January home sales lay a good foundation for 2017 in Edmonton

Posted by on Thursday, February 2nd, 2017 at 2:53pm.

Seems that January was a good month to buy property in Edmonton.  In the latest figures released today by the REALTORS Association of Edmonton, sales were up last month in just about every sector, with detached home sales up by a healthy 26% over the sales figures from January 2016.

Looking at year-over-year, last month was a remarkably good month – the best in quite a while.  Having said that, we did start out 2016 in Edmonton with the fewest sales of single-family homes we had since for about eight years.

The increase across all sectors was 19.5% last month compared to January of last year and 3% more sales than December.

Residential home prices, on the other hand, continued to be stable in this first month of 2017 with only slight drops in each sector.  In comparing January 2017 to January 2016, condo prices were up by 8.7%, and attached home prices were also up by 8%, however compared to prices we saw in December they lost a bit of ground, dropping by 0.37% and 0.46% respectively.  Really not that much of a loss.  Detached home averages were steady last month at $416,859, down 0.49% year-to-year and also 0.97% lower than December.

The incoming chair of the REALTORS Association, James Mabey, noted in his monthly report that the new year has started out strong in Edmonton but it’s only month one with 11 more months to do, but he did put forth the idea that the stronger numbers likely represent some confidence in the marketplace among Edmonton home buyers.

The average number of days that residential listings stayed on the market went up which is not unusual for the winter months.  The average in December was 62 days – that number shot up to 68 last month.  Condominiums were the killer, going from 80 days on the market in December to 82 in January 2017.  The exception to this were attached homes, with duplex homes and townhomes selling 10 days faster last month than they did in December 2016.   The attached home segment of the market seemed to be very popular last month.

In terms of inventory, there were 2.7% fewer properties on the market in January compared to January 2016, however there were 7.4% more than there were in December.  The number of new listings to hit the market last month doubled from December so it would appear that Edmontonians may have been waiting for the Holiday season to end before pounding that For Sale sign into the frozen ground.  In December, there were 1,067 new listings and in January that number shot up to 2,185.  

Overall, Mabey noted that inventory volume so far in 2017 seems to be normal for the season.  There were too many properties on the market in 2016 so he stated that he feels quite positive about how this year is starting out in Edmonton.

January Snapshot

  • Average selling price all homes:  $355,841
  • Average selling price for detached homes:  $416,859
  • Average condo price Jan 2016:  $246,727
  • Increase in residential prices compared to Jan 2016: 4.75%
  • Total sales: 738 units
  • Inventory in Edmonton Jan 2017:  5,594 homes

 

MLS® System Activity for January 2017

January 2017

 

M/M % Change

Y/Y % Change

Single-family average selling price

$416,859

-0.97%

-0.49%

Single-family median selling price

$390,000

-0.57%

0.58%

Condominium average selling price

$246,727

-0.37%

8.67%

Condominium median selling price

$228,000

0.00%

3.64%

All-residential average selling price

$355,841

-0.58%

4.75%

All-residential median selling price

$339,500

-0.42%

2.88%

Residential listings

2,185

104.78%

-7.57%

Residential sales

738

3.07%

19.42%

Residential inventory at month end

5,594

7.41%

-2.73%

Leave a Comment