Local housing sales and inventory up in stable market

 

Edmonton, February 4, 2014:

The residential home inventory on the Edmonton Multiple Listing Service® (MLS® System) rose 16% in January. Typically just over 1,800 homes in the Edmonton CMA (census metropolitan area) come onto the market in January. Last month’s listings of 1,842 were higher than the 783 listed in December. Sales figures (adjusted) of 885 properties (820 reported) were higher than a typical January and higher than sales in December and January 2013. The increased inventory of 3,537 (up from 3,049 in December), kept prices stable in all housing categories.

Compared to December, the all-residential average3 price of $347,847 was down just $1,226 or
-0.16%. Single family detached (SFD) home prices were down 1.5% at $416,344. Condominiums were priced on average3 at $230,463 (down 1.5%) and duplex/rowhouses showed the biggest movement and were down 5.3% at $336,220.

“Price stability and more property available for sale results in a balanced market,” said REALTORS® Association of Edmonton, President Greg Steele. “Right now both buyers and sellers have time to consider all their options and housing needs. More homes are listed every day and your REALTOR® can advise you of a suitable property as soon as it comes available.”

The residential sales-to-listing ratio was 45% and the average days-on-market was 61 days in January compared to 73 days in January 2013. There have been four property sales over a $1 million already this year but half of the SFDs sold in January were sold at or below the median price of $385,000.

“Strong economic indicators such as low unemployment, higher hourly wages and positive in-migration all support an optimistic view of the Edmonton and area housing market,” said Steele. “Consumers are confident in their economic future and prepared to risk a first-time or move-up purchase. Low rental vacancies and the potential for higher rental rates are also attracting investors into the market.”

There are 3,200 REALTOR® members of the REALTORS® Association of Edmonton. Consumers can view all the properties listed on the Edmonton MLS® System at www.REWedmonton.ca and review advertised properties in the Real Estate Weekly.