Youthful buyers continue to drive housing sales in October

 

Edmonton, November 4, 2013:

The REALTORS® 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 REALTOR®.