August Market Update: Stable Despite Marginal Dips

The all residential average sale price in the Edmonton Census Metropolitan Area (CMA) remained consistent with last year at $369,956. Single family detached homes also saw stable year-over-year pricing, having decreased by less than 1% to $434,362. Similarly, average condo prices were down 1% from August, 2015, to $251,526.    

All residential sales in the Edmonton CMA were sitting at 1,433 units reported sold compared to 1,555 last year. Single family home sales were also down to 861 from 929 in 2015. Similarly, condo sales were down to 406 units sold from 466 in 2015. In addition, new residential listings were down 6% year-over-year.

According to Steve Sedgwick, Chair of the REALTORS® Association of Edmonton, “Alberta’s economy has been under enormous pressure for some time, but the residential real estate market in the Edmonton Census Metropolitan Area continues to hold. Prices and unit sales for all residential homes are consistent with last year, down less than 1% and 2% respectively.”

“While this is one of the most active times of the year, we are seeing both listings and sales tapering off as we move into the fall months. This is standard in our local real estate cycle,” asserts Sedgwick. “While unit sales for condos have been impacted the most, prices remain stable.”

The average number of days on market for all residential units in the Edmonton CMA remained the same year-over-year at 55, while single family detached homes sold in 49 days, down 4 days from 2015. Condos saw an increase to 62 average days on market, up 5 days from 2015.  

Overall, the total number of residential properties on the market in the Edmonton CMA was up 9.4% from 2015 at 7,908 available properties.

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