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Average Prices Hold as Sept Unit Volumes Reflect Interest Rate Adjustments

Posted by paulblais on October 20, 2017
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September’s all-residential average sale price in the Edmonton Census Metropolitan Area (CMA) showed month-over-month consistency and was comparable to September 2016. The average sale price across all residential categories in September 2017 was $370,252. This figure is 0.85% lower than August 2017 and 1.06% lower than September 2016.

 The average condo sale price was $252,313. This figure represents a month-over-month increase of 2.91% and a year-over-year decrease of 0.31%. For single family detached sales, the average price was $430,644. This represents a month-over-month decrease of 1.75% but a year-over-year increase of 0.17%. The average duplex/townhouse selling price fell by 3.52% month-over-month and 5.55% year-over-year.

 “Once the distractions of summer are over, the market usually picks up with buyers looking to move in to a new home before the snow flies”, says Chair of the REALTORS® Association of Edmonton. “However, it is possible we didn’t see a strong performance for unit sale this September because the Bank of Canada raised interest rates twice this summer, putting some downward pressure on buyer purchase intentions. Despite this, consistent average sale prices last month throughout the Edmonton area suggest the local market enjoys continued health.”

The number of all residential units reported sold was 1,341. This represents a month-over-month decrease of 13.04% and a year-over-year decrease of 6.35%. The number of single family detached units sold was 812. This represents a decrease of 12.69% compared to August 2017 and a decrease of 10.28% compared to September 2016. There were 355 condominium sales reported in the Edmonton CMA in September 2017. This figure represents a month-over-month decrease of 10.8% and a year-over-year increase of 1.43%. Duplexes and townhouses numbered 159 unit sales in September 2017, down 13.59% month-over-month and up 11.19% year-over-year.

Average days on market across all categories of residential properties in the Edmonton CMA was 58 days.

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