August 2018 Real Estate Report

September 5, 2018 9:23 pm Published by

Welcome to my monthly Edmonton Area Real Estate Report

Fall is in the air, schools back and football is kicking into high gear. Although I lament the loss of summer I do enjoy the fall season and all it has to offer.

Wow, Single Family home buyers in the Edmonton Census Metropolitan Area (CMA) became more active in August with sales in this category up by 6.15% year over year and 1.44% month over month!

It’s easy to view the state of our current market as more in favour of Buyer’s but in
fact it has quietly shifted to one that is more balanced. We Realtor’s evaluate the number of sales versus the number of new listings over a period of time. A ratio of less than 35% indicates a Buyer’s market and one over 55% suggests it favours Sellers. This August, 1567 residential sales were recorded against 3050 new listings; a ratio of 51%. Not bad.

Condominiums and Duplex/Townhouses sales however declined month over month with Condo’s down by 6.3% and Duplex/Townhouses off by 10.3%. Both had sales increases in July compared to June so it looks like Buyer’s in these segments let off a little steam

The average residential home sold for $364,925 versus $373,534 a year ago. Affordability is apparent with the average price for Single Family homes at $424,471, Condo’s at $244,701 and Duplex/Townhomes selling for $330,643. Buyers are definitely finding good value as Seller’s are coming to terms with the fact that in order to sell, they have to price it competitively.

Regarding inventory, we dropped by 259 units compared to July. This is positive for Seller’s and somewhat typical for the season when we normally see a decline in new listings and transition into the winter season.

What does September look like? I expect we will follow the normal seasonal trend with sales slowing and prices remaining moderate. We’re finding that some areas of the market are moving quickly with strong prices while others have higher levels of inventory and lower sales. I expect some of the surplus inventory will be absorbed by normal sales and reduced new listings. Check back next month and see how my crystal ball worked!

Quick Facts!
 $2,450,000 was the highest priced home sold last month.
 $644,023,366 was the total value of all residential sales in August
 It took an average of 64 days to sell the average home.

As always, I appreciate your referrals and if I may of any service, please let me know.

Chris

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This post was written by Cat and Chris