Edmonton, February 4, 2019: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market decreased 15.00% relative to January 2018. Single family home sales decreased 14.34%, condominiums decreased 18.56% and duplex/rowhouse sales decreased 1.02%. When compared to the previous month, residential unit sales increased, as is typical for this time of year. Single family home sales increased 1.51%, condominiums sales increased 22.16% and duplex/rowhouse sales increased 32.88%. Overall, residential unit sales increased 9.75% compared to December 2018.

Average prices declined in January. The average selling price of a single family home was $404,275, a decrease of 6.04% compared to January 2018 and a decrease of 5.52% compared to December 2018. Condominium average prices decreased 4.90% year over year and increased 6.18% month over month. Duplex/rowhouse average prices decreased 7.51% relative to January 2018 and decreased 6.85% relative to December 2018.

“The real estate market is still experiencing the consequences of high inventory and slow sales,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.”

Listings for January were almost identical to January 2018, increasing by 0.08%. Inventory remained higher than average, with an increase of 6.10% relative to December 2018 and an increase of 9.31% compared to January 2018.

Average days on market are reflective of a sluggish winter market, with the residential average increasing to 84, up from 72 days in December 2018. Single family homes sold on average in 79 days, an increase of 10 days from December 2018. Condominiums increased to 93 days on market and duplex/rowhouses increased to 90, both categories up from 78 average days on market in the previous month. 

Edmonton, January 3, 2019: The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of stable average and median prices, decreasing sales, and increasing inventory.

Year-to-date average prices remained relatively stable throughout 2018. The residential average sale price was $369,607, a decrease of 1.28% compared to 2017. In the specific categories, average single family home prices decreased 0.85% to $434,028, condominium average prices decreased 4.9% to $236,008 and duplex/rowhouse average prices decreased 1.75% to $342,150.

Residential year-to-date unit sales were down 5.57%, to a total of 15,519 residential units sold, compared to 16,435 in 2017. Single family homes were down 4.36%, condominium unit sales were down 7.73% and duplex/rowhouse unit sales decreased 8.63%. Sales volume in 2018 was also down 6.78% to $5.73 billion compared to $6.15 billion in 2017.

“The real estate market in 2018 experienced record-high inventory levels, rising interest rates and the effect of the mortgage stress test, resulting in lower sales in all property categories,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “It was a challenging market for both buyers and sellers and it appears 2019 will be similar.”

Listings for December 2018 decreased 43.09% compared to November 2018, and decreased 3.85% compared to December 2017. End of month inventory decreased 9.69% month over month and increased 10.83% year over year.

Year-to-date days on market for residential units was 62, up 3 days from the average of 59 days on market in 2017. Year-to-date listings were also up, increasing 3.53% over 2017. The reported annual sales to listing ratio was 47%, indicating a buyers’ market.

In the month of December, sales decreased both month over month and year over year. In total, the average residential unit sales decreased 30.13% relative to November 2018, and decreased 19.65% compared to December 2017. Average prices were mostly stable, decreasing 0.02% to $360,450 month over month and increasing 1.03% year over year.

Edmonton, December 4, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales decreased 9.78% month over month and decreased 10.56% year over year. Single family home unit sales are down 9.22% compared to October 2018 and down 5.66% relative to November 2017. Condominium unit sales decreased 15.86% month over month and 19.5% year over year. Month over month duplex/rowhouse unit sales increased 14.14%, and decreased 6.61% year over year. Month over month declines are typical in late Fall.

New listings and active inventory are down compared to October 2018. Listings decreased 15.38% and inventory decreased 2.00% month over month. When compared to November 2017, both categories were up. New listings increased 9.97% and inventory increased 9.86% year over year.

“Compared to 2017, listings and inventory are increasing, which means there is plenty for buyers to choose from this year,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we close out the year, average prices are decreasing slightly, likely due to the slower winter sales season and higher inventory levels, so sellers will need to be patient and flexible when it comes time to negotiate.”

Average prices declined in the month of November. The average selling price of a single family home is $421,715, a decrease of 0.97% month over month and a decrease of 4.55% year over year. Condominium average prices also decreased 1.29% month over month and 6.07% year over year. Duplex/rowhouses average prices increased 4.11% compared to October 2018, and decreased 3.36% relative to November 2017.

The average days on market for single family homes increased to 66 days, increasing by four days compared to October 2018 and seven days compared to November 2017. Condominiums sold on average in 80 days, eight days longer compared to October 2018 and four days longer relative to November 2017. Average days on market for duplex/rowhouses increased to 71, growing from 66 in October 2018 and 59 days in November 2017.

Edmonton, November 2, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential unit sales month over month decreased 5.71% and decreased 13.61% year over year. Single family home sales are down 9.71% compared to September 2018, and down 14.86% compared to October 2017. Duplex/rowhouses decreased 20.16% month over month and 30.77% year over year. Month over month unit sales of condominiums increased 8.80% and decreased 4.92% relative to October 2017.

Average prices also declined in October. The all residential average price was $358,954, a month over month decrease of 4.01% and year over year decrease of 3.08%. The average price of a single family home was $425,864, a decrease of 1.36% compared to September 2018 and decrease of 1.30% compared to October 2017. Duplex/rowhouses decreased 3.45% month over month and 2.21% year over year, to an average price of $333,215. Condominiums also decreased to an average price of $221,293, down 8.16% compared to September 2018 and down 8.80% compared to October 2017.

“Some of the market decreases are a result of slower sales coupled with higher inventory and listings, as well, it is also common for both prices and sales to begin to decrease at this time of year due to seasonal market fluctuations.”” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”

New listings and overall inventory are down compared to September 2018. Listings decreased 3.22% and inventory decreased 2.68% month over month. When compared to October 2017, both categories were up. New listings increased 4.05% and inventory increased 8.50% year over year.

The average days on market for single family homes increased to 62 days, increasing by one day compared to September 2018 and seven days compared to October 2017. Average days on market for duplex/rowhouses was unchanged month over month, and five days longer year over year. Condominiums sold on average in 72 days, three days shorter compared to September 2018 and five days longer relative to October 2017.

Edmonton, October 3, 2018: In the Edmonton Census Metropolitan Area (CMA), the all residential average prices increased 2.48% to $373,958 compared to August 2018 and increased 0.94% compared to September 2017. Single family home average prices increased 1.71% month over month and increased 0.25% year over year. Duplex/rowhouse average prices also increased in both categories, up 4.38% compared to August 2018 and up 0.68% compared to September 2017. Condominium average prices decreased 1.53% month over month and decreased 4.28% year over year.

Unit sales are down across all categories. Single family home sales decreased 19.41% relative to August 2018 and 2.22% relative to September 2017. Condominium sales decreased 28.82% month over month and decreased 19.09% year over year. Duplex/rowhouse sales also declined, decreasing 21.02% compared to August 2018 and 21.52% compared to September 2017. Overall, all residential unit sales showed a decrease of 21.83% month over month and 8.53% decrease year over year.

Average days on market increased for all categories. The average for single family homes increased to 61 days for September 2018, two days longer than August 2018 and eight days longer than September 2017. Condominiums average days on market increased to 75 in September 2018, two days longer than August 2018 and seven days longer compared to September 2017. For duplex/rowhouses, the average days on market was 66, increasing from 63 in August 2018 and 61 days in September 2017.

“Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.”

Both inventory and listings decreased in September, with inventory down 1.53% and listings down 17.41% compared to August 2018. Listings also decreased 8.53% compared to September 2017, while inventory increased year over year by 7.35%.

In total, there were 1,225 MLS® System listed properties sold in September 2018, a decrease of 21.83% month over month and an decrease of 8.24% year over year.