Unit sales up 25% with prices holding steady
Edmonton, June 2, 2017:
In the Edmonton Census Metropolitan Area (CMA), all residential unit sales for May 2017 are up 25.37% relative to April 2017, and down 2.78% compared to May 2016. Relative to this period of time last year, the year-to-date sales are up 38.19% month over month and 2.70% year over year.
Average prices for single family home increased both month over month and year over year, increasing to $440,907, up 0.33% compared to April 2017 and up 0.26% relative to May 2016. Condominium average price was $250,818 in May 2017, a decrease of 2.69% compared to April 2017 and a decrease of 0.67% compared to May 2016. Average prices for duplexes/rowhouses and condominiums decreased in May. Duplexes and rowhouses average price decreased to $344,406, a 3.75% decline from April 2017 and 1.52% lower than May 2016.
“We are in the middle of our busiest season for real estate,” says James Mabey, REALTORS® Association of Edmonton Chair. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”
Inventory continued to increase for May and is up 10.16% over April 2017, increasing 4.33% relative to May 2016. New listings increased 16.21% relative to April 2017, and increased 15.09% compared to May 2016.
Average days on market remained stable, decreasing slightly for most categories in May. The average for single family homes was 48 days on market, identical to April 2017, and down marginally compared to 51 average days in May 2016. Condominiums increased to 62 days on market from 60 days in April 2017 and May 2016. Average days on market for duplexes and rowhouses decreased to 61 days, compared to 64 days in April 2017 and increased compared to 59 days in May 2016.
MLS® System Activity for May 2017
|May 2017||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$440,907||0.33%||0.26%|
|SFD median4 selling price – month||$414,250||3.56%||1.04%|
|Condominium average selling price||$250,818||-2.69%||-0.67%|
|Condominium median selling price||$228,300||-4.35%||-1.81%|
|All-residential5 average selling price||$379,018||0.33%||-0.73%|
|All-residential median selling price||$360,000||1.12%||-0.14%|
|# residential listings this month||3,677||16.21%||15.09%|
|# residential sales this month||1,853||25.37%||-2.78%|
|# residential inventory at month end||8,385||10.16%||4.33%|
|# Total6 MLS® System sales this month||2,385||10.16%||-4.64%|
|$ Value Total residential sales this month||$789 million||25.55%||-5.36%|
|$ Value of total MLS® System sales – month||$902 million||25.22%||-5.46%|
|$ Value of total MLS® System sales - YTD||$3.2 billion||38.82%||3.32%|
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