Edmonton, February 2, 2018: Total all residential unit sales in January 2018 in the Edmonton Census Metropolitan Area (CMA) were up 14.23% relative to January 2017. Specifically, across each category when compared to January 2017, single family home unit sales were up 12.85%, condominium unit sales were up 14.41% and duplex/rowhouse unit sales were up 22.08%.

The average single family home unit price increased to $428,750, an increase of 2.89% compared to December 2017 and an increase of 2.20% compared to January 2017. The duplex/rowhouse average unit price was $348,613, which was an increase of 3.44% compared to December 2017 and a decrease of 2.06% relative to January 2017. The condominium average unit price was $227,707, which was a decrease of 3.62% month over month and decrease of 7.04% year over year. In total, the average all residential unit price was $359,134, a modest increase of 0.56% relative to December 2017 and an increase of 0.64% compared to January 2017.

“January 2018 unit sales were strong, coupled with an increase in year over year listings of more than 15%, which is typical for this time of year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair.

Compared to January 2017, listings were up 15.28% to 2,133 properties total, which was a 98.63% increase month over month. Overall inventory increased 2.97% month over month and 7.05% year over year. Days on market reflected the winter season, with increases across all categories compared to December 2017. For single family homes, the average days on market was 67. Duplex/rowhouses increased to 72 average days on market and condominium average days on market was 90.

“The increase in the average days on market appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Torhjelm said. “With the mortgage stress test rule changes and the latest interest rate change, it will be interesting to see how that impacts the 2018 market.”  

Edmonton, January 3, 2018: The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2017. All residential year-to-date unit sales were up 1.50%. In total, 16,441 residential units were reported sold in 2017 as compared to 16,198 in 2016. 

Year-to-date prices were also consistent with modest increases throughout 2017. Average single family home prices increased 0.77% to $437,744 and average duplex/rowhouse prices increased 0.12% to $348,225, while average condominium prices decreased 0.96% to $248,130.

“2017 was a steady year for real estate in Edmonton and many of the surrounding municipalities, where sales and prices were quite stable for the majority of the year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair. “For most of the year we continued to see home buyers take advantage of low mortgage rates and a slightly increased inventory, while sellers enjoyed solid prices for their properties.”

Average year-to-date days on market for 2017 for all residential units was 59, up 2 days from the average of 57 days on market in 2016. Year-to-date listings were also up, increasing 2.38% over 2016. The reported all-year sales to listing ratio was 52%, indicating a fairly-balanced market.

As is seasonally normal, sales dropped in December from November, but are up year over year from December 2016 in all categories. For single family homes, sales decreased 19.83% month over month, and increased 22.84% year over year. Condominium unit sales declined 23.53% compared to November 2017 but increased 15.42% relative to December 2016. Duplex/rowhouse sales decreased 24.59% month over month, however, increased 21.05% year over year. In total, the average all residential unit sales decreased 22.09% month over month, however they increased 19.42% compared to December 2016.

Average prices declined in December 2017, both month over month and year over year. Single family homes average prices decreased 5.63% compared to November 2017, and decreased 2% compared to December 2016. Condominiums prices increased slightly by 1.74% relative to November 2017 and decreased 3.18% relative to December 2016. Duplex/rowhouse average prices decreased 6.07% month over month and 6.80% year over year.

“Now that the holiday season is over and a new year is here, we expect listings and sales to begin to ramp up again,” said Torhjelm. “We encourage both potential buyers and sellers to talk to their local REALTOR® about their options in this market and what is right for them.”.