According to a recent report by the REALTORS® Association of Edmonton, the local housing market remains active. There were 1,089 sales in the Greater Edmonton Area in February, compared to 1153 last year and 921 last month. As we know from our report on Friday, affordable single family homes make up the strongest segment of the market.
Our agents are finding it that is tough to find much to show buyers in the current market. Last week we tried to show a home in the west end – it was the first day the home was on the market, and when we got there we were 5th in line to get in. By the time we finished showing it, there were already offers written on the property. I think if the inventory was higher we’d see a lot more sales right now, as there are certainly plenty of people interested in buying in Edmonton at the moment.
The overall residential average sale price jumped in February by 4.3% over January to $342,735. This is up from $333k last year. The median sale price also rose to $326,940 from $320k last year and $315k last month.
The available inventory is lower than we’ve seen for at least five years and currently sits at 4,183 listings.
President Darrell Cook said: “As usual, sales activity will continue to increase as we move into spring. The inventory of available homes has increased and we expect hesitant sellers to come onto the market in the face of continuing strong prices.”
The number of new listings were also quite low in February at 1995, down from 2249 last year.
Perhaps the low vacancy rate is part of the reason we are not seeing as many new listings as we would typically see at this time of year. It is very easy to rent your property out for a good rate in the current market, so many owners have probably locked themselves into leases for the near term.