Last month’s figures from the REALTORS Association of Edmonton show that residential real estate prices are climbing just like spring temperatures. Approximately $628 million worth of property changed hands in April.
Detached homes prices are up very slightly month over month and year over year by 0.07% and 0.03% respectively. The average last month was $439,438. Almost imperceptible. Condos, on the other hand, are a different story.
Last month, condo prices in Edmonton jumped by 6.23% over March and 2.32% over April 2016. Good news for sellers who may have properties sitting on the market right now. Average condo prices last month were $257,740.
Right behind condos were attached properties which were up in price from March by 2.58% and ahead of April of 2016 by 4.97%. The average price of a row house or duplex home in Edmonton last month was $357,815. There’s indication that sellers are feeling positive about the Edmonton market in that the number of new listings coming online were up by 2.73% over March.
James Mabey, chair of the association said that spring typically becomes busy. Sales were slightly slower than average but the fact that prices are up across all market segments is a positive sign.
Measuring April 2017 against April 2016, sales were down by almost 7% but the good news is that the year-to-date picture is rosy with sales from January to April up by 5.06%.
The most expensive home to sell last month was a detached home priced at 1,523,600. The most expensive listing in April was also a detached home priced at $3.888 million. The highest price condo in April listed was $1,850,000 and the highest sale was $799,900. The most expensive duplex or townhome in Edmonton listed was $995,000 and the highest sale in the attached sector was $820,000.
The value of real estate transactions on Edmonton’s MLS system so far this year is $2.3 billion.
The average number it takes to sell a property in Edmonton fell somewhat last month indicating market stability as well. In April, it took an average of 48 days for single-family units to sell down from 50 days the previous month. Condos took 60 days to sell, a vast improvement over the 67-day average in March. Attached properties took the longest to shift last month, with an average of 64 days which is actually an increase of two days over March.
There were more new listings to hit the Edmonton market last month than there were in March but fewer than April of last year. There are 11.84% more properties on the market than the previous month and 3.76% more than April 2016.
April brought more good news for the Edmonton economy as the province recorded a drop in bankruptcies for the first time in nearly two years.
A report at the end of April says there were 1,093 applications filed for insolvency in February 2017 from individuals and from businesses, a drop from 1,099 recorded the same time period in 2016. It may only be a drop of half a percent but it’s the first time the number of applications have dropped since April 2016.
The Conference Board of Canada believes that our province’s gross domestic product will go up by at least 2.8% in 2017, taking Alberta from the worst in the country to the best. With an uptick in oil prices, we may lead the way in oil recovery with as many as 6,700 new oil and gas wells expected to be drilled in Canada this year. That’s an increase of 30% from the original forecast issued in January of this year.
This news can only bode well for the Edmonton real estate market in 2017.
April 2017 Change f/March 2017 Change f/April 2016
Average Price: $439,438 +0.07% +0.03%
Condo Average Price: $257,740 +6.23% +2.32%
Condo Median Price: $238,685 +9.49% +2.88%
Residential Listings: 3,164 +2.73% -2.65%
Residential Sales: 1,478 +0.27% -6.99%
Residential Inventory: 7,612 +11.84% -3.76%