Edmonton, March 2, 2017: Reported unit sales continued to outperform 2016 in the Edmonton Census Metropolitan Area (CMA), with all residential categories increasing 26.6% in February 2017.
Unit prices continued to remain stable compared to previous reported periods. Single family home prices increased 2.61% over January and 1.85% compared to February 2016, to an average selling price of $427,726. Duplex and rowhouse unit prices decreased by 1.40% compared to January and decreased 1.78% relative to February last year. Condominium unit prices, which tend to experience higher fluctuations due to the wide variety of listings, continued to decrease, declining to 6.51% in January 2017 and 6.65% in February 2016.
“As we head into the spring buying season with stable prices, coupled with increases in unit sales and seasonally-appropriate inventory levels, it seems like a positive sign for our market,” says James Mabey, REALTORS® Association of Edmonton Chair.
While 2016 overall had higher inventory relative to previous years, 2017 inventory is more consistent with typical market activity for this time of year. Overall inventory decreased 8.58% compared to February 2016, and increased 9.19% compared to January 2017.
Average days on market (DOM) in February was 65, which is an increase from 57 days in February 2016 and a decrease compared to 72 days in January. Single family home average DOM was 59 days, down 3 days year to date (YTD) and condominium average DOM was 73, down 5 days YTD. Duplex and rowhouse average DOM increased to 80 from 76 YTD.
Certain segments of the market continued to gain in popularity with buyers this month. Condominiums under $250,000 represented the majority of reported sales for that category. Although duplexes and rowhouses account for only 11% of total unit sales, the reported sales for 2017 are up 41% compared to 2016, signaling continued growth in popularity of this property type.
“As the weather warms and we begin looking towards spring, both buyers and sellers are making some of the biggest financial decisions of their lives,” said Mabey. “A professional REALTOR® is here to help you through it.”
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|February 2017||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$427,726||2.61%||1.85%|
|SFD median(4) selling price – month||$391,000||0.26%||-2.25%|
|Condominium average selling price||$230,661||-6.51%||-6.65%|
|Condominium median selling price||$219,963||-3.53%||-1.80%|
|All-residential(5) average selling price||$359,468||1.02%||-1.05%|
|All-residential median selling price||$339,289||-0.06%||-2.36%|
|# residential listings this month||2,431||11.26%||-12.08%|
|# residential sales this month (reported)||1,060||43.63%||26.64%|
|# residential inventory at month end||6,108||9.19%||
|# Total(6) MLS® System sales this month||1,341||38.39%||25.44%|
|$ Total value MLS® System residential sales - month||$427 Million||42.58%||25.20%|
|$ Total value MLS® System sales – month||$474 Million||32.52%||24.03%|
|$ Total value MLS® System sales – YTD||$859 Million||140.05%||25.29%|
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®).