Slower Market Beginning to Take a Turn
Edmonton, July 3, 2015: For the first time in 2015, the REALTORS® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014), 572 condo sales (1.6% more than from 2014) and 156 duplex/rowhouses (11.4% more than 2014). Sales were also up 13% in June from the reported sales in May 2015.
“We finally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year and with sales ramping up again and inventory starting to settle, we likely won’t see our prices drop much more than this,” explains Geneva Tetreault, President of the REALTORS® Association of Edmonton.
Single family prices were up 2% year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of 2% year over year. June prices have dropped slightly from May by 1.4% for single family, 0.1% for Condo and 0.8% for all residential.
Inventory is still healthy at 7,177 for the Edmonton CMA at the end of June 2015, down from 7,303 in May. All residential listings were up year over year by 7.7% but down month over month from May by 3.6%. There is currently just over three and half months’ supply of inventory in the Edmonton CMA.
“The reality of what we are seeing in the market is that the slight hesitation from buyers that came with the drop in oil prices is lessening. Edmonton has not been hit nearly as bad as what many predicted and buyers are becoming more confident that our market won’t plummet. This renewed confidence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.” Tetreault continues, “People move when their lifestyle warrants a change. This will always be true. There are always buyers and sellers, no matter what the market looks like or what analysts predict. REALTORS® are here to help you decide what move is best for you.”
Average days on market for all residential properties was up again this month at 49. Single family average days on market was up to 46 from 43 in May, Condominiums were averaging 52 days compared to 49 in May, and Duplex/Rowhouse took an average of 50 days to sell in June.