As March winds to a close and the city has (hopefully) seen the last of winter snows, the EREB has compiled an early spring market report, based on last months figures. The name of the game has been listings, as Edmonton sellers have been more than eager to put their properties up for sale in light of strong market conditions. The positive climate has led to a growth in average residential prices, and a slight decrease in sales, due to the sheer amount of available inventory.
Both month over month averages and year over year amounts showed growth well into February. Average sale prices on single family dwellings rose 0.84% from the winter months to $430,077, which was a 1.17% rise from the same time last year.
Condominiums have seen the most price growth coming into spring, with nearly a 5% increase from February of last year, and up 1.2% in month over month comparisons.
February Average Home Prices – YEG
REALTORS® Association of Edmonton President Geneva Tetreault explains the unique market we are currently experiencing
“We are starting to see sales numbers increase as we enter the spring season. It is common to see sales start to ramp up in February. It’s a positive sign to see that even though listings are up and sales are down from last year that prices remain stable and even slightly up from February 2014.”
February saw 2403 new residential listings hit MLS; that’s 448 more listings than 2014 numbers and nearly 100 more than the month previous. February sales were down approximately 17% from the year previous, however they increased a whopping 40% from January, the month previous.
Overall the outlook is optimistic, with over 384 million dollars in residential sales through the RAE in February alone. Tetrault elaborates on the market:
“Another positive indicator is that our average days on market for all residential types were down to just 48 days compared to 58 days last month. With a healthy inventory, continued low interest rates, and stable pricing, we expect sales to continue to grow through the spring into the summer,” says Tetreault. “REALTORS® are ready to help guide people through all the mixed messaging out there about our real estate market and help their clients make the move that is right for them.”
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