Edmonton home sales up in May, prices follow suit

Edmonton home sales were up 25 per cent in May compared to the month prior. It’s a welcomed change in-line with earlier forecasts that the housing market is at a turning point.

Relative to 2016, year-to-date sales are up 38.19 per cent on a month-over-month basis, and up 2.7 per cent year over year, according to the Realtors Association of Edmonton.

“More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”

Prices are also on the upswing, with single-family homes up on a month-over-month and year-over-year basis, to $440,907. Condominium prices saw a slight decline in May, averaging $250,818. Average prices for duplexes/rowhouses also fell to $344,406.

“We are in the middle of our busiest season for real estate,” says James Mabey, chair of the Realtors Association of Edmonton. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”

Inventory continued to increase in May and is up 10.16 per cent over April 2017, and up 4.33 per cent relative to May 2016. New listings increased 16.21 per cent month over month, and increased 15.09 per cent year over year.

Average days on market saw relative stability, down slightly across most housing types. The average days on market for single-family homes was 48 – unchanged from the month prior, and down marginally compared to 51 average days in May 2016. Condominiums increased to 62 days on market from 60 days in April 2017 and May 2016. Average days on market for duplexes and rowhouses fell to 61, compared to 64 days in April 2017 and increased compared to 59 days in May 2016.