Real Estate Prices on the Rise in Edmonton in January – Updated
I’m going to change things up a bit…Normally I post a preliminary report on the Edmonton market on the first of each month, and a second report on the greater Edmonton area when the REALTORS® Association of Edmonton releases their stats. From now on I’m just going to publish one report on the 1st of the month, and add the greater Edmonton area stats as an update, when they’re released. Hopefully you agree this is a good idea 🙂
Greater Edmonton Area
In an interesting turn of events, demand is up, supply is down and prices are up on a year over year basis in the Greater Edmonton Area, according to stats released by the REALTORS® Association of Edmonton yesterday.
“2017 has started strong, with an increase in year over year unit sales and prices remaining stable,” said James Mabey, REALTORS® Association of Edmonton Chair. “While it is still early in the year, the rise in sales suggests that consumer confidence in the housing market is on the rise.”
From personal experience, I can say interest in real estate is Edmonton is WAY up over last year; we’ve received 78% more inquiries this January compared to last January while web traffic is up 10%, and our agents have done 39% more business. So what does this mean? Is the real estate market on the rebound? Have we hit the bottom of the downturn? Possibly… but every forecast we’ve heard was calling for a continued downturn. I think what’s really at play here, is that last January was SO bad, it’s making this one look a bit better than it really is. This January is actually looking a lot like January 2015.
Here’s our snapshot of the Greater Edmonton Area Real Estate Market in January:
Residential sales were up 12% in January on a year over year basis:
Inventory remains above average levels, but is down 2.7% from last year:
There were 2,185 new listings in January, down 7.6% from last year:
The average sale price was up 4.7% to $355,841 and the median sale price was up 2.9% to $339,500:
Single-family home sales were up 26% in Edmonton in January on a year over year basis, that’s not something I’ve been able to report for a long time. That said, we did start out last year with the lowest number of single-family home sales in at least 8 years.
Condo sales however, did not fair as well. Condo sales were down 11% from last year in January (173 condos were reported sold).
The average sale price of single family homes reported sold in January was up 2.7% from last year to $425,031 and the median price was up 1.7% to $390,000. The average price of condos was up 8.3% to $243,120 and the median price was up 8.4% to $233,049.
The average price per square foot for single family homes was up 5.2% to $281, and for condos was up 2.6% to $238.
All in all a pretty good month compared to the recent past. Once our Association releases their report I’ll update this post.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.