February unit sales increase 26%, prices increase slightly

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February 2017: Reported unit sales continued to outperform 2016 in the Edmonton Census Metropolitan Area (CMA), with all residential categories increasing 26.6% in February 2017.
Unit prices continued to remain stable compared to previous reported periods. Single family home prices increased 2.61% over January and 1.85% compared to February 2016, to an average selling price of $427,726. Duplex and rowhouse unit prices decreased by 1.40% compared to January and decreased 1.78% relative to February last year. Condominium unit prices, which tend to experience higher fluctuations due to the wide variety of listings, continued to decrease, declining to 6.51% in January 2017 and 6.65% in February 2016.
While 2016 overall had higher inventory relative to previous years, 2017 inventory is more consistent with typical market activity for this time of year. Overall inventory decreased 8.58% compared to February 2016, and increased 9.19% compared to January 2017.
Average days on market (DOM) in February was 65, which is an increase from 57 days in February 2016 and a decrease compared to 72 days in January. Single family home average DOM was 59 days, down 3 days year to date (YTD) and condominium average DOM was 73, down 5 days YTD.
Duplex and rowhouse average DOM increased to 80 from 76 YTD.
Certain segments of the market continued to gain in popularity with buyers this month. Condominiums under $250,000 represented the majority of reported sales for that category. Although duplexes and rowhouses account for only 11% of total unit sales, the reported sales for 2017 are up 41% compared to 2016, signaling continued growth in popularity of this property type.