Here are the statistics through August 2015, and my top 3 points as always:
- Inventory is holding steady from last month but is up 35% from last August. More supply.
- Total system sales (everything sold in the REALTORS® Association of Edmonton's MLS system) were down 11% from last year. Less demand.
- All residential sale prices were "up" by 1% from last year, but this really means we are chipping away at the gains from over last fall and into the winter. Really it looks like prices are up but they are down in the overall trend. Prices are down.
So, economics 101 here, more supply + less demand = lower prices.
Great marketing is as important as ever. My success program is really working, helping sellers actually sell, and buyers find the best value properties out there. As of last month, I was the #7 agent for RE/MAX in Edmonton (#9 if you count Sherwood Park), so the system is definitely working, even in a market where fewer homes are selling. Need help getting 'er done? Call me anytime.
Edmonton, September 2, 2015: The average residential price in August for the Edmonton Census Metropolitan Area (CMA) is up 1% year-over-year (YoY) and down slightly by 0.2% relative to last month. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $439,829; up 0.7% from July and up 1.0% YoY. The average for all residential properties sat at $372,256; down 0.2% from July and up 1.0% over last August.
|August 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$439,829||0.66%||1.06%|
|SFD median4 selling price – month||$402,750||-1.29%||0.06%|
|Condominium average selling price||$254,672||-0.79%||-2.79%|
|Condominium median selling price||$235,700||2.70%||2.93%|
|All-residential5 average selling price||$372,256||-0.18%||1.03%|
|All-residential median selling price||$355,000||-0.28%||1.72%|
|# residential listings this month||2,926||-6.31%||26.89%|
|# residential sales this month||1,465||-19.15%||-5.61%|
|# residential inventory at month end||7,227||0.01%||35.49%|
|# Total6 MLS® System sales this month||1,988||-16.05%||-11.05%|
|$ Value Total residential sales this month||$628 million||-17.39%||-2.93%|
|$ Value of total MLS® System sales – month||$740 million||-16.97%||-1.45%|
|$ Value of total MLS® System sales - YTD||$6.14 billion||14.92%||-8.87%|
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