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Edmonton Real Estate News

All Residential Average Prices Stable, Unit Sales Decrease


In the Edmonton Census Metropolitan Area (CMA), the all residential average prices increased 2.48% to $373,958 compared to August 2018 and increased 0.94% compared to September 2017. Single family home average prices increased 1.71% month over month and increased 0.25% year over year. Duplex/rowhouse average prices also increased in both categories, up 4.38% compared to August 2018 and up 0.68% compared to September 2017. Condominium average prices decreased 1.53% month over month and decreased 4.28% year over year.

Unit sales are down across all categories. Single family home sales decreased 19.41% relative to August 2018 and 2.22% relative to September 2017. Condominium sales decreased 28.82% month over month and decreased 19.09% year over year. Duplex/rowhouse sales also declined, decreasing 21.02% compared to August 2018 and 21.52% compared to September 2017. Overall, all residential unit sales showed a decrease of 21.83% month over month and 8.53% decrease year over year.

Average days on market increased for all categories. The average for single family homes increased to 61 days for September 2018, two days longer than August 2018 and eight days longer than September 2017. Condominiums average days on market increased to 75 in September 2018, two days longer than August 2018 and seven days longer compared to September 2017. For duplex/rowhouses, the average days on market was 66, increasing from 63 in August 2018 and 61 days in September 2017.

“Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.”

Both inventory and listings decreased in September, with inventory down 1.53% and listings down 17.41% compared to August 2018. Listings also decreased 8.53% compared to September 2017, while inventory increased year over year by 7.35%.

In total, there were 1,225 MLS® System listed properties sold in September 2018, a decrease of 21.83% month over month and an decrease of 8.24% year over year.



 Review these statistics and more at www.ereb.com.


 Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

 

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

 

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 sales 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. For information on a specific area, contact your local REALTOR®.

The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate

Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).