Reported unit sales continued to outperform 2016 in the Edmonton Census Metropolitan Area (CMA), with all residential categories increasing 26.6% in February 2017.
Unit prices continued to remain stable compared to previous reported periods. Single family home prices increased 2.61% over January and 1.85% compared to February 2016, to an average selling price of $427,726. Duplex and rowhouse unit prices decreased by 1.40% compared to January and decreased 1.78% relative to February last year. Condominium unit prices, which tend to experience higher fluctuations due to the wide variety of listings, continued to decrease, declining to 6.51% in January 2017 and 6.65% in February 2016.
“As we head into the spring buying season with stable prices, coupled with increased in unit sale and seasonally appropriate inventory levels, it seems like a positive sign for our market,” says REALTORS® Association of Edmonton Chair.
While 2016 overall had higher inventory relative to previous years, 2017 inventory is more consistent with typical market activity for this time of year. Overall inventory decreased 8.58% compared to February 2016, and increased 9.19% compared to January 2017.
Average days on market (DOM) in February was 65, which is an increase from 57 days in February 2016 and a decrease compared to 72 days in January. Single family home average DOM was 59 days, down 3 days year to date (YTD) and condominium average DOM was 73, down 5 days YTD. Duplex and rowhouse average DOM increased to 80 from 76 YTD.
Certain segments of the market continued to gain in popularity with buyers this month. Condominiums under $250,000 represented the majority of reported sales for that category. Although duplexes and rowhouses account for only 11% of total unit sales, the reported sales for 2017 are up 41% compared to 2016, signaling continued growth in popularity of this property type.