January, 2017: Reported unit sales for all residential listings in the Edmonton Census Metropolitan Area (CMA) were strong in January, increasing 19.4% compared to the same month in 2016. Reported unit sales were also up relative to December 2016, increasing by 3%.
Unit prices were consistently stable with only modest decreases across each category. Compared to January 2016, condominium prices increased 8.7% and duplex/rowhouses increased 8%. Both categories decreased only slightly relative to December 2016, with condominiums down 0.37% and duplex/rowhouses down 0.46%. The average price of a single family home remained stable at $416,859, which is down 0.49% relative to January 2016, and down 0.97% compared to December 2016.
“2017 has started strong, with an increase in year over year unit sales and prices remaining stable,” said James Mabey, REALTORS® Association of Edmonton Chair. “While it is still early in the year, the rise in sales suggests that consumer confidence in the housing market is on the rise.”
The average days on market for all residential listings increased, which is typical for the winter season. Single family homes average days on market was 68, compared to 62 days on market in the previous month. Condominium average days on market increased to 82 relative to 80 days in December 2016. Duplex/rowhouses continue to be popular, with the average days on market decreasing to 68 days, which is 10 days faster than in December 2016.
All residential inventory decreased 2.7% compared to January 2016, and increased by 7.4% relative to December 2016. While the overall listings for January more than doubled compared to December 2016, from 1,067 to 2,185, they decreased year-over-year by 7.6% when compared to January 2016.