Total all residential unit sales in January 2018 in the Edmonton Census Metropolitan Area (CMA) were up 14.23% relative to January 2017. Specifically, across each category when compared to January 2017, single family home unit sales were up 12.85%, condominium unit sales were up 14.41% and duplex/rowhouse unit sales were up 22.08%
The average single family home unit price increased to $428,750, an increase of 2.89% compared to December 2017 and an increase of 2.20% compared to January 2017. The duplex/rowhouse average unit price was $348,613, which was an increase of 3.44% compared to December 2017 and a decrease of 2.06% relative to January 2017. The condominium average unit price was $227,707, which was a decrease of 3.62% month over month and decrease of 7.04% year over year. In total, the average all residential unit pride was $359,134, a modest increase of 0.56% relative to December 2017 and an increase of 0.64% compared to January 2017.
“January 2018 unit sales were strong, coupled with an increase in year over year listings of more than 15%, which is typical for this time of year,” said REALTORS® Association of Edmonton Chair.
Compared to January 2017, listings were up 15.28% to 2,133 properties total, which was a 98.63% increase month over month. Overall inventory increased 2.97% month over month and 7.05% year over year. Days on market reflected the winter season, with increases across all categories compared to December 2017. 67 days for single family homes, 72 days for duplex/rowhouses and 90 days for condominiums.
“The increase in the average days on market appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Chair said. “With the mortgage stress test rule changes and the latest interest rate change, it will be interesting to see how that impacts the 2018 market.”