The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity was up 10% as compared to January and sales increased by 18.2%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 4.3% in a month.
While the average price for a single family detached home broke through a psychological barrier at $400,973 in February ($399,832 in January), it was up just 0.3%. Condo prices showed stronger gains, rising 7.3% from January to $231,866. Duplex and rowhouse prices were also up month-over-month at $332,285 on average. The all-residential average price was $342,735 (up 2.9% from February 2012).
“REALTORS® were busier last month than in January both listing and selling more homes,” said President Darrell Cook. “As usual, sales activity will continue to increase as we move into spring. The inventory of available homes has increased and we expect hesitant 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 attractiveproperties at the lower end of the price range are both moving consumers to consider higher priced properties,” said Cook. Sales of properties priced $425,000 to $550,000 have increased 19% so far this year, whereas sales of properties in the $200,000 to $375,000 range are down 9.6% compared to the first two months of 2012.
As of February 28, 2013, there were 4,183 residential properties listed in the MLS® System which reflects a 4.14 month supply at current sales levels. The days-on-market was 57 as compared to 53 last year. With an estimated 1,089 (1,008 reported) homes sold and 1,995 homes listed in February, the sales-to-listing ratio was 55%, up 4% from a year ago. Total Board sales for February were $470,309,954.
The figures above represent the sales in the Edmonton CMA1 as defined by Statistics Canada and includes the City of Edmonton and all municipalities in the four surrounding counties of Parkland, Sturgeon, Leduc, and Strathcona. Sales figures for February 2013 have been adjusted to anticipate sales during the month which will be reported after the data cut-off so as to compare more accurately with prior period figures.
REALTORS® in the Edmonton CMA and surrounding areas (including St. Paul and Cold Lake) contribute actual negotiated list and sale prices on a daily basis and are the most reliable source of pricing data in each local area and the entire market.