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Stable Residential Prices Not Affected By Slower Sales

Posted by paulblais on October 31, 2016
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September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) continues to remain strong both month-over-month (m/m) and year-over-year (y/y) up 1.1% and 1.5% respectively. The average price of single family homes remains consistent down less than 1% m/m and down 0.2% y/y to $430,761. Condos average prices also remained flat at $251,365 (-0.6% m/m, -0.45% y/y). Average prices for duplex and rowhouses stood firm, up 4.66% from August 2016 and down slightly year-over-year for the month of September.

“We are moving into the quieter real estate months with a healthy inventory, strong prices and slower listings and sales,” said Chair of the REALTORS® Association of Edmonton. “It continues to be a good time to buy. We usually see less inventory coming into winter months, so it is beneficial for buyers to have a respectable selection and reassuring for sellers to see stability in average sale prices.”

1,339 units reported sold in September 2016; all residential sales in the Edmonton CMA were down 6.56% m/m and down 8.41% y/y. 846 single family homes were reported sold, down 3% from the previous year. Reported condo sales at 327 were down over 20% relative to September 2015. Duplex/rowhouse sales at 135 were down by only 1 unit from August but down 5.59% over last year. All residential listings were down slightly for September -0.29% m/m and -1.47% y/y.

“We expect to see listings and sales slow as winter approaches. We may begin to see the effects of slight downward pressure on prices, but do not expect to see any drastic movement as our market continues to remain stable,” said Chair. “Sellers can expect to wait a little longer than previous years for their property to sell.”

On average, single family detached homes sold in 54 days in September, while condos sold in an average of 65 days and duplex/rowhouses sold in 60 days.

There were 7,857 residential properties available in the Edmonton CMA at the end of September, down less than 1% from 7,908 in August 2016, but up 10.54% from the 7,108 properties available on the MLS® System at the end of September 2015.

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