Market Stats Report for August 2018
In the Edmonton Census Metropolitan Area (CMA), all residential home sales decreased 2.25% compared to last month (July 2018) and increased 1.89% compared to this time last year. Single family home sales in the Edmonton CMA increased both 1.44% month over month and 6.15% year over year. Condominium sales however decreased 6.34% from July but increased 0.5% compared to August 2017. Duplex/rowhouses fell 10.29% month over month and 14.67% from 2017.
We have seen prices falling in the month of August with the average all residential selling price slipping 1.38% to $364,925 this month and decreasing 2.30% overall from last year at this time. Single family home prices have also fallen this month 2.83% to $424,471 month over month and 3.23% year over year. Condominium prices are relatively flat with a less than 0.5% decrease this month and marginal decrease since 2017. Duplex/rowhouse are feeling the brunt with average prices down 3.38% month over month and 6.90% year over year.
The average days on market for properties to sell has increased in most categories. The average for single family homes has increased to 59 days for August 2018 which is seven days longer than last month and eight days longer than August 2017. Condominiums DOM has increased to 73, seven days longer than July and five days longer than in 2017. Duplex/rowhouses is at 63, up 2 days from July and one day shorter relative to August 2017.
It continues to be a buyer’s market with currently with over 6 months of active inventory in the Edmonton and CMA markets. Inventory decreased slightly month over month by 2.62% however has increased 7.73% since August last year. Listings have decreased 4.51% from to July 2018 and increased 1.63% compared to August 2017. In total, there were 1,567 MLS listed properties sold in August 2018, a decrease of 2.25% month over month and an increase of 1.89% year over year.
It is a great time for buyers right now to get into the market and a time for sellers to be a bit more creative and aggressive with the sale of their properties. If you would like more information on how this market could affect or benefit you, please reach out at any time for a complimentary consultation.