Edmonton, February 2, 2017: Reported unit sales for all residential listings in the Edmonton Census Metropolitan Area (CMA) were strong in January, increasing 19.4% compared to the same month in 2016. Reported unit sales were also up relative to December 2016, increasing by 3%.
Unit prices were consistently stable with only modest decreases across each category. Compared to January 2016, condominium prices increased 8.7% and duplex/rowhouses increased 8%. Both categories decreased only slightly relative to December 2016, with condominiums down 0.37% and duplex/rowhouses down 0.46%. The average price of a single family home remained stable at $416,859, which is down 0.49% relative to January 2016, and down 0.97% compared to December 2016.
“2017 has started strong, with an increase in year over year unit sales and prices remaining,” said James Mabey, REALTORS® Association of Edmonton Chair. “While it is still early in the year, the rise in sales suggests that consumer confidence in the housing market is on the rise.”
The average days on market for all residential listings increased, which is typical for the winter season. Single family homes average days on market was 68, compared to 62 days on market in the previous month. Condominium average days on market increased to 82 relative to 80 days in December 2016. Duplex/rowhouses continue to be popular, with the average days on market decreasing to 68 days, which is 10 days faster than in December 2016.
All residential inventory decreased 2.7% compared to January 2016, and increased by 7.4% relative to December 2016. While the overall listings for January more than doubled compared to December 2016, from 1,067 to 2,185, they decreased year-over-year by 7.6% when compared to January 2016.
“REALTORS® always look forward to fresh inventory in the spring. Inventory was a big story in 2016, so it is positive to see more seasonally-appropriate inventory for 2017,” said Mabey.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|January 2017||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$416,859||-0.97%||-0.49%|
|SFD median(4) selling price – month||$390,000||-0.57%||0.58%|
|Condominium average selling price||$246,727||-29.03%||8.67%|
|Condominium median selling price||$228,000||0.00%||3.64%|
|All-residential(5) average selling price||$355,841||-0.58%||4.75%|
|All-residential median selling price||$339,500||-0.42%||2.88%|
|# residential listings this month||2,185||104.78%||-7.57%|
|# residential sales this month (reported)||738||3.07%||19.42%|
|# residential inventory at month end||5,594||7.41%||
|# Total(6) MLS® System sales this month||969||4.08%||26.01%|
|$ Total value MLS® System residential sales - month||$299 Million||4.46%||24.99%|
|$ Total value MLS® System sales – month||$358 Million||9.01%||33.27%|
|$ Total value MLS® System sales – YTD||$358 Million||-95.42%||33.27%|
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®).