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Edmonton Real Estate Market News: Slow Down Happening Now

 

edmonton real estate market newsAs expected, the Edmonton real estate market is now entering its “slow-down” phase. The REALTORS® Association of Edmonton released an article entitled Strong Year in Real Estate Coming to a Close last 2 December about the current real estate market situation. The stats says it all. Here’s a summary of the report.

  • The average sales price of $381,371 from the all-residential properties is 4.3% up from last month and 9.9% higher from last November.
  • $442,884 was the average selling price of single family detached homes, 3.76% higher than October.
  • $255,167 was the average price for condominiums, this was 2% lower month-over-month.
  • 54 days was the average days of properties on the market this November, significantly faster than the 57-days recorded last year.
  • Sales are down month over month, from 1,505 in October to a mere 1,137 to-date.
  • Inventory for new properties is down 12% month over month, while its 4% year-over-year. This is the normal trend at this time of the year.
  • 1% is the market share of million dollar plus homes.

Here are the highlights of the Edmonton MLS® System activity (for all-residential sales in Edmonton CMA1)`

November 2014

 

M/M % Change

Y/Y % Change

SFD2 average3 selling price – month

$442,884

-2.30%

7.80%

SFD median4 selling price – month

$409,900

-1.30%

6.90%

Condominium average selling price

$255,167

2.60%

9.80%

Condominium median selling price

$233,000

-3.90%

8.70%

All-residential5 average selling price

$381,371

-1.90%

8.50%

All-residential median selling price

$357,500

0%

7.10%

# residential listings this month

1,418

-6.60%

15.40%

# residential sales this month (reported)

1,137

-15.60%

-0.50%

# residential inventory at month end

3,906

-7.00%

-7.00%

# Total6 MLS® System sales this month

1,488

-8.60%

0.10%

$ Total value MLS® System residential sales - month

$490 million

-21.20%

9.80%

$ Total value MLS® System sales – month

$566 million

-19.40%

0.10%

$ Total value MLS® System sales – YTD

$8.96 billion

7.30%

15.30%

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

 

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