Edmonton, March 3, 2015: Average prices maintained positive growth month over month and year over year in the Edmonton Census Metropolitan Area (CMA) market. The all residential price was up a mere $38 from January (up almost 1 percent from February 2014). Single family houses averaged $430,770 up 0.84% over January and 1.17% over the same month last year. Condo prices continued upward with a 1.2% increase over January and 4.7% increase from February 2014. Duplex and Rowhouses were down 10.55% from January but are up 0.68% from the prior year.
“We are starting to see sales numbers increase as we enter the spring season. It is common to see sales start to ramp up in February.” REALTORS® Association of Edmonton President Geneva Tetreault explains, “It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”
Residential listings are up 4 percent compared to January. 2,403 new residential listings came on the MLS® System for the Edmonton CMA last month compared to 1,955 new listings in February 2014. Sales for February were 931 – up almost 40 percent over January and down 17 percent from the same time last year. Inventory sits at 5,008 residential listings for the Edmonton CMA.
“Another positive indicator is that our average days on market for all residential types were down to just 48 days compared to 58 days last month. With a healthy inventory, continued low interest rates, and stable pricing, we expect sales to continue to grow through the spring into the summer,” says Tetreault. “REALTORS® are ready to help guide people through all the mixed messaging out there about our real estate market and help their clients make the move that is right for them.”
Over 384 million dollars in residential sales through the REALTORS® Association of Edmonton occurred in February 2015.
|February 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$430,770||0.84%||1.17%|
|SFD median4 selling price – month||$400,000||1.52%||1.96%|
|Condominium average selling price||$250,088||1.20%||4.70%|
|Condominium median selling price||$236,000||0.43%||5.01%|
|All-residential5 average selling price||$362,432||0.01%||0.68%|
|All-residential median selling price||$350,000||2.64%||3.47%|
|# residential listings this month||2,403||3.76%||22.92%|
|# residential sales this month||931||39.79%||-17.02%|
|# residential inventory at month end||5,008||21.39%||28.42%|
|# Total6 MLS® System sales this month||1194||33.11%||-18.44%|
|$ Value Total residential sales this month||$384 million||37.29%||-17.02%|
|$ Value of total MLS® System sales – month||$443 million||34.44%||-17.04%|
|$ Value of total MLS® System sales - YTD||$692 million||147.66%||-15.91%|
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®.
So although there were many fears in Edmonton that prices would be dropping across the board due to the falling oil prices and uncertainty of many oil related industries, the market actually managed to move in a positive direction. It seems the smaller markets are the ones that have been slower to sell and overall just a more limited market in terms of interest from buyers. With oil prices rising once again, it seems a lot of the sellers who may have panicked and sold their properties quickly may actually lose out in the long term.