Residential inventory continues to remain strong, as January closed out with 5,751 properties for sale on the MLS® System for the Edmonton Census Metropolitan Area (CMA). That’s an increase of 39.2% over this time last year, and 13.03% up over last month. Sales for January were down however, with 618 properties selling in the first month of 2016, down 13.32% month-over-month, and 7.21% lower year-over-year (YoY).
“Sales volumes are down, relative to the same time last year,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “It is likely that home buyers are responding to current economic uncertainties. Although prices have dropped slightly, they remain stable. Growth in inventory may create more opportunities for potential buyers, and given the low interest rates, we remain optimistic about market growth as we head into the spring buying season.”
Prices in all categories saw a decline in the Edmonton CMA market as many lower priced properties sold in January. The all-residential price ended the month at $339,714, down 7.2% from December and 6.3% YoY. Single family house prices averaged $418,928, down 1.3% and 1.2% from the previous month and YoY, respectively. Condo properties sold for an average of $227,052, down 8.8% over last month and 10.3% YoY. And the increasingly popular duplex/rowhouse category, which held steady for much of 2015, took the biggest average selling price decrease, coming in at $326,885, down 12.7% from the previous month and down 13.6% from the same time last year.
January’s average days-on-market rose to 71, up from 62 in December and 58 in January 2015. The increase is mainly attributed to the increased days-on-market for condos, which sat at 85 for January, up from 62 from last month and 61 YoY.
“The increase in the average days on market just appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Sedgwick said. “Clients are looking to their REALTOR® for advice and guidance as they navigate their own individual situations.”
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|February 2016||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$419,940||0.24%||-2.79%|
|SFD median(4) selling price – month||$400,000||3.16%||0%|
|Condominium average selling price||$247,090||8.83%||-1.32%|
|Condominium median selling price||$224,000||1.82%||-4.88%|
|All-residential(5) average selling price||$363,266||6.93%||-0.27%|
|All-residential median selling price||$347,500||5.3%||-0.71%|
|# residential listings this month||2,765||16.96%||14.87%|
|# residential sales this month (reported)||837||36.54%||-10.1%|
|# residential inventory at month end||6,681||16.17%||33.41%|
|# Total(6) MLS® System sales this month||1,069||34.3%||-10.47%|
|$ Total value MLS® System residential sales - month||$342 Million||42.35%||-10.99%|
|$ Total value MLS® System sales – month||$383 Million||42.39%||-13.55%|
|$ Total value MLS® System sales – YTD||$686 Million||155%||-14.44%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales
Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate
Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.
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