February prices hold steady while more units flood the market

Posted by on Wednesday, March 2nd, 2016 at 2:29pm.

As of the beginning of March, there are now nearly 7,000 homes for sale in Edmonton and area.

That’s 16.17% more than there were the previous month and 33.41% more than there were in February of last year.

The exact number of single-family homes, attached homes and condominiums for sale is 6,681.   Home sales actually weren’t too bad in February all things considering, but not enough to keep pace with these elevated inventory levels.   Total sales last month were 837 which is 36.54% more than the 618 transactions that occurred in January which is always an historically slow month.  However, this number is 10.1% lower than the 931 properties that moved on the market in February 2015.

Steve Sedgwick, chair of the Realtor’s Association of Edmonton, noted in his monthly media statement that the trend upward is normal for this time of year.  The trend upward in sheer volume of properties on the market has nothing to do with the seasonal ebb and flow of Edmonton’s real estate market and the economy can only be indicated as the cause. Yet, despite so many properties being offered for sale right now, and the massive choice that buyers have when shopping for a new home, prices have certainly dropped but haven’t really shifted in a significant way.  So buyers and sellers can have some confidence for the time buying that prices in the Edmonton market are stable. There doesn’t seem to be the panic that is currently being experienced in Calgary where house prices have dropped in more dramatic fashion.

February 2016 Statistics

The average selling price across all housing types was actually 6.93% higher than it was in January 2016 at $363,266 and pretty much the same as it was February 2015.  Single family detached homes were $419,940 on average, which is a very miniscule .24% higher than in January – relatively flat. However, this is 2.79% lower than February of last year.  Condo prices were up by 8.83% from January at an average sale price of $247,090 and a small drop of 1.32% from February 2015.  The bright spot in February come from the attached sector, where row houses or town homes and duplex home prices rose 8.41% over January and 1.24% over February 2015.  

The number of average days which properties sit on the market has dropped from the 71 days in January to just 57, however in February 2015 that number was 48.  Condos took 85 days on average to sell in January of this year and 57 in February, but this number is still well above the 49 average days it took to sell in February of last year.

Sedgwick concluded his monthly report by stating that there are great opportunities for buyers to get into the market right now, and that the Edmonton Real Estate Board is optimistic as the spring buying season approaches. 

February 2016                          Change from Jan 2016                     Change from Feb 2015 

Average Price:       $419,940                  .24%                                                 -2.79%

Median Price:        $400,000               3.16%                                                   0.00%                       

Condo Average Price:  $247,090         8.83%                                                 -1.32%

Condo Median Price:   $224,000          1.82%                                                 -4.88%

Residential Listings:      2                    16.96%                                                14.87%

Residential Sales:             837             36.54%                                                -10.10%

Residential Inventory:   6                   16.17%                                                    33.41%

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