There were 921* residential sales in the Greater Edmonton area (CMA**) in January, according to a report from the REALTORS® Association of Edmonton today. The number of sales is up from 828 last January and 672 last month, and is the highest tally since 2008.
The average price of residential real estate in the Edmonton CMA is up substantially from last year. The average sits at $328, 525 up from $320k last January – up 2.5% – but down from December’s unusual high of $340k. Single family homes lead the charge increasing 7.7% over last year to $399,832. The median price for residential real estate in Edmonton was $315k, up from $310k last January but down from $320k in December.
The inventory of homes on the market is down significantly from previous years, and sits at 3,743 compared to 4,265 last year.
The number of new listings that came on the market was also low compared to previous years – there were 1812 new listings in January compared to 2038 a year previous.
Edmonton residential real estate listings
With demand higher than last year, and supply lower than last year, we could see larger increases in the overall average residential sale price as we head into the spring market. The average price has started out well ahead of last year, so it will be interesting to watch as the year progresses.
Of course, there are more factors at play than just supply and demand. The real question on my mind, is will the demand continue to rise? Is the job market strong enough to keep all the people that moved here last year here, so they start to buy instead of rent. From what I’m reading, the overall opinion is Edmonton will outperform the rest of the country, but that might not be saying a whole lot. Most analysts have forecasted moderate growth for the real estate market in Edmonton in 2013.
*The REALTORS® Association of Edmonton adjusts the number of sales to account for unreported sales at the time of publication (members have 2 business days to report sales to the Association).
**Edmonton CMA includes the City of Edmonton and the Counties of Leduc, Parkland, Strathcona, and Sturgeon and the municipalities therein.