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October 05, 2006

Edmonton Real Estate Prices Up 46% in One Year

As promised, here is the complete press release September's real estate sales statistics in Edmonton. As we already mentioned, prices are still rising, in fact September prices averaged $322,077 for single-family houses, and $278,732 for all homes. Those figures are up 48.8 per per cent and 46.3 per cent, respectively, from one year earlier. Number of days on market has increased slightly from 20 days in August to 23 in September. Putting that in perspective, we were all shocked when last March number of days on market hit an all-time low of 24, last September the average was 40 days. So... things have slowed down a little bit, but it is still a very hot market out there.

Record MLS® sales in third quarter and YTD

Edmonton, October 4, 2006: Continuing demand for real estate in September resulted in records set for residential sales in the third quarter and year-to-date according to the Edmonton Real Estate Board. “It’s no surprise when you consider that consumer spending in Alberta was triple the national average and migration to the province set new records this year,” said Madeline Sarafinchan, EREB President. Residential sales in September are up 19% from records set last year.

“Claims that REALTORS® are losing market share to private sales marketing companies should be examined carefully,” warned Sarafinchan. “The Multiple Listing Service® offered by REALTORS® is still the most reliable and fastest way to market or find your home.” Over $5 billion worth of property has been sold through the MLS® so far this year; up from $3.36 billion to September 2005.

1,844 residential sales in September made total sales of 5,876 in the third quarter a new record. Year-to-date sales of 17,446 residential properties is up 16.7% from the same time last year.

Along with market demand, prices also increased. Single family dwellings listed and sold through the MLS® in September sold on average* for $322,077 a gain of 1.8% over last month. The average selling price for a condominium in September was up 5.9% in a month to $212,403. Duplex and rowhouses rose 6.4% to $279,038 as of September 30. The average residential selling price was $278,732 (up 3% from last month).

The strength of the current market is also evident in the rural and commercial market segments as Albertans and investors snap up property of all descriptions. The sale of rural properties (acreages and recreational properties) is up 35% over last September with average prices up 45%. Commercial property sales (including farms) are only up 14% but average prices have increased 69%.

“Despite record number of sales, it appears that the market is slowing slightly,” says Sarafinchan. Average days-on-market has increased from 20 to 23 days and the MLS® residential inventory is up 18% to 2,518 units as of September 30. The MLS® had an inventory this time last year of 4,093 residences and days-on-market was 40 days.”

September 2006 activity Record for the
month
% change from same
month in 2005
Total MLS® sales this month 2,160* 21.80%
Value of total MLS® sales - month $617 million* 77.60%
Value of total MLS® sales - year $5.05 billion* 50.30%
Residential¹ sales this month 1,844* 19.20%
Residential average price $278,732* 46.30%
SFD² average selling price - month $322,077* 48.80%
SFD² median³ selling price $309,000* 47.80%
Condo average selling price $212,403* 53.90%

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