The average home price dropped less than 1% in September 2015, a statistic that suggests stability in the Edmonton real estate market.
Sales overall are still down 6.76% over this time last year, however the relatively strong market and healthy inventory means sellers are not dropping their price. The very small slump in overall sales means buyers aren’t feeling pressure and are taking more time to weigh their options.
Sales year-over-year in single family units have dropped 9.72% and against trend, semi-detached homes are up 17.21%.
Single family homes averaged at $432,150 in the Edmonton Census Metro Area, a drop of 1.75% from August 2015 and 0.98% from September 2014. Condo prices averaged $252,953 in September, falling .68% from last month and 1.05% year-over-year. Bucking the trend at an average selling price of $364,230 were semi-detached (townhome/duplex homes), a gain of 2.76% from August and 4.28% from Sept 2014.
Geneva Tetreault, chair of the Edmonton Realtors Association, stated that prices will follow seasonal trends continue to fall as colder weather approaches.
As of Sept 30, 2104 there were 7,108 listings in the Edmonton area, more than in August but a whopping 47.71% more than last year at this time. Properties took 53 days to sell on average, up just one from August but up slightly from last year at 49 days.
Summary of Edmonton Housing Statistics of September 2015
ALL RESIDENTIAL Aug 2015 Change Sept 2015 Change
Average selling price: $368,874 -0.91% -0.75%
Total listings: 2,777 -5.09% +36.87%
Total sales: 1,462 -0.20% -6.76%
Total Inventory: 7,108 -1.65% +47.71%
SINGLE FAMILY DETACHED
Average selling price: $423,150 -1.75% -9.98%
Days on Market: 51 days 47 days
Average selling price: $252,953 -0.67% -0.58%
It’s important to note that these statistics are not completely reflective of the Edmonton Real Estate market at this time. With prices predicted to fall, sellers should arm themselves with a true understanding of what current market conditions are like. An experienced realtor has watched seasonal and economic trends and understands the flow of the marketplace. Another reason to choose a professional at a time when market conditions may appear to be healthy, according to the stats, but on somewhat shaky ground.
Finding a Fair Listing Price
To establish the proper price to list a home in Edmonton, take inventory of all renovations that have been done and all upgrades that may be required. What have homes in the neighbourhood sold for in the past few weeks or month. The price at which you list your home is determined by criteria such as this, and a professional Realtor can be your greatest ally.
There are other factors in choosing your home’s listing price, including your financial goals. How quickly do you need your home to sell? Can you wait the current average of 51 days to see your home, or do you have another sale pending? What is your rock bottom price? This will help determine your asking price.
An agent will bring some objectivity into your home sale. With no emotional attachment to you home and access to the most current market statistics, an agent can do a comparative market analysis and give you a true picture of what your home is worth.