Latest market report for Edmonton
Thursday, April 3rd, 2014The housing market in the Edmonton is poised for a very active spring sales period. Sales of all types of residential properties in the first quarter in the Edmonton were up 5.8% as compared to the same period in 2013. Single family detached (SFD) sales were up 5.1% while condo sales rose a staggering 11.0% in the first quarter.
We expect that sales will increase from month-to-month as we approach the second quarter. But this year-over-year increase is an indicator of the high demand for housing in this market. Price rises will follow the demand and we can expect active competition for desirable properties.
There were 3,679 all-residential sales from January to March 2014 compared to 3,478 sales in 2013. SFD sales rose from 2,099 to 2,206 while condo sales in the first quarter jumped from 996 to 1,106. Listings also rose to fill the demand. There were 6,324 residential properties listed so far this year compared to 6,086 last year; an increase of 3.9%. Listings of SFDs rose 5.5% Y/Y while condo listings dipped by half of one percent. The overall sales-to-listing ratio in the first quarter was 58% compared to 57% last year. which means that 5.8 houses out of 10 are selling.
Despite the increase in Y/Y listings the available inventory at the end of March was down 6.9% at 4,413 residential properties as compared to March 2013. The turn-around time on sales reflected the busy marketplace with average days-on-market in March at 44 days; down from 51 in March 2013.
Strong sales indicate consumer confidence in the Edmonton marketplace, The high condo sales and low condo listings indicate the demand for lower priced properties and first time buyers are choosing condos as an option to lower-priced SFDs which are in high demand and short supply. REALTOR® figures do not include the sale of many new homes and condos which are sold directly by builders and not through the Multiple Listing Service® (MLS®).
Overall, month-over-month average sale prices were stable. The all-residential price moved down less than half of one percent from $363,281 to $361,870. SFD average prices were also down fractionally from $433,205 to $432,458 and condos saw price increases of 3.6% from $238,376 to $247,005 on average. Duplex/row house prices were down from $338,024 in February to $331,038 in March.
| March | M/M % Change | Y/Y % Change | |
| SFD2 average3 selling price – month | $432,458 | -0.20% | 3.00% |
| SFD median4 selling price – month | $399,900 | 1.90% | 5.20% |
| Condominium average selling price | $247,005 | 3.60% | 0.00% |
| Condominium median selling price | $230,000 | 2.30% | 0.20% |
| All-residential5 average selling price | $361,870 | -0.40% | 1.50% |
| All-residential median selling price | $341,500 | 1.00% | 3.50% |
| # residential listings this month | 2,584 | 33.80% | 9.10% |
| # residential sales this month (reported) | 1,554 | 27.00% | 3.60% |
| # residential inventory at month end | 4,413 | 13.00% | -6.90% |
| # Total6 MLS® System sales this month | 1,996 | 36.30% | 0.20% |
| $ Total value MLS® System residential sales – month | $642 mil | 38.90% | 3.50% |
| $ Total value MLS® System sales – month | $718 mil | 34.60% | 2.40% |
| $ Total value MLS® System sales – YTD | $1.732 bil | 80% | 6.90% |
