September housing prices up 5.4% from last year

Posted by Gurpreet Ghatehora on Monday, November 18th, 2013 at 3:29pm.

The REALTORS® Association of Edmonton released market housing statistics for the year to date (YTD) including the month of September. The all-residential average price for the first three quarters of the year in the Edmonton CMA is $350,741 as compared to $340,090 in 2012.

In September, the all-residential average was $352,057, up 5.4% from a year ago and inching up from $351,455 in the previous month.

Year-over-year sales were also up 19.4% with 1,466 (adjusted, 1,357 actual) all-residential sales in September. There were 13,691 residential sales in the Edmonton CMA in the first three quarters of 2013 as compared to just 12,876 sales at the same time last year.

“Our members report that the market is very active with many properties attracting multiple offers,” said President Darrell Cook. “The increases in the Alberta population are driving the market and because of the steady sales there are inventory shortages at the lower price ranges.”

There were 926 (adjusted, actual 857) single-family detached sales in September at an average price of $408,642 (up 3.9% Y/Y) as compared to 773 sales a year ago at an average price of $393,374. Condos sold on average in September for $243,655 (438 adjusted sales, 406 actual), up from $224,330 last September (up 8.6%). Duplex/row house sales were up with 79 (adjusted ,73 actual) sales, valued on average at $338,250 ($316,973 last year).

“Average sales prices are the highest they have been in five years,” said Cook. “Combined with the highest sales numbers since 2012, we have year-to-date residential sales values totaling $4.8 billion. Strong market fundamentals, increasing population and the persistence of low mortgage rates have convinced many buyers that an investment in real estate is secure.”

The September sales-to-listing ratio of 65% was the result of 2,089 residential listings and 1,357 residential sales. The inventory of available homes on the Edmonton MLS® System was down from 5,557 units in August to 5,111 units in September. It took 54 days on average (up one) to sell a home in the Edmonton area. A REALTOR® has access to all the latest market data and effective marketing tools and is the best source of real estate advice for both buyers and sellers.

MLS® System Activity (for all-residential sales in Edmonton CMA1)

September 2013 M/M % Change Y/Y % Change
SFD2 average3 selling price – month $408,642 -1.90% 3.90%
SFD median4 selling price – month $380,000 0.00% 3.50%
Condominium average selling price $243,655 -0.40% 8.60%
Condominium median selling price $226,000 -1.70% 3.80%
All-residential5 average selling price $352,057 0.20% 5.40%
All-residential median selling price $336,000 1.80% 5.30%
# residential listings this month 2,089 -9.10% 1.70%
# residential sales this month (actual) 1,357 -8.90% 10.50%
# residential inventory at month end 5,111 -8.00% -9.80%
# Total6 MLS® System sales this month 1,882 -5.60% 9.42%
$ Value Total residential sales this month $562 million -6.50% 14.83%
$ Value of total MLS® System sales – month $657 million -7.80% 14.30%
$ Value of total MLS® System sales – YTD $6.463 billion 11.90% 7.71%
1 Census Metropolitan Area (Edmonton and municipalities in the four surrounding counties)
2 Single Family Dwelling
3 Average: The total value of sales in a category divided by the number of properties sold
4 Median: The middle figure in an ordered list of all sales prices
5 Residential includes SFD, condos and duplex/row houses
6 Includes residential, rural and commercial sales

3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.

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