I hope you are enjoying SUMMER so far!!! We have been enjoying biking on the River Valley trails and checking out gymnastics camp for our three year old.
The latest statistics are out, and they are what we expect. The top three points as always:
- Prices are starting to show the effects of the recession. Our median is down 2.65% from 2015.
- Supply (aka inventory) is up and climbing. We have 13.96% more listings than this time last year.
- Total sales volume is down 11% from last year.
So, we have increased supply, reduced demand and prices are declining. Market economics at work!
BUT it's not all bad news!!!! A lot of homes are still selling. Interest rates are still low. And some areas, particularly around the University, are doing very well, especially for renovated, well presented properties. Smart listing is more important now than ever. If you want to be the 1 in 7 properties that sell in a month, you need the best marketing, accurate pricing and know how to show the very best side of your property. Most of all, you need to not give up!!!
Buyers are seeing some excellent properties coming up for very good value. Smart buying is more important than ever. Be mindful of budget, big picture items like foundations, furnaces, hot water tanks and plumbing, and what demand and market value is likely to do in your area.
Let me know if you have any questions, I'm here to help!
Sales activity slows in June while prices stay level
Edmonton, July 5, 2016: The number of residential units reported sold in the Edmonton Census Metropolitan Area (CMA) were flat month-over-month but down 11.1% year-over-year for June. There were 1,117 single family sales reported in June 2016. That number is down 10.1% from June 2015, but on par with the 1,119 reported sales in May. Reported condo sales at 465 were up 11.5% month over month and down 18.7% from the previous year. Duplex/rowhouse sales at 173 are up 9.8% from last year but down 14.8% from May.
See the FULL ARTICLE here.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|June 2016||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$435,366||-1.18%||-1.88%|
|SFD median4 selling price – month||$404,000||-1.46%||-2.65%|
|Condominium average selling price||$263,326||3.45%||2.99%|
|Condominium median selling price||$244,000||4.72%||2.52%|
|All-residential5 average selling price||$378,045||-1.22%||0.10%|
|All-residential median selling price||$356,000||-1.11%||-2.47%|
|# residential listings this month||3,041||-5.94%||-4.82%|
|# residential sales this month (reported)||1,785||0.79%||-11.11%|
|# residential inventory at month end||8,179||0.33%||13.96%|
|# Total6 MLS® System sales this month||2,361||1.55%||-8.49%|
|$ Value Total residential sales this month||$769 million||-1.10%||-10.67%|
|$ Value of total MLS® System sales – month||$890 million||0.02%||-9.37%|
|$ Value of total MLS® System sales - YTD||$4.04 billion||30.22%||-7.79%|
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