Year over year average residential prices up across all categories
Edmonton, May 2, 2017:
In the Edmonton Census Metropolitan Area (CMA), prices in all residential categories increased both month over month and year over year. The single family home average price increased in April 2017 to $439,438, up 0.07% compared to March 2017 and up 0.03% relative to April 2016. The condominium average price was $257,740 in April 2017, an increase of 6.23% over March 2017 and an increase of 2.32% compared to April 2016. Duplexes and rowhouses average price increased to $357,815, 2.58% higher than March 2017 and 4.97% higher than April 2016.
“Average monthly prices across all categories have increased,” says James Mabey, REALTORS® Association of Edmonton Chair. “Despite slightly slower April sales, the spring buying season is off to a solid start.”
April unit volumes for all categories was similar to March 2017, and increased 0.27% month over month. While all residential unit sales were down 6.99% year over year, total year to date sales increased 5.06% compared to April 2016.
Average days on market remained stable, decreasing slightly for most categories in April. The average for single family homes was 48 days on market, a decrease from 50 in March 2017. Average days on market for condominiums was 60, a decrease from 67 in March 2017. Duplex and rowhouses increased to 64 days on market from 62 in March 2017.
New listings increased 2.73% relative to March 2017, and decreased 2.65% compared to April 2016. Inventory continued to increase and is up 11.84% over March 2017, decreasing 3.76% relative to April 2016.
“Inventory levels and unit volumes continues to increase as the weather warms, which is typical for the market at this time of year,” says Mabey.
MLS® System Activity for April 2017
|April 2017||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$439,438||0.07%||0.03%|
|SFD median4 selling price – month||$400,000||0.55%||-1.72%|
|Condominium average selling price||$257,740||6.23%||2.32%|
|Condominium median selling price||$238,685||9.49%||2.88%|
|All-residential5 average selling price||$377,774||1.64%||0.36%|
|All-residential median selling price||$356,000||1.86%||-0.14%|
|# residential listings this month||3,164||2.73%||-2.65%|
|# residential sales this month||1,478||0.27%||-6.99%|
|# residential inventory at month end||7,612||11.84%||-3.76%|
|# Total6 MLS® System sales this month||1,893||-2.62%||-8.15%|
|$ Value Total residential sales this month||$628 million||1.75%||-6.74%|
|$ Value of total MLS® System sales – month||$720 million||-0.85%||-7.37%|
|$ Value of total MLS® System sales - YTD||$2.3 billion||44.82%||7.32%|
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