January 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.”