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Prices Stay Nearly Unaffected by Dip in Sales

Oct 9, 201577 views7 Likes2 CommentsShare on LinkedInShare on FacebookShare on Twitter
Edmonton, October 2, 2015: The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend.

“The strength of prices in the Edmonton market is an excellent indication that we are maintaining stability,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “Buyers continue to see the benefits of a healthy inventory but we haven’t seen many sellers dropping prices significantly in order to compete. Last year’s market and its low inventory made buyers feel pressure to jump into an offer if they found something they like. We are seeing buyers take a little more time in the decision making process this year.”

A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 – up 2.76% from the previous month and up 4.28% from 2014. All residential properties sat at $368,874; down 0.91% from August and down 0.75% over September 2014.

“We will likely see prices continue to dip as we move into the colder months. Real Estate in Edmonton has a very seasonal trend and colder months always mean fewer sales. We may see buyers take advantage of this trend and benefit from low interest rates while they still can,” Tetreault says.

All residential active inventory remains healthy with 7,108 properties available at the end of September, down from August by 1.65% but still up over last September by 47.71%.

Average days on market for all residential properties was down this month by 1 over last month sitting at 53. This is up by 8.51% from last year. Single family average days on market was down to 51. Condominiums were averaging 57 days compared to 56 in August, and duplex/rowhouses took an average of 51 days to sell in September.

REALTORS® Association of Edmonton
(Fall 2015)

Some people might tell you that this is the perfect time to be selling your home in the Edmonton area, because prices are very strong right now. Others, might argue that it’s not the best time, because inventory levels are high, sales are down, and homes are spending longer on the market than they were a year ago. Your local REALTOR® will tell you that it may or may not be the best time to sell your home, depending on what’s happening in your life right now!

It’s true that sellers are enjoying the higher price levels they have to work with today. It’s also true that it might take a little longer to sell, because buyers are taking a little more time and enjoying the selection available. The truth is, it can still be a very good time to sell, but you may have to work a little harder to stand out, and you may need a little more patience than you would have if you listed at this time last year.

Your local REALTOR® can help you understand what’s happening with home prices, to be competitive. Your local REALTOR® can help you make your home more attractive to potential buyers. Your local REALTOR® can help you decide it it’s the right time to sell, based on what’s happening in your life. Your local REALTOR® – here when life happens.