Resale housing inventory up 18%, but prices remain strong
Edmonton, May 3, 2016: Despite an 18% increase in inventory for the Edmonton Census Metropolitan Area (CMA), all residential prices remain stable at $377,283 for April 2016. That is down less than 1% from the previous month and up less than 1% from last year.
The average single family home in the Edmonton CMA sold for $439,982 in April 2016, up marginally over March’s average price of $439,815 and April 2015’s average price of $438,641. Listings and sales unit volumes were down for single family detached homes year-over-year, but up over the previous month.
Condo prices are down less than 1%, likely due to the lower unit sales relative to April 2015. Prices for April 2016 are also down about 1% relative to the previous month. Listings and sales of condominums are up over March 2016, while listings are up and sales are down over April 2015.
“Prices in the Edmonton and Area market remain stable. This is good news for sellers who have been concerned about selling in a ‘buyer’s market’,” REALTORS® Association of Edmonton Chair Steve Sedgwick said. “Buyers continue to have a great selection of properties to choose from and sellers need to be competitive with their listings. Continued lack of significant movement in the average house price is a good signal that Edmonton’s economy is strong.”
Single family homes had a 51% sales-to-listing ratio for April 2016, up 2% from March and down 3% year-over-year. Duplex/rowhouses sat at 51% as well, down 14% from 2015 but up 2% from the previous month. With a 38% sales-to-listing ratio (up 2% from last month, down 6% from last year) condos continue to be the most challenging type of property to sell.
1,498 residential properties were sold in the Edmonton CMA in April, up nearly 10% from the previous month, but down 6% from sales reported in April 2015. There were 938 single family detached homes reported sold in the Edmonton CMA, a 9% percent increase month-over-month, and down 6% from the same time last year. 396 condos sold in April, up 18% over March and down 8% over April 2015. 148 duplex/rowhouses sold in April, up 3% from March and up 7% from April 2015.
“New listings were slightly down in April, but inventory remains high.” Sedgwick continues, “We expect to see sales continue to rise through the early summer months. It will be interesting to see whether there are many new listings adding to the existing inventory in upcoming months.”
April’s all residential average days-on-market sat at 40 (7 days shorter than the previous year and 13 days shorter than March 2016). On average in April, single family homes sold in 35 days, condominiums sold in 46 days, and duplex/rowhouses sold in an average of 49 days.