Click to download the complete report.Alberta reported 5,282 units sold through the MLS® systems of real estate Boards in Alberta; a rise of 3% from the year prior. This continued the trend of year-over-year increases in residential sales in Alberta in 2017, but as expected, did snap the streak of six consecutive month-over-month sales increases so far this year. Historically, July is a quiet summer month in Alberta.
On a year-to-date basis, home sales totaled 35,021 units over the first seven months of the year combined, up 9.8% from the same period in 2016.
Nationally, home sales activity was down 11.9% overall from last year’s activity in July, which remained relatively steady from last month’s year-over-year decline of just 11.4%.
The value of all home sales in the province totalled $2.1 billion in July 2017, rising 1.2% from July 2016. This increase was significantly higher than the national average, which saw the value of total home sales across Canada fall by 12.2% on a year-over-year basis,in part due to slowed growth in Toronto and Vancouver.Although home sales were up in July year-over-year, sales of all property types in Alberta were down (including commercial and agricultural properties), falling 0.6% to 5,538 total units from this time last year. The total value of all property types amounted to $2.2 billion, which was a decrease of over $600 million from July 2016.
The average price of homes sold across Alberta in July was $396,946, down 1.8% from a year earlier. This is also a decrease from last month which saw average home selling price hit a high of $412,382. The year-to-date average price of residential properties was up 2% over the first seven months of 2016 however, settling at $403,494. The national average home price by comparison for July was $478,696, a 0.3% decrease on a year-over-year basis, and over $25,500 less than the previous month.
Regionally, monthly residential average price increases in Alberta were led by the Lethbridge (+2.7%) and greater Edmonton area (+2.4%) regions on a year-over-year basis. The Fort McMurray (-8.6%) and Lloydminster (-3.9%) regions had the largest year-over-year decline in Alberta for the month of July. However, Fort McMurray sales figures this time last year were skewed by the wildfire that took place last May.View the regional Boards/Associations geographical breakdowns here.
There were 10,648 new listings on the MLS® systems of real estate Boards in Alberta in July, rising 9.8% from a year earlier. Active listings were also up from this time last year, rising 15.6% to 34,109 units at the end of July, the highest level on record for this time of year.
The months of inventory ratio (total inventory / monthly sales activity) continues to be an important market indicator, comparing the number of months it would take to sell current inventories at the current rate of sales activity. This ratio can suggest if the market is moving quickly or slowly, and how long the average property may stay on the active market. The July months of inventory ratio increased significantly to 6.5 from 5.3 the month before and 5.8 this time last year. A score of 6.5 is still generally thought of as a “balance market,” not favouring either the buyer or seller. This is the first major change in the months of inventory ratio since the start of the year, as it had remained relatively unchanged since February. Prior to February, the months of inventory ratio fluctuated over the previous three years, with scores as high at 9.8 and as low as 2.9.
Last month’s Market Report is also available online.
The data provided herein is national data and may not perfectly reflect the data reported by a Board/Association. For more specific information, please contact the local Board/Association representing your area of interest. Click here for a guideline of Board/Association boundaries.
AREA represents more than 10,000 REALTORS® and 10 real estate Boards/Associations province-wide and provides world-class leadership that positively shapes the Alberta real estate profession, enhances member professionalism, and reinforces the critical value REALTORS® deliver to both buyers and sellers.
For more information on market reporting, please contact AREA Communications or 1.800.661.02