the end of the third quarter as compared to just 13,729 last year.
“There were changes to the mortgage qualification rules in March,” said REALTORS® Association of Edmonton President Doug Singleton. “We did not see an effect on the local market at that time but it seems to have had a cooling effect in the past quarter.”
The average1 price for a single family dwelling (SFD) has remained higher than last year for each of the past nine months. In September, the SFD average price of $376,678 was up just 0.23% from the previous year and is up 2.78% from the January 1 price. The all-residential average price is down 2.6% from last year at $323,369. This is the first month this year that the all-res price has dipped below the 2011 figure for the same month.
Condominium and duplex/rowhouse prices are more volatile and vary widely from month to month. In September average condo prices were down 3.1% ($229,246) while duplex/townhouse prices on average were up 2.75% ($307,739). Still, after nine months both current prices are up from the January 1, 2012 prices for the category.
Total MLS® System listings this year are up 104 units as compared to last year at 33,295 properties but Total MLS® System year-to-date sales are 16,487 units as compared to 15,378 at the end of the third quarter in 2011. There are 6,956 residential properties in the inventory compared to the 8,062 last year at this time. Rural and commercial property sales are both up marginally compared to last year although listings have dropped. The residential sales-to-listing ratio was down from 56.7% to 52.3% and residential days-on-market was up to 59 in September from 54 in August.
“Sales always fall month-to-month at the end of the year; that’s just normal market fluctuation,” said Singleton. “But overall, the market has been stable with little market advantage for either buyers or sellers. Edmonton is still one of the best places in North America to own property and I urge consumers to talk to their local REALTOR® when they are in a position to buy or sell property.”
Activity (for all residential sales on Edmonton MLS® System)
| September 2012 | M/M % Change | Y/Y % change | |
| SFD2 average selling price - month | $376,678 | -2.00% | 0.23% |
| SFD median3 selling price | $359,450 | -1.50% | 1.25% |
| Condominium average1 selling price | $229,246 | -3.10% | -2.10% |
| Condominium median selling price | $223,000 | -0.70% | 0.00% |
| All-residential4 average selling price | $323,369 | -3.20% | -2.60% |
| All-residential median selling price | $315,000 | -1.10% | -1.60% |
| # residential listings this month | 2,428 | -10.40% | -4.60% |
| # residential sales this month | 1,269 | -17.40% | -12.00% |
| # residential inventory at month end | 6,956 | -6.70% | -13.70% |
| # Total5 MLS® System sales this month | 1,450 | -17.00% | -12.20% |
| $ Value residential sales this month | $410 Million | -14.20% | -14.30% |
| $ Value of total MLS® System sales - month | $482 Million | -12.70% | -35.70% |
| $ Value of total MLS® System sales - YTD | $5.68 Billion | 10.10% | 1.20% |
1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales
1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.
