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 attractiveproperties 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.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|February 2014||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$425,782||2.70%||6.30%|
|SFD median4 selling price – month||$392,317||1.90%||4.60%|
|Condominium average selling price||$238,854||1.60%||3.20%|
|Condominium median selling price||$224,750||3.30%||5.80%|
|All-residential5 average selling price||$359,973||2.90%||5.30%|
|All-residential median selling price||$338,250||2.30%||4.10%|
|# residential listings this month||1,955||7.30%||0.30%|
|# residential sales this month (reported)||1,122||24.40%||5.60%|
|# residential inventory at month end||3,906||10.40%||-6.60%|
|# Total6 MLS® System sales this month||1,464||33.70%||-0.60%|
|$ Total value MLS® System residential sales - month||$463 million||41.2||6.90%|
|$ Total value MLS® System sales – month||$534 million||35.90%||4.70%|
|$ Total value MLS® System sales - YTD||$962 million||145%||4.80%|
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
3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.