Real Estate Sales on the Rise in Edmonton in February – Updated
Things are looking a lot better than last year in a few real estate categories in Edmonton this month, with supply coming down, and demand coming up. Sales were up over last year, and sales tend to be a leading indicator for prices – when sales go down, prices inevitably follow and when sales go up, prices tend to rise as well, in time. The REALTORS® Association of Edmonton released their report on the Greater Edmonton area market today, saying:
“As we head into the spring buying season with stable prices, coupled with increases in unit sales and seasonally-appropriate inventory levels, it seems like a positive sign for our market,” says James Mabey, REALTORS® Association of Edmonton Chair.
Here’s our snapshot on the real estate market in the Greater Edmonton area, showing all the arrows pointing in the direction we’ve been hoping to see for a couple of years, except one – average price. The average price remained quite stable while inventory soared and sales slumped ever since oil prices tanked, so even if demand continues to rise, I don’t expect to see prices follow suit for quite some time.
Greater Edmonton Area Stats
Sales were up 21% in the Greater Edmonton Area in February, compared to last year:
The average price dropped 1% to $359,468 in February from a year earlier, and the median price rise 2.8% to $339,289:
Inventory dropped 8.6% to 6,108 listings:
There were 12% fewer new listings than last February (2431 new listings):
Single-family home sales were up 21% over last February in Edmonton; 580 homes were reported sold in Edmonton in February.
Condo sales were also up in February – 266 condos were reported sold, a 21% increase over last year.
The average price of single-family homes was almost unchanged from last February (1% up) and almost equal to February 2015 at $421,386. The median price of single-family homes dropped 2.7% to $380,000 from last February. The average price of condos was down 6.5% from last February to $231,029 and the median price was down 2.9% to $217,000.
The average price per square foot for single-family homes was down 2.5% from last February to $272 and the average price per square foot for condos was down 5.9% to $222.
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.