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Edmonton, November 4, 2014: The Edmonton area has been blessed with a beautiful fall and the local housing market has followed the weather trend. The fall months always tend to be a quieter market, but this year sales remained strong a little longer than usual. Edmonton Census Metropolitan Area (CMA) total residential average prices remain stable (up 8.5% over last year) thanks in part to an incline in sales of higher priced houses.


The seasonal slide is reflected in the dip in single family sales, down 12% from last month at 850 sold (918 adjusted).  While still up almost 8% from last year, single family prices dipped down from $436,870 in September to $426,848 in October, a difference of 2.3%.


With an average price of $260,491, condos actually gained a bit of momentum going up 2.6% month-over-month and 9.75% year-over-year. Duplex/row house prices were also up month-over-month at $352,907.


In October, 2,049 residential properties were listed which is up 18.6% from last year. 1,412 were reported sold (1,525 adjusted) in the Edmonton CMA. Total days on market for all residential properties were down 3 days over October of 2013.


The demand for single family homes in the $350,000 to $400,000 remains high with 185 properties selling in this range in October. However, inventory is tight at the $350,000 to $400,000 mark with only 227 available properties available as of October 31. “We have seen a lot of action this year in houses under $400,000. People may need to adjust their expectations when looking at houses in this range. There is a big demand for properties at this price point and with a light inventory, you may need to wait a bit longer to find the right house for you,” explains Greg Steele, President of the REALTORS® Association of Edmonton.

 

Another “hot” market is houses priced over a million dollars. “We have seen this trend throughout 2014. Almost 2% of the single family dwellings sold last month were over a million dollars. Compare that to last October where less than one quarter of 1% of the sales were over a million.” Steele said. 125 million dollar plus homes have sold in 2014 compared to 94 at this same time last year and 75 in 2012.   

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Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

October 2014

 

M/M % Change

Y/Y % Change

SFD2 average3 selling price – month

$426,848

-2.30%

7.80%

SFD median4 selling price – month

$399,894

-1.30%

6.90%

Condominium average selling price

$260,491

2.60%

9.80%

Condominium median selling price

$241,000

-3.90%

8.70%

All-residential5 average selling price

$365,520

-1.90%

8.50%

All-residential median selling price

$350,000

0%

7.10%

# residential listings this month

2,049

-6.60%

15.40%

# residential sales this month (reported)

1,412

-15.60%

-0.49%

# residential inventory at month end

4,473

-7.00%

-7.00%

# Total6 MLS® System sales this month

1,939

-8.62%

0.10%

$ Total value MLS® System residential sales - month

$594 million

-11.10%

8.80%

$ Total value MLS® System sales – month

$703 million

7.80%

6.90%

$ Total value MLS® System sales – YTD

$8.4 billion

9.90%

15.90%

1 Census Metropolitan Area (Edmonton and surrounding municipalities)

2 Single Family Dwelling

3 The total value of sales in a category divided by the number of properties sold 

4 The middle figure in a list of all sales prices

5 Residential includes SFD, condos and duplex/row houses. 

6 Includes residential, rural and commercial sales

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.