Here is my take on the numbers:
- Average residential prices are UP from the same time last year
- Condos are taking the biggest hit, with prices down 6% and sales down 17%
- Inventory is up by 48% from the same time in 2014.
The inventory number is the most significant to me, which means that we are still firmly in a buyer's market, and the sellers listed will be jockeying to show the best price and value in order to make a sale. Until this changes, we are looking at more price reductions, and some excellent deals.
Another very important item to note is what the impact of the most recent federal election will have on interest rates. There is talk that the new Liberal government will try to open up buyer use of RRSP's for "life changes". I have heard rumors that interest rates may increase, so that will be a very important item for buyers to keep their eye on.
Questions? I'm here to help.
Year-over-year prices steady, up over 1%
Edmonton, November 3, 2015: The outlook for Edmonton’s housing market remains stable. The average residential price in October for the Edmonton Census Metropolitan Area (CMA) is up 1.72% year-over-year (YoY) despite reported sales being down 15%. Single family sales are down 14%, with prices up 3% YoY. Condo sales are down 17% YoY and prices are down almost 6% from October of 2014.
“The average recorded selling price of single family homes in October was bolstered by the sale of two properties well over the $3.5 million mark. Even without these sales we are continuing to see strong prices in this category,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We will likely continue to see average days on market grow as the inventory remains higher than last year and single family sales are down almost 15%.”
Average days on market for all residential properties was 57 this month, up almost 8% over last month and up from last year when average days on market was 51. Single family average days on market was up to 56. Condominiums were averaging 61 days on market compared to 57 in September, and duplex/rowhouses took an average of 49 days to sell in October, down from 51 days the previous month.
A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $438,935; up 1.57% from September. The average price for condominiums ($244,225) fell 3.45% over last month. Duplex/rowhouses also dropped to an average of $359,130 – down 1.39% from the previous month but up 1.76% from 2014. All residential properties average price sat at $371,756, up 0.78% from September.
“It is common to see a dip in both sales and prices at this time of year, but condos have definitely been the most affected. The influx of inventory, both new and resale, has given buyers a bigger selection and more time to make their choice.” Tetreault continues, “There are buyers out there looking to take advantage of low interest rates and the great selection of inventory of all types of property. Sellers need to be competitive in a market with healthy inventory.”
All residential active inventory remains robust with 6,641 residential properties available in the Edmonton CMA at the end of October, down from September by 6.57% but still up over last October by 48.47%.
|MLS® System Activity for October 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$438,935||1.57%||3.02%|
|SFD median4 selling price – month||$397,500||-0.63%||-0.59%|
|Condominium average selling price||$244,225||-3.45%||-5.90%|
|Condominium median selling price||$225,000||-1.75%||-6.25%|
|All-residential5 average selling price||$371,756||0.78%||1.72%|
|All-residential median selling price||$346,000||-1.91%||-1.14%|
|# residential listings this month||2,272||-18.19%||28.00%|
|# residential sales this month||1,199||-17.99%||-15.08%|
|# residential inventory at month end||6,641||-6.57%||48.47%|
|# Total6 MLS® System sales this month||1,573||-17.12%||-23.86%|
|$ Value Total residential sales this month||$497 million||-17.73%||-20.63%|
|$ Value of total MLS® System sales – month||$586 million||-17.26%||-21.63%|
|$ Value of total MLS® System sales - YTD||$7.5 billion||9.00%||-10.48%|
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