September Market Update: Stable Amid Economic Uncertainty

Last month, Edmonton’s housing market continued to remain stable amid economic uncertainty in the province.  

September’s all residential average sale price in the Edmonton Census Metropolitan Area (CMA) increased by 1.5% year-over-year (y/y). The average price of single family dwellings remained fairly consistent at $430,461 y/y (down 0.2%), while average condo prices also remained flat at $251,365 (down 0.5% y/y).

According to Steve Sedgwick, Chair of the REALTORS® Association of Edmonton, “We are moving into the quieter real estate months with a healthy inventory, strong prices and slower listings and sales.”

“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 continued stability in average sale prices.”

A total of 1,339 units were reported sold for the month of September, 2016. All residential sales saw a dip of 13.2% compared to this time last year. Single family home sales were down 8.3% from last year with a total of 846 units sold. Similarly, condo sales were down over 20% from last September, with 327 units sold. All residential listings saw a slight decrease (down 1.5% y/y).

Sedgwick expects to see listings and sales slow as we head into the winter months.

“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 Sedgwick. “Sellers can expect to wait a little longer than previous years for their property to sell.”

As for number of days on market, Edmonton residences took an average of 57 days to sell, which is up three days from September, 2015. Single family detached homes sold in an average of 54 days, while condos took an average of 65 days to sell.

In total, there were 7,857 residential properties on the market in the Edmonton CMA for the month of September, which is up almost 11% from this time last year.

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