Listings Up and Sales Down Means Bigger Inventory-lots of choices for buyers!
Tuesday, February 3rd, 2015Residential listings are up almost 30 percent compared to January of last year. 2,316 new listings came on the MLS® System for the Edmonton Census Metropolitan Area (CMA) in January compared to only 932 new listings in December. Sales for January were 666 (not adjusted) – down 13.5 percent month over month and down 25.9 percent from last year. These two factors resulted in a 35 percent inventory growth from 3,059 to 4,132 last month. Inventory is up almost 17 percent from the same time last year.
We ended 2014 with low inventory. While this is not unusual for the winter, it can make it difficult for buyers to find the right home. The influx of properties we have seen on the market in January will be a relief for buyers – allowing them more choice in their price range and possibly more time to make their selection.Buyers in the popular $400,000 price range often struggled in 2014 to find their ideal property or had to move quickly before it sold. This increase in inventory will be a great benefit to them.
Prices still remain strong in the Edmonton CMA market. The all residential price went up almost 1 percent from last month to $362,394 (up 3.75 percent from January 2014). Single family houses averaged $427,178 down half a percent from December, but up over 3 percent from the previous year. Condo prices stayed stable at $247,116 – up 5.5 percent from January 2014. We are continuing to see last year’s trend of high priced properties elevating the average prices. Last month, nine of the 666 properties sold for over $900,000.
The average days-on-market last month was 58, up from 55 in December and down from 60 in January 2014.
We are likely seeing the effects of oil prices and a feeling of economic cautiousness among some buyers. Clients are looking to REALTORS® for advice and guidance to navigate their own individual situations. We expect more of an uptake in the market as spring approaches and more people start to look for homes.Low interest rates will continue to drive the housing market.
If you have any questions – call your russian speaking real estate agent Irina Mierzewski and she will be happy to assist!
