Buyers Getting More Bang for Their Buck in the Greater Edmonton Area
The greater Edmonton area real estate market looked a lot like May, in June with similar numbers of sales, inventory and days on market. Prices remain stable on a year over year basis, as they’ve been since February.
“Although June’s residential unit sales are up slightly over May, we did not see the numbers set in June of 2015. Also notable is that the sustained lull in sales we have seen over the past two years has not been reflected in average price. Continued sales of higher priced properties in the region have helped keep average prices strong,” says REALTORS® Association of Edmonton Chair Steve Sedgwick.
Although the average price is basically unchanged from last June, the median price has dropped 3.7% to $395,000, the price per square foot has dropped and the average size of sold homes has increased, all of which support the idea that luxury sales are keeping the average price stable. So some homeowners are seeing the value of their property decrease, while some buyers are able to get more house for than they could last year for the same budget.
Here’s our snapshot on the greater Edmonton area real estate market in June:
Sales were down 12% in June on a year over year basis; 1885* residential properties sold on the MLS® system in the greater Edmonton area in June.
As already mentioned, the average price for residential properties in the greater Edmonton area was basically unchanged on a year over year basis in June, and sits at $378,045 while the median price dropped 3.7% to $395,000.
Has inventory hit it’s peak for 2016? My guess is that it has, since new listings have decreased for two months in a row. There were 8,179 listings on the market at the end of June, up 14% from last June.
The number of new listings were down 4.7% from last June – there were 3,041 new listings in June.
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared previous months. Our adjusted numbers are far closer to the actual numbers than those reported by the Association each month.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.