Market begins seasonal cool off a little later this year
Tuesday, November 4th, 2014The 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.
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. 125 million dollar plus homes have sold in 2014 compared to 94 at this same time last year and 75 in 2012.
