This October, real estate in Edmonton saw a decline in home prices as sales volumes decreased. Experts say that these changes are due to seasonal market fluctuations that are normal for this time of the year. Even so, condos stood out to a certain extent. Find out more below:
A Breakdown of Edmonton’s Real Estate Prices
This October, the average residential price in the Edmonton Census Metropolitan Area (CMA) was $358,954, down 4.01% compared to the previous month. This represented a 3.08% decrease relative to October 2017.
Single-family homes were priced 1.36% lower than last month and 1.30% lower than a year ago, while duplex and rowhouse prices declined both month-over-month (-3.45%) and in comparison to October last year (-2.21%). Edmonton condos saw a bigger drop in prices, 8.16% from the previous month and 8.80% compared to October 2017.
|Oct 2018/Sept 2018|
|Oct 2018/Oct 2017
|All residential units||$358,954||-4.01%||-3.08%|
Sales Declined for All Categories, Except for Condos
Overall unit sales in Edmonton decreased. They were down 5.71% compared to September 2018 and 13.61% relative to October of last year.
Sales of single-family homes were reduced by 9.71% in comparison to last month and 14.86% relative to October 2017. Duplex and rowhouse sales were down 20.16% month-over-month and 30.77% year-over-year. Edmonton condo sales, on the other hand, increased 8.80% compared to September 2018 but declined 4.92% from a year ago.
Number of Listings versus Days on the Market
For Edmonton single-family homes, the number of days on the market saw an increase to an average of 62 days compared to 61 days in September 2018 and an even bigger boost of seven days from an average of 55 days in October 2017. Condos were on the market for an average of 72 days, three days shorter than in the previous month and five days longer than in the previous year. The average number of days on the market for duplexes and rowhouses did not change month-over-month but increased by 5 days year-over-year.
In the month of October 2018, there were 3.22% fewer new listings than in the previous month and 4.05% more year-over-year. Inventory also decreased by 2.68% compared to September 2018 but increased by 8.50% from October 2017.
Not Uncommon for This Time of the Year
Darcy Torhjelm, Chair of the REALTORS® Association of Edmonton, points to seasonal market fluctuations for all these changes, as cited on the CREA website:
“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. As we move towards the end of the year, we will likely see average days on market grow with inventory remaining higher.”
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