While the resale market in Edmonton is far from booming, the city remains somewhat insulated from falling prices and pitiful statistics found elsewhere in the province.
Single-family homes in Edmonton moving well
The REALTORS Association of Edmonton released May 2016 sales figures with some good news in terms of single-family homes. Sales are up 19.3% over the previous month with 1,119 detached units moving off the market. May 2016 sales were also up 3.8% over May 2015.
Attached Edmonton homes moving well
There was even better news in the attached segments of the market, with duplex homes and townhomes/rowhouse sales up a remarkable 37.2% over the previous month. At 203 units sold in May, that’s 23% more sales than what was recorded for the attached sector in May 2015.
Edmonton condos a strong third place
Activity in the condo sector wasn’t as enthusiastic as the rest of the Edmonton market; however sales were still up a modest 5.3% from April’s activity. Condo sales were down significantly compared to May 2015. There were 18.2% fewer condo sales in May than in May of last year.
Spring is historically busy and even in the relatively bleak 2016 market, the statistics didn’t disappoint.
Steve Sedgwick, REALTORS Association chairman, called the resale market in Edmonton “solid” in his monthly report, noting that consumer confidence in the provincial capital remains strong.
Notes on May inventory
The number of new listings in Edmonton dropped ever so slightly last month with 3,233 units hitting the market. That’s 1% fewer than the new listings recorded in April and 2.5% less than the same time period in 2015. The measureable sales-to-listing ratios remains high for the detached and attached sectors while condos are most certainly in a buyer’s market with the sales-to-listing ratio dropping, down 13% from this time last year. The number of new listings is slowing somewhat, but as of the end of May 2016 there were still 8,000 residential units listed for sale in Edmonton and area, taking 54 days on average to sell. This figure is more than the average length of time it took in April 2016 and 8 days longer than it took in May 2015. Single-family homes sold in 51 days and everything else took an average of 59 days.
The breakdown on Edmonton home prices May 2016
Single-family homes on average were $440,573 last month, almost unchanged from April’s average of $439,982. However, that’s 3% less than the $453,748 average recorded in May of last year. The average price of an attached home was up, both over April and over May 2015, by 3% and 1.5%. While condo sales were at the bottom of the heap last month, the average price was up by 1% over April at $254,555 and virtually unchanged since last year.
May 2016 Change from April 2016 Change from May 2015
Detached Average: $440,573 +0.13% -2.90%
Detached Median: $410,000 +0.74% -2.38%
Condo Av Price: $254,555 +1.47% -0.24%
Condo Median Price: $233,000 +0.43% -1.17%
Residential Listings: 3,233 -0.77% -2.56%
Residential Sales: 1,771 +18.22% -0.73%
Residential Inventory: 8,153 +1.49% +11.64%