March 4th, 2014 Edmonton Real Estate Board Report

Housing Sales pick up in February

Edmonton, March 4, 2014:

 The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity on the Edmonton Multiple Listing Service® (MLS®) was up 7.3% as compared to January and sales increased by 24.4%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 2.9% in a month.

The average condo price was up just 1.6% from January to $238,854 with the median sale price at $224,750. Single family detached homes showed stronger gains rising 2.7%, (which could be contributed to the 8 properties that sold over one million dollars in February compared to 3 in February 2013) at an average price of $425,782 in February ($416,344 in January). Duplex and rowhouse prices were also up month-over-month at $335,625 on average with the median sale price at $338,250. The all-residential average price was $359,973 (up 5.3% from February 2013) and the median sale price was $338,250.

“February turned out to be a busy month for REALTORS®,” said President Greg Steele. “Spring arrives officially this month and sales activity will continue to increase as they do every spring. The inventory of available homes has increased in all price categories and we expect numerous informed sellers to come onto the market in the face of continuing strong prices.”

The pattern of sales in various price ranges has changed this year. “Confidence in the strength of our local economy and a shortage of attractive properties at the lower end of the price range are both moving consumers to consider higher priced properties if their budgets allow,” said Steele.

At the end of February, there were 3,906 residential properties listed in the MLS® System which reflects a 10.4% increase from last month. The days-on-market was 54 as compared to 57 at this time last year. With home sales of 1,122 reported and 1,955 homes listed in February, the sales-to-listing ratio was 57%, up 2% from a year ago. Total Board sales for February were valued at $462,504,482.