Edmonton, March 2, 2018: Spring has hit the real estate market in the Edmonton Census Metropolitan Area (CMA), bringing strong unit sales and average price increases.
When compared to January 2018, unit sales across all categories increased, with single family home sales increasing 22.97%, condo sales increasing 14.17% and duplex/rowhouse sales increasing 21.28%. Year over year single family homes unit sales decreased 4.21%, condo sales decreased 4.92% and duplex/rowhouses sales decreased 7.32%. Year to date sales for all residential categories was up 2.43% compared to February 2017.
Month over month and year over year average unit prices increased across all categories. The average price of a single family home was $442,206, which was an increase of 3.14% compared to January 2018 and an increase of 3.73% compared to February 2017. The average price of a condo was $236,808, an increase of 4% month over month and 1.48% year over year. The duplex/rowhouse average price increased to $354,638, up 1.73% relative to January 2018 and up 2.62% relative to February 2017.
“February turned out to be a busy month for REALTORS®, which was reflected in the increases in sales activity and average prices across all categories of residential properties,” said Darcy Torhjelm, Chair of the REALTORS® Association of Edmonton.
Inventory increased 10.90% compared to January 2018 and was up 8.67% compared to February 2017. Listings also increased, up 4.03% month over month and 5.92% year over year.
Days on market decreased for all categories compared to January 2018. Single family homes took an average of 59 days to sell, condos required 75 average days and duplex/rowhouses needed 64 days to sell. Overall the average days on market for all residential properties was 65, which was 10 days faster than January 2018 and identical to February 2017.
MLS® System Activity for February 2018
|MLS® System Activity
(for all-residential sales in Edmonton CMA1)
|February 2018||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$442,206||3.14%||3.73%|
|SFD median4 selling price – month||$395,000||2.86%||0.77%|
|Condominium average selling price||$236,808||4.00%||1.48%|
|Condominium median selling price||$216,000||5.37%||-3.42%|
|All-residential5 average selling price||$374,361||4.24%||8.33%|
|All-residential median selling price||$348,444||5.55%||3.86%|
|# residential listings this month||2,558||4.03%||5.92%|
|# residential sales this month||1,052||18.07%||-5.65%|
|# residential inventory at month end||6,797||10.90%||8.67%|
|# Total6 MLS® System sales this month||1,313||14.47%||-6.75%|
|$ Value Total residential sales this month||433,455,371||22.20%||-3.63%|
|$ Value of total MLS® System sales – month||547,345,299||37.78%||9.04%|
|$ Value of total MLS® System sales - YTD||943,270,578||137.44%||8.08%|