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Edmonton Real Estate News

June Unit Prices Increase, Sales Stable


Edmonton, July 6, 2017: In the Edmonton Census Metropolitan Area (CMA), all residential unit average prices for June 2017 are up 3.74% compared to May 2017, and up 4.19% relative to June 2016.

Average sale prices for single family homes increased both month over month and year over year, increasing to $453,735, up 2.91% compared to May 2017 and up 4.37% relative to June 2016.
Average prices for duplexes/rowhouses and condominiums were stable in June.
The condominium average price was $260,084 in June 2017, an increase of 3.69% compared to May 2017 and a decrease of 0.66% compared to June 2016. Duplexes and rowhouses average price increased to $350,431, a 1.75% increase from May 2017 and 0.68% lower than June 2016.

The number of all residential units reported sold were 1,867, which is mostly flat month over month, up 0.76%, and year over year, down 0.74%. Single family sales were 1,192 units, an increase of 1.88% compared to May 2017 and 1.27% in June 2016. Reported condominium sales were 461, which is up 2.67% month over month and down 5.53% year over year. There were 307 duplex/rowhouse unit sales in June 2017. This category continues to grow in popularity, with an increase of 53.5% compared to May 2017 and an increase of 68.68% in June 2016.

“Affordability and value are key drivers across all property segments. Buyers can be discerning, but with stable prices and potential interest rate increases around the corner it is important for buyers to get off the fence”, says James Mabey, REALTORS® Association of Edmonton Chair. “Patience is a virtue, however, as a seller if you are getting good feedback, but aren't attracting an offer it may be time to refresh with your REALTOR® whether a price correction may be necessary."

In June, inventory was 8,586, which was an increase of 6.24% compared to May 2017, and an increase of 6.55% compared to June 2016. Total new residential listings in June were 3,427, down 6.80% from May 2017 and up 14.73% from June 2016.

The all residential average days-on-market was 53 days, down one day from May and identical to June 2016. On average, single family detached homes sold in 46 days, condominiums sold in an average 61 days and duplex/rowhouses sold in 62 days.

 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®).