One quote from Association president Darrell Cook that I find particularly true is: "“Higher prices and a shortage of inventory in some categories have limited the number of sales,” said Cook. “We are seeing some instances of multiple offers, however buyers looking at higher priced properties are taking their time to study the market with their REALTOR® before making an offer on the property that matches their needs.” (in bold below).
My feel of the market over the last few months has been that each segment moves differently, making hiring a full-time agent especially important. For example, University area properties are selling very quickly, where homes towards the "inner ring" of the Anthony Henday are feeling downward pressure on their prices from new builds. I also see slower sales for luxury properties.
Questions? Comments? Time to buy or sell? I'm here for ya!
Market Stability Evident in Mid-year Housing Review
Edmonton, July 3, 2013: In the first six months of the year, housing prices in the Edmonton Census Metropolitan Area (CMA) showed slow, steady increases. According to the REALTORS® Association of Edmonton, the all-residential average price was up 5.6% from the average price on December 31, 2012. Compared to June 2012, the current average price is up 4.2%.
“Economic conditions in the Edmonton area are generally positive and this is reflected in our local housing market,” said President Darrell Cook. “Prices have risen slowly through the first six months and there is nothing in our local economic trends to indicate that this period of stability will change.”
The average all-residential price for the Edmonton CMA in June was $359,631. This was up 0.8% from May 2013. The average price of a single family property in June was $412,269, up 2.3% from last June when the price was $402,840. Condominium prices followed a similar path with June prices at $261,854 compared to a year ago at $240,822.
The inventory of available residential properties on the MLS® System has increased over the past two quarters and is currently at 6,078 properties. Never-the-less, this is still lower than the inventory of 6,435 homes recorded at the end of June 2012.
“Higher prices and a shortage of inventory in some categories have limited the number of sales,” said Cook. “We are seeing some instances of multiple offers, however buyers looking at higher priced properties are taking their time to study the market with their REALTOR® before making an offer on the property that matches their needs.”
The all-residential sales figures for June are down 1.5% year-to-date when compared to 2012 with 8,664 sales so far in 2013 as compared to 8,792 in 2012. There were 1,840 residential properties of all types sold in the Edmonton CMA in June and 1,800 sold in June 2012. Single family detached sales of 1,080 were off 4.9% from last year. Condominium sales were up in the first half because of a lack of lower priced single family properties. There were 470 condo sales in June compared to 536 in June 2012. There were 116 duplex/row house properties sold in June. Note: all sales numbers are estimated to reflect late reported sales.
The average days-on-market for all residential property was up to 47 days from 45 days in May and the sales-to-listing ratio was 63% in June, up from 53% last month.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|June 2013||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||412,269||-1.40%||2.34%|
|SFD median4 selling price – month||380,000||-2.00%||2.15%|
|Condominium average selling price||261,854||10.18%||8.73%|
|Condominium median selling price||242,500||6.36%||6.83%|
|All-residential5 average selling price||359,631||0.79%||4.17%|
|All-residential median selling price||338,475||-0.30%||4.07%|
|# residential listings this month||2,710||-14.99%||-0.77%|
|# residential sales this month||1,704||0.89%||-5.33%|
|# residential inventory at month end||6,078||0.83%||-5.55%|
|# Total6 MLS® System sales this month||2,306||-2.49%||-5.61%|
|$ Value Total residential sales this month||$720 million||16.40%||-8.95%|
|$ Value of total MLS® System sales – month||$840 million||0.35%||-0.40%|
|$ Value of total MLS® System sales - YTD||$4.11 billion||28.40%||-0.01%|
1 Census Metropolitan Area (Edmonton and municipalities in the four surrounding counties)
2 Single Family Dwelling
3 Average: The total value of sales in a category divided by the number of properties sold
4 Median: The middle figure in an ordered 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®.