October in Edmonton ends with balanced market and price stability

Posted by on Friday, November 4th, 2016 at 11:08am.

 

Whether you’re hoping to buy or needing to sell your Edmonton property, you’ll be happy to know that the real estate market is balanced right now.  There’s a good selection of inventory for those out shopping and if your property is on the market, you likely won’t lose your shirt.

October 2016 Statistics

Last month there were 5.5% more residential properties sold than what were sold the same time last year, with sales of detached homes up by a respectable 7.1% over October 2015.  Condos didn’t fare as well with sales down 3.9% year-over-year however, the attached sector exploded last month with an increase in sales of 17.4% over last year’s figures.  Evidence perhaps that first-time buyers were in the market looking for a family-home in a lower price bracket.

Spokesman Steve Sedgwick, chair of the REALTORS® Association of Edmonton said in his monthly report to the community that he and the association are encouraged to see such strong numbers at a time of year when sales begin to slow down as the thermometer drops.

The stats on average sale prices weren’t as robust last month, dropping .64% over October 2015 prices overall.   With a dip of less than 1% price drops were almost imperceptible last month.  In each particular sector in Edmonton, the average price of a detached home last month was $423.755, a drop of 1.6% over the previous month and a dip of 1.75% over October 2015.  Condo averages, despite dismal sales numbers, were up from last year by .5% however, prices fell by 2.3% from September’s average. Prices in the attached sector also fell by 7.7% from September’s average and 6.9% from October of last year.

Sedgwick notes that the numbers demonstrate that Edmonton buyers are confident in the province’s economic future and that the market will end the year with a solid finish.  Rumours abound on Social Media that the worse of the downturn has come and there’s nowhere else to go but up.   But with reports of unemployment figures continuing to soar and beginning to resemble the type of numbers seen in the Maritime provinces, Albertans likely need more evidence.

Properties took longer to sell last month

The average number of days residential units sat on the market increased last month which is not unusual for autumn in Edmonton.  Last month, 1,265 properties sold in the city with the average days on the market at 61.  Detached homes sold the quickest at an average of 57 days, followed by condos at 65 and attached homes at 67 days.  That’s three more days for single-family homes and 7 more days for attached homes that the previous month.  Only condo averages stayed the same.

Inventory continues to balance out

Last month, 2,147 new properties entered the market in Edmonton. That’s 125 fewer listings than October 2015.   This resulted in the sales to listing radio in the Edmonton market moving from 53% to 59%, which is further empirical evidence that the Edmonton market is balanced.

Big ticket listings last month

In October, the most expensive single-family home on the Edmonton market was listed at $3.498 million. The most expensive condo was listed at $1.479 million and the attached home with the highest value was $969,700. 

In actual sales last month, a single-family home sold for $1.56 million, the highest priced condo went for $660,000 and the most expensive attached unit sold in Edmonton also went for $660,000.

October 2016 Snapshot

  • Average selling price for detached homes:  $423,755
  • Average selling price for condos: $245,698
  • Average selling price attached homes: $332,565
  • Average selling price all homes:  $364,004
  • Change in residential prices compared to Oct 2015: -0.64%
  • Total sales: 1,265 units
  • Inventory in Edmonton Oct 2016:  5,416 homes

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