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October 2016 Market News


Blog by Sara Kalke | October 4th, 2016


Hi all, here is the latest from the REALTORS Association of Edmonton.  The full news release is available on their website HERE.

October's main points are as follows:

  1. Total sales were down 6.5% from 2015,
  2. Total inventory was up 10% from 2015 (both of these are stable trend we have seen over the last few months)
  3. Average prices were off trend through, up 4% last year, condo sales were down 2%, and house prices were steady.


If you are buying or selling, I'm here to help!

Sara

Stable residential prices not affected by slower sales

Edmonton market continues to remain stable during economic uncertainty



Edmonton, October 4, 2016:

September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA)
continues to remain strong both month-over-month (m/m) and year-over-year (y/y) up 1.1% and 1.5%
respectively. The average price of single family homes remains consistent down less than 1% m/m
and down 0.2% y/y to $430,461. Condos average prices also remained flat at $251,365 (-0.06%
m/m,-0.45% y/y). Average prices for duplex and rowhouses stood firm, up 4.66% from August 2016
and down slightly year-over-year for the month of September.

“We are moving into the quieter real estate months with a healthy inventory, strong prices and slower
listings and sales,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “It
continues to be a good time to buy. We usually see less inventory coming into winter months, so it is
beneficial for buyers to have a respectable selection and reassuring for sellers to see continued
stability in average sale prices.”

1,339 units reported sold in September 2016; all residential sales in the Edmonton CMA were down
6.56% m/m and down 8.41% y/y. 846 single family homes were reported sold, down 3% from the
previous year. Reported condo sales at 327 were down over 20% relative to September 2015.
Duplex/rowhouse sales at 135 were down by only 1 unit from August but down 5.59% over last year.
All residential listings were down slightly for September -0.29% m/m and -1.47% y/y.