Carolyn Knispel

Average prices maintained positive growth month over month and year over year in the Edmonton Census Metropolitan Area (CMA) market. The all residential price was up a mere $38 from January (up almost 1 percent from February 2014). Single family houses averaged $430,770 up 0.84% over January and 1.17% over the same month last year. Condo prices continued upward with a 1.2% increase over January and 4.7% increase from February 2014. Duplex and Rowhouses were down 10.55% from January but are up 0.68% from the prior year.

“We are starting to see sales numbers increase as we enter the spring season. It is common to see sales start to ramp up in February.” REALTORS® Association of Edmonton President Geneva Tetreault explains, “It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”

Residential listings are up 4 percent compared to January. 2,403 new residential listings came on the MLS® System for the Edmonton CMA last month compared to 1,955 new listings in February 2014. Sales for February were 931 – up almost 40 percent over January and down 17 percent from the same time last year. Inventory sits at 5,008 residential listings for the Edmonton CMA.

“Another positive indicator is that our average days on market for all residential types were down to just 48 days compared to 58 days last month. With a healthy inventory, continued low interest rates, and stable pricing, we expect sales to continue to grow through the spring into the summer,” says Tetreault. “REALTORS® are ready to help guide people through all the mixed messaging out there about our real estate market and help their clients make the move that is right for them.”

Over 384 million dollars in residential sales through the REALTORS® Association of Edmonton occurred in February 2015.

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

Residential listings are up almost 30 percent compared to January of last year. 2,316 new listings came on the MLS® System for the Edmonton Census Metropolitan Area (CMA) in January compared to only 932 new listings in December. Sales for January were 666 (not adjusted) - down 13.5 percent month over month and down 25.9 percent from last year. These two factors resulted in a 35 percent inventory growth from 3,059 to 4,132 last month. Inventory is up almost 17 percent from the same time last year.

“We ended 2014 with low inventory. While this is not unusual for the winter, it can make it difficult for buyers to find the right home. The influx of properties we have seen on the market in January will be a relief for buyers - allowing them more choice in their price range and possibly more time to make their selection.” REALTORS® Association of Edmonton President Geneva Tetreault explains, “Buyers in the popular $400,000 price range often struggled in 2014 to find their ideal property or had to move quickly before it sold. This increase in inventory will be a great benefit to them.”

Prices still remain strong in the Edmonton CMA market. The all residential price went up almost 1 percent from last month to $362,394 (up 3.75 percent from January 2014). Single family houses averaged $427,178 down half a percent from December, but up over 3 percent from the previous year. Condo prices stayed stable at $247,116 – up 5.5 percent from January 2014. We are continuing to see last year’s trend of high priced properties elevating the average prices. Last month, nine of the 666 properties sold for over $900,000.

The average days-on-market last month was 58, up from 55 in December and down from 60 in January 2014.

“We are likely seeing the effects of oil prices and a feeling of economic cautiousness amongst some buyers. Clients are looking to REALTORS® for advice and guidance to navigate their own individual situations. We expect more of an uptake in the market as spring approaches and more people start to look for homes.” Tetreault revealed. “Low interest rates will continue to drive the housing market.”

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

Mother Nature has made her mark and announced that winter is upon us. With the freeze comes the natural seasonal cooling of the market. There were no surprises in month-end Multiple Listing Service® sales figures for November released by the REALTORS® Association of Edmonton today. The all-residential average sales price of $381,371 was up 4.3% from last month and up 9.9% from last November. Single family detached homes sold on average for $442,884 which is 3.76% higher than October and up substantially from last year’s $406,587. Condominium average price ($255,167) was down 2% month-over-month (from $260,491) but up 5.3% from a year ago (from $242,371).

The average days on market went down for all residential properties from 57 last year to 54 days this November, with sales taking slightly longer in the single family and rowhouse categories and significantly faster (12 days) in the condominium market. Year-to-date, homes are selling about 5 days faster this year than last.

As expected, sales numbers are down month over month for all categories, with 1,137 all residential properties (1,228 adjusted) selling in November compared to 1,505 in October. Following the normal seasonal trend, inventory is down 12% month over month and down 4% year-over-year.

Million dollar plus homes still remain a very strong segment this month with over 1% of the market share. These higher priced homes are accounting for a significant portion of the average price increase. Total residential sales are up 11% year-to-date over last year at the same time.

 “The housing market has been very strong and robust this year. We are expecting to see continued growth in housing sales for some time, but at a slower and more stable pace,” said REALTORS® Association of Edmonton President Greg Steele. “It has been a great year for Real Estate. As we do every year, we expect things to cool off as the temperature drops, but we always have new homes listed and sold over the winter months. People move when life happens, which does not necessarily correlate with warm weather.”

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

Reports of the impending burst of the so called “housing bubble” have homeowners looking closer at housing prices this month. While it makes for an exciting story, the numbers just don’t back up the claim. Edmonton Census Metropolitan Area (CMA) continues to see the stable market we have enjoyed over the past few years.

The steady gain year-over-year in housing prices is reflective of a stable and strong market. Average prices, listings, and sales are all up from September of last year. The average days on market for residential properties remained the same as August at 49 (down from 54 days the same time last year). While inventory is still down 6% from September 2013.

The average price for a single family dwelling (SFD) in the Edmonton CMA in September stayed strong at $435,584 (down a mere 0.04% from August). Condos were down 3% month over month at an average selling price of $254,494. Duplex/row house prices were up 0.3% to $350,983 and the total residential average price was up 0.8% from August at $372,673.
 
In September, 2,193 residential properties were listed and 1,568 were reported sold (1,693 adjusted) in the Edmonton CMA. Single family dwelling reported sales were up 4.7% from last month at 967 (1,044 adjusted) while condos were down 3.6% at 452 (488 adjusted).

“We normally see a decrease in sales and average price when fall arrives. The strong market we saw in August continued on into September with surprisingly little to no changes in prices.” said Greg Steele, President of the REALTORS® Association of Edmonton. “There is a false idea out there that people only buy houses in the spring and summer. People buy and sell their houses when the time is right for them. Consulting with your local REALTOR® is the best way to see if the time is right for you.”

The number of homes listed for sale in September was 8% higher than the same month last year. The sales-to-listing ratio was 72%: up from 67% last month.

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