Edmonton, December 2, 2016: The average monthly selling price for single family homes increased by 3.95% and 6.39% for duplexes and rowhouses relative to October 2016. Condominiums experienced a minor decrease in price of 1.68% relative to October 2016. Prices for single family homes grew 1.76% relative to November 2015. November’s unit sales dropped 11.41% relative to the same period last year.
The all-residential listings average selling price increased 2.52% to $373,174. Single family homes increased to $440,496 and duplex/rowhouses increased to $353,818. Condominium average prices decreased slightly to $241,569. This average selling price for single family homes in November is the second highest for 2016, behind only July.
“There is continued strength and price stability in Edmonton’s real estate market. Most average selling prices increased this month, partially due to the sales of several high-priced listings,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “The all residential median selling price is down only 1% from last year, but the single family median selling price was down 2% and condominiums median selling price was down over 8%.”
Single family homes continued to sell well, with the average days on market for November staying unchanged from October at 52, which was three days fewer on the market compared to the same period in 2015. However, condominiums and duplexes/rowhouses were both affected by the seasonal market shift. Condominiums averaged 79 days on market, and duplexes/rowhouses averaged 74 days, which was an increase for both of 17 and 18 days, respectively, relative to the same period in 2015.
Residential inventory continued to increase in November to 6,493 listings, an increase of 7.45% compared to last year.
“November inventory decreased by 10% compared to October,” said Sedgwick. “We expect to see the normal seasonal decline during the slower winter months as we head into 2017.”
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|November 2016||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$440,496||3.95%||1.76%|
|SFD median(4) selling price – month||$394,000||0.45%||-1.90%|
|Condominium average selling price||$241,569||-1.68%||-4.75%|
|Condominium median selling price||$215,000||-6.52%||-8.34%|
|All-residential(5) average selling price||$373,174||2.52%||0.98%|
|All-residential median selling price||$347,250||-0.22%||-1.0%|
|# residential listings this month||1,825||-15.0%||-4.65%|
|# residential sales this month (reported)||978||-22.69%||-11.41%|
|# residential inventory at month end||6,493||-10.01%||
|# Total(6) MLS® System sales this month||1,269||-23.60%||-10.19%|
|$ Total value MLS® System residential sales - month||$411,628,326||-21.35%||-9.59%|
|$ Total value MLS® System sales – month||$466,907,946||-22.54%||-11.08%|
|$ Total value MLS® System sales – YTD||$7,475,955,396||7.15%||-7.44%|
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®).