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Edmonton Real Estate News

August Residential Prices Remain Stable Despite Drop In Sales


Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of August 2019 dropped 6.38% compared to August 2018. The number of new residential listings is also down, dropping 4.73% from August 2018, and overall inventory in the Edmonton CMA fell 12.21% from August of last year.

Single family home unit sales are down 9.01%, while condo unit sales dropped 3.05%, and unit sales of duplexes fell 4.40% from the same period of time last year.

All residential average prices remained stable at $367,339, similar to August 2018, and are virtually unchanged from July 2019. Single family homes sold for an average of $434,634, a 2.24% year-over-year increase from August 2018, and a 1.14% increase from July 2019. Condominiums sold for an average of $234,480, a 5.16% drop year-over-year, but an increase of 5.19% from the previous month. Duplexes are up 7.00% from last year to $354,455, which was a 6.34% increase from the previous month.

“Edmonton real estate prices have remained relatively stable” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Single family home pricing is virtually unchanged, condos are up 5.19% from last month, while duplexes increased 7.00% year-over-year.”

Single family homes averaged 57 days on the market, a one day decrease from last year. Condos spent one day longer on the market, from 73 to 74 days, while duplexes averaged 61 days on market, a two day decrease from August 2018. Overall, all residential listings averaged 62 days on market, a 1.59% decrease year-over-year, and remained the same as the previous month.

 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®).