Sales down, prices and inventory up in 2015

Posted by on Thursday, January 7th, 2016 at 1:29pm.

The year ended on a low note and a high note as residential sales in Edmonton fell by 9% over 2014 but prices overall rose.

This single-digit figure represents fewer sales than last year but 1% more than 2013 in Edmonton and area.

In hard figures, 17,298 residential properties changed hands in 2015 compared to the previous year with 18,991 sales reported.

Sales fell in all sectors of the residential housing market with the exception of attached homes.  Townhomes and duplex home sales were actually up by 6% compared to sales in the sector.  Sales in condos took the biggest hit with a 13% slump over the previous year. 

While movement in the number of properties slowed, actual prices actually rose from 2014, albeit ever so slightly.  Single-family detached homes at the end of 2015 were 1% higher than they were in 2014 with an average selling price of $437,569.  As of Dec. 31, 2015 condo prices on average were 0.4% higher than in 2014.  In examining all residential sales last year, the average price rose by 1.5% over 2014 to $372,511.

Analysis from the Board

The chairwoman of the REALTORS® Association of Edmonton said in her month-end report that it was a steady year in Edmonton and surrounding area.

Geneva Tetreault indicated that 9% fewer sales is a result of economic uncertainty but the relative consistency in residential prices helped the market remain stable. 

The picture in December 2015

Sales in Edmonton followed season trends with fewer sales in the latter part of the year. In terms of prices, the average price in December dropped, but only slightly by 0.9% from November. Condo prices fell by just 1.8% from November. Attached home prices rose by 10% last month to an average price of $374,217 most likely because of the affordability factor.

Low mortgage rates have been a positive force in the market, allowing buyers more flexibility. 

Which properties are selling the most?

The most popular segment of the market is the $400,000 price range. Buyers are also taking their time selecting properties because of the higher than normal inventory.  Homes were on the market for an average of 51 days in 2015, four days longer than they were in 2014.

One of the most dramatic increases from a statistical point of view was the number of active listings on the books at the end of this year compared to last year.  There were 5,088 residential properties listed, with only 3,059 the year previous.

Total volume of MLS® System sales in Edmonton last month was $342 million, a decrease of 34.8% from November and 10.2% from December 2014.  Year-to-date sales in Edmonton stand at $8.5 billion.

December 2015

 

Change from Nov

 Change from Dec 2014

 

Average Selling Price:

$424,629

-1.80%    

            -1.20%

 

 

 

Median Selling Price:

$385,000

-4.1%

                     -2.02%

 

Condo average price

$248,956

-2.20%

+1.5%

 

Condo median price

$240,000

2.30%

+9.00%

 

Residential listings

1,278

       -33.20%          

                      +37.10%

Residential sales                           713

    

   -  35.40%

-7.40%

 

Residential inventory                 5,088

 

   -  15.80%

66.30%

 

MLS® System sales                       929

 

   -  34.30%

-7.20%

 

                   

 

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