Residential inventory continues to remain strong, as January closed out with 5,751 properties for sale on the MLS® System for the Edmonton Census Metropolitan Area (CMA). That’s an increase of 39.2% over this time last year, and 13.03% up over last month. Sales for January were down however, with 618 properties selling in the first month of 2016, down 13.32% month-over-month, and 7.21% lower year-over-year (YoY).
“Sales volumes are down, relative to the same time last year,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “It is likely that home buyers are responding to current economic uncertainties. Although prices have dropped slightly, they remain stable. Growth in inventory may create more opportunities for potential buyers, and given the low interest rates, we remain optimistic about market growth as we head into the spring buying season.”
Prices in all categories saw a decline in the Edmonton CMA market as many lower priced properties sold in January. The all-residential price ended the month at $339,714, down 7.2% from December and 6.3% YoY. Single family house prices averaged $418,928, down 1.3% and 1.2% from the previous month and YoY, respectively. Condo properties sold for an average of $227,052, down 8.8% over last month and 10.3% YoY. And the increasingly popular duplex/rowhouse category, which held steady for much of 2015, took the biggest average selling price decrease, coming in at $326,885, down 12.7% from the previous month and down 13.6% from the same time last year.
January’s average days-on-market rose to 71, up from 62 in December and 58 in January 2015. The increase is mainly attributed to the increased days-on-market for condos, which sat at 85 for January, up from 62 from last month and 61 YoY.
“The increase in the average days on market just appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Sedgwick said. “Clients are looking to their REALTOR® for advice and guidance as they navigate their own individual situations.”