RE/MAX Edmonton Real Estate News

The EREB has released their latest market report, and the last one we will see for the year.

As 2014 is comes to a close the Edmonton real estate market has slowed only negligibly and remains resilient despite expected seasonal cooling. Market spikes showed some plateauing throughout November, but REALTORS® Association of Edmonton President Greg Steele assures us,

 “The housing market has been very strong and robust this year. We are expecting to see continued growth in housing sales for some time, but at a slower and more stable pace.”

Dropping temperatures in the city aren’t stopping motivated sellers this winter. Image Credit: Hendrik Slegtenhorst

According to MLS figures the average residential sales price for November was $381,371,  showing an increase of over 4% from the previous month, and an almost 10% growth in year-over-year comparisons. Single family dwellings averaged out at $442,884 for November (a 3.76% rise) however condominiums showed a minimal 2% sale price drop to $255,167, which is still a 5.3% price increase from the previous year. Total residential sales are up 11% from November of 2013. 

While sale prices remain strong, inventory saw a decrease as fall came to a close, with 1137 properties sold in November in contrast to 1505 sales in October. Total inventory is down 12%, however the year-over-year decrease is only about 4%. The benefit to this slight drop in supply has been the decrease in total days on market as buyers snap up residential listings. Last year at this time we saw on average 57 days on market, whereas this past November residences were sold in an average of 54 days. Edmonton condominiums, with an average of only 12 days on the market, are exceeding expectations in this category possibly due to the minor drop in prices we have seen recently. 

Steele remains confident in the market as we come into the new year,

“It has been a great year for Real Estate. As we do every year, we expect things to cool off as the temperature drops, but we always have new homes listed and sold over the winter months. People move when life happens, which does not necessarily correlate with warm weather.”

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There’s a chill in the air in Edmonton, and it may be safe to say summer is over. On that (slightly sour) note let’s take a look at residential real estate sales over the summer months in Edmonton.

Fresh from all-time highs in spring, prices dipped a little over the summer months beginning in mid to late June, providing some relief to potential home buyers. Single-Family dwellings saw a slight decrease in average price, with July costs around $426,716. That shows just a  2% drop from June sales, with total residential sales showing an average price drop of around 2.6%.

Total Sales Statistics-Residential.

Interestingly, the changes in Condominum prices were quite negligible differences, seemingly unaffected by market influences.

Condominium Sales Statistics

Though prices are showing a temporary lull, there is still an overall trend of increased sales figures. REALTORS® Association President Greg Steele weighs in on the changes:

“Like the shortening summer days and the appearance of fall fashions, real estate prices begin to soften at this time of year. Despite the seasonal slide, prices in the Edmonton area are still up when compared to the same month last year. The local market continues to be very active and REALTORS® report having a busy month.”  

 

Single-Family Dwelling Statistics.

Steele has quite accurately described the seeming dip in the trend, whereas housing prices have the appearance of dropping, they are  statistically still showing an increase from the same time last year. Overall residential prices were up 3.3% from 2013, with the single-family dwelling up almost 4%. The most marked year-over-year upsurge appeared in condo prices, which are gaining increasing popularity in the city as a more viable residence option, showing an increase of about 4.6% from last summer.

Along with a sale price increases, total overall transactions are skyrocketing as buyers become more eager to invest in Edmonton’s booming real estate market. July saw the sale of 2,013 residences (639 of them condominium units); a 9.7 % increase from the 1,835 residences sold in July of 2013.

Steele also addressed this influx of transactions:

“The demand for real estate remains strong and in line with other market fundamentals. Fortunately, year-to-date listings are also up compared to last year and there is adequate supply with over 5,600 residential properties in inventory.”

Homes in June on average were selling in about 41 days, and in about 46 days for July.

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