Taken from the Realtors Association of Edmonton September 2, 2015
The average residential price in August for the Edmonton Census Metropolitan Area is up 1%year-over-year and down slightly by 0.2% relative to last month. A single family home in the Edmonton Census Metropolitan Area sold for an average of $439,829 up 0.7% from July and up 1.0% year-over-year. The average for all residential properties sat at $372,256, down 0.2% from July and up 1.0% over last August.
The Edmonton area continues to experience a relatively stable market with respect to year-over-year prices. A slower pace of sales combined with growing inventories are creating favourable conditions for entering the Edmonton and area market. There is a greater selection of homes this year for buyers; Sellers are experiencing a little longer time to sell their homes, however prices continue to hold well.
Geneva Tetreault, Chair of the REALTORS Associaiton of Edmonton states " While there is no doubt that oil prices and the resulting economic slowdown have impacted the housing market, Edmonton has been able to weather these changes better than other Alberta markets. New developments and projects both in the city and outlying areas have kept the housing market moving."
Sales continue to lag behind last year in all areas except duplex/rowhouses. An increase in availability of duplex/rowhouses has helped this category over last year in sales - up 1.7% and price - up 1.53%. Condos continue to be the hardest hit with sales down 7.7% and average prices down 2.8% from 2014.
Sales of all residential propeties reported last month are down 5.6% from those reported in August of 2014. Single family home sales of 884 were down 4.3% year over year compared to 1,111 reported last month. Inventory remains strong at 7,227 for the Edmonton area at the end of August 2015, up 35% from August 2014. All residentual listings were up year over year by 26.9%, but down by 6.3% from last month. There is currently just under five months supply of inventory in the Edmoton area.
Average days on market for all residential properties were up again this month at 54. Singe family homes average days on market were up to 52 from 48 ln July. Condominiums were averaging 56 days compared to 54 in July, duplex/rowhouses took an average of 53 days to sell in August 2015.