Edmonton Housing Prices Continue Upward Climb
The Edmonton Real Estate board has just released the market stats for August, 2006. I must say I'm surprised; I thought the increases would not be as big as they are - August set all new records. The average condo now costs over $200,000, and duplex and condo prices are up almost 15% in one month. Single family homes have taken a bit of a breather, up only 4.34% over July (in perspective, some Canadian markets haven't increased that much all year).
The good news if you're a buyer, is that the number of listings has increased from 1,856 in July to 2,138 in August, so there is definitely more to choose from. The average number of days on market is up slightly over July from 18 days to 20. Our experience tells us that homes are lasting a little longer on the market, and many more buyers (especially those looking at single family homes) are getting inspection and financing conditions accepted by sellers.
Here is the complete news release from the board:
Edmonton housing prices continue upward climb
Edmonton, September 5, 2006: Prices of Edmonton real estate continued their steady climb after a brief respite in July. The average residential selling price rose 5.56 percent in August after a less than one percent increase in July. The average* price for a single family dwelling climbed 4.34 percent last month and condos breached the $200,000 barrier for the first time in Edmonton.
According to the Multiple Listing Service®, the average price for single family dwellings in August was $316,480. Average condominium prices went up 6.3% in a month to $200,644 in August. Duplexes and townhouses sold for $262,327 on average – an increase of 14.7% from last month.
“Despite price increases, we have experienced a record number of sales each month this year,” said Madeline Sarafinchan, EREB President. “This proves that homes in Edmonton are still affordable and available for most buyers.” Along with a record number of residential sales in August, listings on the MLS® were up 19% from last month and the inventory of available properties on MLS® rose from 1,856 in July to 2,138 (up 15%) in August. “Indications are that the market is cooling slightly and sales will not be as torrid as they have been so far this year,” she said.
August sales have increased each year and this year’s sales of 2,079 residential properties in August set a new record for the month. The sales numbers for categories of single family dwellings, condos and duplexes also broke existing records. Record sales combined with record prices have driven total MLS® volumes to new heights. Total MLS® volume so far this year is $4.43 billion which exceeds the 2005 year-end volume of $4.25 billion. Total residential unit sales are at 83% of last year’s sales even before the end of the third quarter.
“Edmonton is unique in North America right now,” says Sarafinchan. “Housing has been undervalued and we are catching up to prices in other major centres. We seem to have broken through a psychological barrier and buyers are beginning to accept the pricing realities that we have witnessed in other centres.”
|August 2006 activity||Record *||% change from 2005|
|Total MLS® sales this month||2,448*||10.10%|
|Value of total MLS® sales - month||$675 million*||55.10%|
|Value of total MLS® sales - year||$4.43 billion*||47.20%|
|Residential¹ sales this month||2,079*||7.50%|
|Residential average price||$270,746*||38.10%|
|SFD2 average selling price - month||$316,480*||41.90%|
|SFD2 median3 selling price||$303,000*||44.30%|
|Condo average selling price||$200,644*||34.20%|