September Numbers — Strong Third Quarter Finish Pushes Prices Up
Posted by Craig Pilgrim on 6 October 2009
Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s average price over the course of the calendar year. Click HERE for a graphical representation of Edmonton’s actual month-to-month price over the course of the calendar year.
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Although sales were not at record levels in September, they compared favourably with sales levels last year and settled in for the third best September ever. Only sales in September 2006 of 1,844 residential units and last September (1,729) were better than the 1,704 sales pegged last month.
“We have experienced strong sales through the third quarter,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “At the end of the first quarter year-to-date (YTD) sales were down over 21%, and after six months they were up almost 2%. The last three months have had strong buyer demand and YTD sales are up 5.3% over the same period last year.”
The strong sales also boosted prices of both single family and condominium properties. Prices dipped slightly in August after showing steady gains all year but bounced back to mid-summer levels in September. The average*** price of a single family dwelling was $371,947 and condos were priced on average at $245,546 (both up 1.4% over August prices). SFD prices are up over $20,000 from where they were on New Years Day. Duplex and row house properties sold on average for $299,964 and the combined Average Residential Price was $327,235 in September; up 2% from September 2008.
Higher prices have not resulted in greater listing activity. 2,564 homes were listed in September resulting in a 66% sales-to-listing ratio as compared to September 2008 with over 3,100 listings and a 55% sales-to-listing ratio. The slower listing activity dropped inventory to 6,032 from 6,445 units last month but there is still almost four months of inventory at present sales volumes.
“Homes are selling slightly faster than last month and much faster than last year at this time,” said Ponde. “I expect that sales in this market will show continued strength through the fall and early winter.” The average days-on-market was 44 in September; down four days from August.
***Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact me directly***
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| September 2009 Activity | Record for the Month * |
Percent Change from September 2008 |
Change From August |
| Total MLS® sales this month | 1,911 | -0.80% | â |
| Value of total MLS® sales – month | $633 million | -0.30% | â |
| Value of total MLS® sales – year | $5.61 billion | -0.40% | á |
| Residential¹ sales this month | 1,704 | -1.45% | á |
| Residential average price | $327,235 | 0.70% | á |
| SFD² average selling price – month | $371,947 | 2.70% |