Edmonton home sales up, hinting at market recovery
March 24, 2017
Edmonton home sales saw a 26-per-cent increase in February, outperforming 2016 activity and hinting at a market recovery.
The Realtors Association of Edmonton reports that unit prices remained stable compared to previous reported periods. Single-family home prices increased 2.61 per cent over January and 1.85 per cent compared to February 2016, to an average selling price of $427,726. Duplex and rowhouse unit prices decreased by 1.40 per cent compared to January but decreased 1.78 per cent relative to February of 2016. Condominium unit prices, which tend to experience higher fluctuations due to the wide variety of listings, continued to decrease, declining to 6.51 per cent in January 2017 and 6.65 per cent 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, chair of the Realtors Association of Edmonton.
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 per cent compared to February 2016, and increased 9.19 per cent compared to January 2017.
Average days on market in February was 65 – up from 57 days in February 2016, and a decrease from 72 days in January. Single-family homes remained on the market for an average of 59 days, down three days year over year. Meanwhile, average days on market for condominiums was 73, down five days year-over-year. The average days on market for duplex and rowhouse increased to 80 from 76 year-over-year.
Certain segments of the market continued to gain in popularity with buyers in February. Condominiums under $250,000 represented the majority of reported sales for that category. Although duplexes and rowhouses account for only 11 per cent of total unit sales, reported sales for 2017 are up 41 per cent compared to 2016, signaling continued growth in popularity of this property type.