The sudden onslaught
of winter did not slow real estate sales in November according to figures
released by the REALTORS® Association of Edmonton. One month sales in November
were the highest in five years. The figures are based on sales through the
Multiple Listing Service® System in the Edmonton CMA.
The number of all-residential sales in the Edmonton CMA in November (adjusted
to account for late reported sales) was 1,116 (1033 reported) which was the
highest number of sales in the month since 2009. There were 672 (622 reported)
sales of single family homes, 349 (323 reported) condo sales and 83 (77
reported) duplex/row house sales in November. Total residential sales were up
10.5% over November 2012 with SFD sales up 7.9% and condos sales up 13.7%.
“The Edmonton market continues to perform well with sales up and prices
rising,” said RAE President Darrell Cook. “While home sellers welcome the active
market, buyers, with good employment prospects and higher than Canadian average
salaries, are not deterred as they enter the fairly stable market place.” The
number of homes available for sale on the MLS® System is at the lowest level it
has been in five years. There were 4,047 homes in inventory at the end of
The all-residential average price (representing SFD, condo and duplex/row
house sales) was $346,388, up 2.6% from last month and 3.5% from November 2012.
The average price for a single-family dwelling in November was $405,826 (up 2.1%
M/M) and an average condo sold for $240,630 (up 2.1% M/M). The average price for
a duplex/row house was $327,027 (up 0.3% M/M). Compared to November 2012, SFDs
were up 2.8%, condo prices up 6.9% and duplex/rowhouses up 5.2%.
The average days-on-market was 57, up four days from last year. The
sales-to-new listing ratio was 75% as compared to 77% in November 2012.
“The cold and snow make it more difficult to list and view homes at this
time of year but the market is still very active with over 1,000 properties
listed in November,” said Cook. “REALTORS® are always prepared to discuss your
housing needs with you and advise on pricing, marketing and negotiation
Association of Edmonton released market housing statistics for the month of
October based on sales through the Multiple Listing Service® in the Edmonton
CMA. The all-residential average price in the Edmonton CMA is $337,599 as
compared to $332,232 in October 2012, a +2.5% change. The median price for a
home in Edmonton is up at $327,250 compared to $315,600 last October.
All-residential sales totalled 1,454 (adjusted for late reported sales, 1,346
reported) in October, a positive change of 15.6% from the same month last year
when there were 1,258 residential sales. There were 888 (822) adjusted
SFD sales, 449 (416) adjusted condo sales and 90 (83) adjusted
duplex/rowhouse sales (reported sales in brackets).
“Total annual sales are the highest they have been for five years and we had
the best October in five years as well,” said RAE President Darrell Cook. “There
is a 74% sales-to-listing ratio which means that sellers have a better than
usual expectation of selling their property. At the current level of sales there
is adequate inventory (4,807) for 2.7 months which is lower than normal in this
market. The youthful nature of our city (average age 36) and good job prospects
means that the demand for housing remains high.”
The unemployment rate declined from 5.2% in August 2013 to 5.1% in September
2013. City of Edmonton economist John Rose states that; “These numbers
demonstrate that Edmonton has become one of Canada’s most attractive locations
for individuals seeking work.”
The average price for a single-family dwelling in October was $397,613 (up
2.5% Y/Y) and an average condo sold for $235,680 (up 2.1% Y/Y). The average
price for a duplex/row house was $326,195 (up 5.2% Y/Y). Median prices for SFDs
was $375,000, for condos $222,750 and for duplex/rowhouses, $318,900.
“The first time buyer or young person moving into this market will often
choose a condo because of the lower price point,” said Cook. “About 60% of all
condo sales are under $250,000 and that represents 17.6% of all residential
sales. Condos priced over the average price of a SFD represent only 1.5% of
total residential sales.” There were 584 SFDs sold for under $250,000 which is
less than 4% of all residential sales.
The average days-on-market was 54, down from 60 days last year. For real
estate advice or further explanation of the market conditions, consult a
The REALTORS® Association of Edmonton released market housing statistics for the year to date (YTD) including the month of September. The all-residential average price for the first three quarters of the year in the Edmonton CMA is $350,741 as compared to $340,090 in 2012. In September, the all-residential average was $352,057, up 5.4% from a year ago and inching up from $351,455 in the previous month.
Year-over-year sales were also up 19.4% with 1,466 (adjusted, 1,357 actual) all-residential sales in September. There were 13,691 residential sales in the Edmonton CMA in the first three quarters of 2013 as compared to just 12,876 sales at the same time last year.
“Our members report that the market is very active with many properties attracting multiple offers,” said President Darrell Cook. “The increases in the Alberta population are driving the market and because of the steady sales there are inventory shortages at the lower price ranges.”
There were 926 (adjusted, actual 857) single-family detached sales in September at an average price of $408,642 (up 3.9% Y/Y) as compared to 773 sales a year ago at an average price of $393,374. Condos sold on average in September for $243,655 (438 adjusted sales, 406 actual), up from $224,330 last September (up 8.6%). Duplex/row house sales were up with 79 (adjusted ,73 actual) sales, valued on average at $338,250 ($316,973 last year).
“Average sales prices are the highest they have been in five years,” said Cook. “Combined with the highest sales numbers since 2012, we have year-to-date residential sales values totaling $4.8 million. Strong market fundamentals, increasing population and the persistence of low mortgage rates have convinced many buyers that an investment in real estate is secure.”
The September sales-to-listing ratio of 65% was the result of 2,089 residential listings and 1,357 residential sales. The inventory of available homes on the Edmonton MLS® System was down from 5,557 units in August to 5,111 units in September. It took 54 days on average (up one) to sell a home in the Edmonton area. A REALTOR® has access to all the latest market data and effective marketing tools and is the best source of real estate advice for both buyers and sellers.
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Edmonton, August 2, 2013: Sales of residential properties are up in double digit increments in all categories when compared to last year, according to the REALTORS® Association of Edmonton. Total residential sales in July were up 24.9% year-over-year with 1,875 sales (1,736 reported). Sales figures are adjusted to account for unreported transactions at month end. Prices were also up year-over-year in all categories.
The average price for a single family detached (SFD) property in the Edmonton Census Metropolitan Area (CMA) in July was $410,372, down 0.5% from June but up 3.4% from a year ago. Condominium average prices dropped 7.4% m/m but were up 2.6% y/y at $242,516. Duplex/row house prices were up 8.6% y/y (down 2.8% m/m) at $330,906. The all-residential average price in the Edmonton CMA in July was $350,726 (down 2.5% m/m, up 3.3% y/y).
“These are the highest figures for July that we have seen since 2009,” said President Darrell Cook. “Prices and sales have peaked for the year and the month-over-month numbers are lower than June but when compared to last year our market is very robust. Although listings are up over the same time last year, our inventory has slipped by almost 250 units. Going forward, some buyers may have to consider compromises to find their new home in this market.”
The sales-to-listing ratio of 68% was the result of 2,543 residential listings and 1,736 residential sales in July. The total value of real estate sales through the Edmonton Multiple Listing Service® System in July was $814 million; up 18% from July 2012.
Environics Analytics, a Toronto-based data analytics firm, reported last week that the average net worth of an Edmonton household** was $433,970 in 2012, up 1.6% from 2011 as compared to the Canadian average net worth of $400,151.*
“Despite the rain and flooding in Alberta last month, the housing market has thrived,” said Cook. “Edmonton has jobs, housing options, and an economy that is attracting newcomers to the city and ensuring that current residents have an appealing lifestyle.”
The average days-on-market was down one from July 2012 at 49 days, which means that an average sale was completed in about a month and a half.
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