Year over year residential unit sales and average prices decrease
Edmonton, February 4, 2019
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market decreased 15.00% relative to January 2018. Single family home sales decreased 14.34%, condominiums decreased 18.56% and duplex/rowhouse sales decreased 1.02%. When compared to the previous month, residential unit sales increased, as is typical for this time of year. Single family home sales increased 1.51%, condominiums sales increased 22.16% and duplex/rowhouse sales increased 32.88%. Overall, residential unit sales increased 9.75% compared to December 2018.
Average prices declined in January. The average selling price of a single family home was $404,275, a decrease of 6.04% compared to January 2018 and a decrease of 5.52% compared to December 2018. Condominium average prices decreased 4.90% year over year and increased 6.18% month over month. Duplex/rowhouse average prices decreased 7.51% relative to January 2018 and decreased 6.85% relative to December 2018.
“The real estate market is still experiencing the consequences of high inventory and slow sales,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “Buyers are benefiting from more choice but may be struggling with the mortgage qualification rules, while sellers will need to continue to be patient and flexible in this market.”
Listings for January were almost identical to January 2018, increasing by 0.08%. Inventory remained higher than average, with an increase of 6.10% relative to December 2018 and an increase of 9.31% compared to January 2018.
Average days on market are reflective of a sluggish winter market, with the residential average increasing to 84, up from 72 days in December 2018. Single family homes sold on average in 79 days, an increase of 10 days from December 2018. Condominiums increased to 93 days on market and duplex/rowhouses increased to 90, both categories up from 78 average days on market in the previous month.