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Edmonton Real Estate News

All Residential Unit Sales and Prices Decrease, Inventory up


In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales decreased 9.78% month over month and decreased 10.56% year over year. Single family home unit sales are down 9.22% compared to October 2018 and down 5.66% relative to November 2017. Condominium unit sales decreased 15.86% month over month and 19.5% year over year. Month over month duplex/rowhouse unit sales increased 14.14%, and decreased 6.61% year over year. Month over month declines are typical in late Fall.

New listings and active inventory are down compared to October 2018. Listings decreased 15.38% and inventory decreased 2.00% month over month. When compared to November 2017, both categories were up. New listings increased 9.97% and inventory increased 9.86% year over year.

“Compared to 2017, listings and inventory are increasing, which means there is plenty for buyers to choose from this year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we close out the year, average prices are decreasing slightly, likely due to the slower winter sales season and higher inventory levels, so sellers will need to be patient and flexible when it comes time to negotiate.”

Average prices declined in the month of November. The average selling price of a single family home is $421,715, a decrease of 0.97% month over month and a decrease of 4.55% year over year. Condominium average prices also decreased 1.29% month over month and 6.07% year over year. Duplex/rowhouses average prices increased 4.11% compared to October 2018, and decreased 3.36% relative to November 2017.

The average days on market for single family homes increased to 66 days, increasing by four days compared to October 2018 and seven days compared to November 2017. Condominiums sold on average in 80 days, eight days longer compared to October 2018 and four days longer relative to November 2017. Average days on market for duplex/rowhouses increased to 71, growing from 66 in October 2018 and 59 days in November 2017.

 

 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®).