Edmonton Real Estate Blog

Year over year residential unit sales and average prices decrease

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.

Year over year residential unit sales and average prices decrease

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.