Edmonton, September 5, 2017: Month over month, unit sales volume was flat or down across all categories, which is typical for the month of August. Average prices for residential properties in the Edmonton Census Metropolitan Area (CMA) in August 2017 were down 2.66% compared to July 2017, but were up 0.78% relative to August 2016.
The number of all residential units reported sold was 1,542. This represents a month-over-month decrease of 4.93%, but only a year-over-year decrease of 2.03%. The number of single family detached units sold was 930. This represents a decrease of 7.28% compared to July 2017 and a decrease of 1.38% compared to August 2016. It was a softer month for condominium sales with 398 reported, which is down 4.10% month over month and down 10.36% year over year. Duplexes and rowhouses continue to perform well with 184 unit sales in August 2017, which was up 1.66% compared to July 2017 and up 19.48% compared to August 2016.
“Entry level buyers appear to be turning their attention to semi-detached product for the best value, as opposed to condominiums. Changes to mortgage rates and qualifying rules may be impacting these segments. In the current market there is significant selection for the value conscious buyer. We continue to monitor the market closely to gauge the longer-term impact of the new mortgage rules,” says James Mabey, the REALTORS® Association of Edmonton Chair.
The average sale price for single family homes was $438,325 for August 2017. This represents a month-over-month decrease of 1.92% and a year-over-year increase of 0.83%. Average prices for condominiums in August 2017 was $245,184. Showing a month-over-month decrease of 6.37% and a year-over-year decrease of 3.76%. The average price for duplexes and rowhouses was $355,134. This represents a 3.27% increase from July 2017 and a 3.98% increase from August 2016.
In August, inventory was 8,570, which represents a decrease of 0.23% compared to July 2017, and an increase of 10.10% compared to August 2016. Total new residential listings in August were 2,961, down 4.91% from July 2017 and up 9.75% from August 2016.
“A drop in month-over-month units sold in August is historically normal activity for the Edmonton region,” says Mabey. “But average sales prices were higher this August than in any August over the last five years. This may be a positive sign for the economy overall and for forward price growth in the housing market.”
Average days on market across all categories of residential properties in the Edmonton CMA was 57 days. That was four days longer than the average for July 2017 and two days longer than August 2016. On average, single family detached homes sold in 51 days, condominiums sold in an average 68 days, and duplexes / rowhouses sold in 64
MLS® System Activity for July 2017
|August 2017||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$438,325||-1.92%||0.83%|
|SFD median4 selling price – month||$396,250||-3.35%||-0.94%|
|Condominium average selling price||$245,184||-6.37%||-3.76%|
|Condominium median selling price||$225,000||-4.26%||-4.96%|
|All-residential5 average selling price||$373,438||-2.66%||0.78%|
|All-residential median selling price||$344,000||-4.43%||-0.29%|
|# residential listings this month||2,961||-4.91%||9.75%|
|# residential sales this month||1,542||-4.93%||-2.03%|
|# residential inventory at month end||8,570||-0.23%||10.10%|
|# Total6 MLS® System sales this month||2,001||-5.84%||-3.33%|
|$ Value Total residential sales this month||651,194,430||-7.06%||-2.29%|
|$ Value of total MLS® System sales – month||745,473,435||-8.19%||-3.35%|
|$ Value of total MLS® System sales - YTD||5,704,206,560||14.96%||1.15%|
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