- Inventory continues to climb. We are now at 7,226 properties on the market, which is definitely a "balanced" market, if not leaning toward a buyer's market. This number is up 29% from the same time last year.
- Average prices dropped from last month, but are still up from last year, but of note is that there are strong sales in the luxury market which skew the average.
- Buyers continue to purchase properties that have excellent marketing, accurate pricing, and show value against their competition.
My world has remained very busy, especially with first time buyers. That said, the buyers I am working with are almost entirely purchasing well below their maximum limits (yay!), and are approaching real estate with the long term mindset.
Edmonton, August 4, 2015: Prices for all residential properties in the Edmonton Census Metropolitan Area (CMA) for July were down from the previous month according to the REALTORS® Association of Edmonton. The average all residential price was $372,910 (down 1.4% from June) due mostly to the drop in price of single family homes to $436,948 (down 1.8%). The drop was not felt across all categories with condo prices up 0.4% at an average of $256,708 and duplex/rowhouse prices up 1.4% from June at an average of $356,237. While all residential average prices were down month over month, they still remained 3.3% higher than July of last year.
|July 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$436,948||-1.78%||2.40%|
|SFD median4 selling price – month||$408,000||-1.69%||3.03%|
|Condominium average selling price||$256,708||0.41%||0.81%|
|Condominium median selling price||$229,500||-3.67%||-3.97%|
|All-residential5 average selling price||$372,910||-1.36%||2.99%|
|All-residential median selling price||$356,000||-2.47%||3.19%|
|# residential listings this month||3,123||-2.16%||14.90%|
|# residential sales this month||1,812||-9.76%||-2.79%|
|# residential inventory at month end||7,226||0.68%||28.83%|
|# Total6 MLS® System sales this month||2,368||-8.22%||-7.86%|
|$ Value Total residential sales this month||$769 million||-9.09%||-1.24%|
|$ Value of total MLS® System sales – month||$891 million||-9.30%||-5.99%|
|$ Value of total MLS® System sales - YTD||$4.7 billion||21.34%||-7.90%|
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
3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.