The month of July is over and we're ready to analyze the MLS® sales reported for Edmonton real estate market. In this article we will look at the Average, Median and days on the market from the last 5 years. The interesting set of numbers came from the sales of homes over one million dollars. 17 sales of homes over a million dollars were recorded in July.
So here is the breakdown for the month of July MLS® sales:
JULY 2016 MLS® Sales
Total MLS sales in Edmonton 1139 Single family Homes and Condominiums
Average Sold Price : $ 387,814
Median Sold Price : $ 352,500
Average Days on the Market : 53
Highest Priced home to sell in July : $ 3,515, 0000
17 Properties over a Million dollars sold in Edmonton in the month of July. *** This might have something to do with the huge increase in Average Sale price from June. ( 1.5% ) For this reason it is why I always carefully look at Median prices and to be more specific the individual neighbourhoods where I am working with my clients who are buying and selling. 22% of total sales over million dollar in 2016 have been made in July.
The Median price from June 2016 to July 2016 for MLS® sales reported in Edmonton have declined 2.1% ( June $ 360,000 ) ( July $ 352,000 )
Conclusion of median prices in Edmonton have declined so far this year. Total Median Sold price 2015 including single family homes and condos was $352,000
Condo Sales Breakdown
356 total condo sales in the month of July
Average Sold Price : $256,357
Median Sold Price : $241,750
Average Days on the market: 53
Highest Sold condo in Edmonton for July: $940,000
Previous Month Comparable Sales ( June 2016 )
Total Condo Sales : 429 , Average Price: $ 264,653 , Median Sold Price: $242,500 , Days on the Market 56 , highest sold condo: $1,725,000
My conclusion of the Condo market in Edmonton proper is that Prices are actually on the move upwards from last year (2015) across the board. This is a general look at the overall condo market and I would suggest to look at specific buildings and sale prices to get a more accurate assessment.
Single Family Homes Breakdown
783 Total Sales of Single Family homes in Edmonton for July 2016
Average Sold Price : $447,583
Median Sold Price : $399,400
Average Days on the Market: 50
Average Sold price from June 2016 was $433,441 ( again I will point out the 17 properties that sold over a million dollars this month pulling up that average )
Median from last month was $ 394,500 which may be a more accurate reflection of the market
When we go back 1 year from now and look at the same set of numbers we get : Average $434,120 , Median $399,000 , 46 days on the market was the average
Conclusion for single family homes in Edmonton for July: number of sales declined year of year, Price is flat and Buyers have more selection and are taking longer to make their purchases.
5 year Historical Data from the City of Edmonton / MLS® sales Total - City of Edmonton
July 2010 - 924
July 2011 - 1273
July 2012 - 1163
July 2013 - 1365
July 2014 - 1439
July 2015 - 1375
July 2016 - 1139
The market continues to contract now into the second year. 17% decrease in sales year over year.
Interested in more information about Edmonton area homes for sale? Contact Edmonton Realtor ® Robert Fyfe via email, phone 780-700-4075 or try a custom Edmonton Area MLS ® Search
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