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Edmonton Real Estate News

Unit Sales and Average Prices up in February


When compared to January 2019, unit sales across all categories increased, with single family home sales increasing 23.31%, condo sales increasing 26.05% and duplex/rowhouse sales increasing 17.53%. Year over year sales are down in all major categories, with single family homes sales decreasing 2.73%, condo sales decreasing 6.62% and duplex/rowhouses sales decreasing 9.60%. Year to date sales for all residential categories were down 11.01% compared to February 2018.

Average unit prices rose from last month, but are down from February 2018. The average price of a single-family home was $430,000, which was an increase of 6.36 % compared to January 2019 but down 2.73% compared to February 2018. The average price of a condo was $222,267, an increase of 1.64% from January 2019 but a decrease of 6.62% year over year.

Duplex/townhouses saw a small decrease from January 2019, with the average price falling 0.24% to $321,288, and a 9.60% drop relative to February 2018.

“February tends to see the start of an increase in unit sales in the real estate market following the sluggish winter months, and this year is no different,” says REALTORS® Association of Edmonton Chair Michael Brodrick.

“Inventory remains high and compared to last year the market is still lagging, but we are hopeful the traditional upward trend for spring holds true this year.”

Inventory has risen 4.89% higher compared to January 2019 and 4.31% over February 2018. However, listings continue to decrease, slipping 5.64% month over month and 8.55% year over year.

Days on market decreased for all home types compared to January 2019. Single family homes spent an average 70 days on market, condos averaged 76 days, and duplex/rowhouses averaged 80 days. Overall, the average days on market for all residential properties was 73, which was 11 days shorter than January 2019 and nine days longer over February 2018.

 Review these statistics and more at www.ereb.com.


 Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

 

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.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).