Figures for January show that there were 891 sales across the Edmonton CMA in January, down 2.09% from December but 14.23% above January 2016.
“January 2018 unit sales were strong, coupled with an increase in year over year listings of more than 15%, which is typical for this time of year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair.
Sales increased year-over-year across the three main property types with single-family home sales up 12.85%, condos up 14.41%, and duplex/rowhouse units up 22.08%.
Prices were higher for the average single-family home, up 2.20% year-over-year to $428,750. This was also a 2.89% increase from December.
The average condo price was $227,707, down 3.62% from December and down 7.04% year-over-year.
Duplex/rowhouses averaged $348,613 in January, down 2.06% year-over-year but up 3.44% compared to December.
Listings increased 15.28% year-over-year with 2,133 – a 98.63% surge from December. Inventory was up 7.05% year-over-year and 2.97% month-over-month. Days on market increased across the board.
“The increase in the average days on market appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Torhjelm said. “With the mortgage stress test rule changes and the latest interest rate change, it will be interesting to see how that impacts the 2018 market.”
More market update:
There was a positive start to 2018 for the housing market in Edmonton with sales higher than a year earlier.