On the ground, we are seeing a few interesting trends: more sales of luxury properties, very strong sales in core properties (especially in properties that need very little work), but very quiet sales for condos - they were down 25% year over year.
Top 3 Take-Aways:
- Prices held steady due to some luxury property sales pushing up the average
- Inventory is still up, about 11% higher than last year
- Total MLS residential sales are down 13% from last year
The key to success continues to be having an undeniable strategy: accurate pricing, list-smart MLS listing, and flawless marketing.
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Price stability continues in Edmonton’s Residential Market
Sales of high priced homes push average price up by 3%; median price stays the same.
Edmonton, August 3, 2016: The all residential average sale price continues to remain strong at $384,504 up almost 2% over the previous month and over 3% from July 2015. At $450,366, single family homes experienced an increase in average price of over 3% from both the previous month and year. The 2% drop in average condo price month-over-month can be partially attributed to the sale of several luxury properties in June that bolstered the average price. The average condo sale price for July 2016 of $257,482 remains the same as July 2015. The average duplex/rowhouse sold for $348,050; down 2% year-over-year (y/y) and down 1% month-over-month (m/m).
Full Article HERE
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|July 2016||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$450,366||3.45%||3.07%|
|SFD median4 selling price – month||$407,000||0.74%||-0.25%|
|Condominium average selling price||$257,482||-2.22%||0.05%|
|Condominium median selling price||$243,000||-0.41%||5.65%|
|All-residential5 average selling price||$384,504||1.71%||3.33%|
|All-residential median selling price||$358,000||0.56%||0.85%|
|# residential listings this month||2,895||-4.80%||-7.27%|
|# residential sales this month (reported)||1,515||-15.13%||-16.39%|
|# residential inventory at month end||8,048||-1.60%||11.14%|
|# Total6 MLS® System sales this month||1,981||-16.09%||-16.34%|
|$ Value Total residential sales this month||$660 million||-14.10%||-13.19%|
|$ Value of total MLS® System sales – month||$763 million||-14.31%||-14.38%|
|$ Value of total MLS® System sales - YTD||$4.86 billion||20.25%||-9.02%|
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