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 . Condo prices were stable month-over-month at $254,654 and duplex/rowhouse average prices rallied with a 5% lift to $360,309.
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.
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.
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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
The REALTORS® Association of Edmonton reports that residential property prices in the Edmonton CMA1 were up again in March. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%.
Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home. The increase in average price may not increase the market value of a particular property. The relative number of homes sold in the $450-650k price range increased from 12.2% to 14.5% year-over-year while homes under $300,000 dropped from 40.7% of the market to 38.2%.
The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. SFD prices peaked in May of 2007 at $424,400.
The demand for homes in the Edmonton area continues to be driven by net job creation and low unemployment, economic stability and low rental vacancy rates. Sales were brisk with the sales-to-listing ratio up at 57% for March which indicates that almost six of the ten homes listed during the month were sold. Days-on-market was down from 57 in February to 50 in March.
The number of homes available for sale in the MLS® System inventory was up from 4,183 to 4,741 in March. While this is an increase of 558 properties from last month, it is down 15.4% from the same time last year. The lower inventory is exerting upward pressure on prices but has a dampening effect on sales. “When first time buyers cannot find a house that meets their needs or are forced into a multiple offer situation, they often remain on the sidelines. Low interest rates and rising rental rates create the interest and desire but lack of suitable properties means they are not able to make the transition to home ownership at this time.
REALTORS® are facing some multiple offer situations on lower-priced property but overall, the market remains in balance with neither buyers nor sellers having an advantage in most neighbourhoods.
Residential sales in the Edmonton CMA were up 1.14% in March as compared to March 2012. There were 1,497 estimated sales (1,386 reported) on listings of 2,422 during the month. SFD sales were down 6.63% from last year but condo sales more than compensated at 8.84% y/y increase. Note that sales numbers are estimated to reflect late reported sales and make a more accurate comparison with prior month actual sales.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.