The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2016. Prices were also consistently stable with only modest decreases throughout 2016. Condominiums and single family home prices decreased, with condominiums declining 0.53% and single family homes declining only 0.86%, relative to 2015. Duplexes and rowhouses, which account for approximately 10% of all unit sales, experienced the most decline in prices, decreasing 5.22% compared to 2015.
In total, 16,170 residential units were reported sold in 2016 as compared to 17,325 in 2015. Average days on market for 2016 for all sold units was 57, up 6 days from the average of 51 days on market in 2015. The reported all-year sales to listing ratio was 52%, indicating a fairly balanced market.
“2016 was a steady year for real estate in Edmonton and many of the surrounding communities. The ongoing economic instability certainly affected unit sales and inventory, but sale prices have continued to hold,” said REALTORS® Association of Edmonton Chair.
In December 2016, sales of all residential properties through the Edmonton Multiple Listing Service® (MLS®) System in the Edmonton CMA were up 0.42% from December 2015. This stability was reflected across all property types, which showed little change compared to the same month in 2015. Single family home unit sales were down only 2.53%, condominiums were unchanged and duplexes/rowhouses increased 19.44% from December 2015.
“Now that the 2016 holiday season is behind us and a new year is here, we expect listings and sales to begin to increase again,” said REALTORS® Association of Edmonton Chair. “As Edmontonians are making their plans for 2017 and considering selling or buying a home, it is a great time to talk to a local REALTOR® for expert market advice.”