Winter season sales and inventory decrease
Edmonton, January 4, 2017: The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2016. Prices were also consistently stable with only modest decreases throughout 2016. Condominiums and single family home prices decreased, with condominiums declining 0.53% and single family homes declining only 0.86%, relative to 2015. Duplexes and rowhouses, which account for approximately 10% of all unit sales, experienced the most decline in prices, decreasing 5.22% compared to 2015.
In total, 16,170 residential unit were reported sold in 2016 as compared to 17,325 in 2015. Average days on market for 2016 for all sold units was 57, up 6 days from the average of 51 days on market in 2015. The reported all-year sales to listing ratio was 52%, indicating a fairly balanced market.
“2016 was a steady year for real estate in Edmonton and many of the surrounding communities. The ongoing economic instability certainly affected unit sales and inventory, but sale prices have continued to hold,” said James Mabey, REALTORS® Association of Edmonton Chair.
In December 2016, sales of all residential properties through the Edmonton Multiple Listing Service® (MLS®) System in the Edmonton CMA were up 0.42% from December 2015. This stability was reflected across all property types, which showed little change compared to the same month in 2015. Single family home unit sales were down only 2.53%, condominiums were unchanged and duplexes/rowhouses increased 19.44% from December 2015.
As is typical for the winter, December average days on market increased across all categories relative to the previous month. Single family homes required on average 62 days to sell, compared to 52 days in November 2016.
Duplexes/rowhouses took 78 days to sell compared to 74 days in the previous month, and condominiums took 80 days to sell, only one day longer than November 2016. Overall, inventory for December in the Edmonton CMA was 5,208, which is down 19.8% relative to November 2016 and up 2.4% compared to the same month in 2015.
“Now that the 2016 holiday season is behind us and a new year is here, we expect listings and sales to begin to increase again,” said Mabey. “As Edmontonians are making their plans for 2017 and considering selling or buying a home, it is a great time to talk to a local REALTOR® for expert market advice.”
MLS® System Activity for December 2016
|December 2016||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$420,962||-4.43%||-0.86%|
|SFD median4 selling price – month||$392,250||-0.44%||1.88%|
|Condominium average selling price||$247,647||2.52%||-0.53%|
|Condominium median selling price||$228,000||6.05%||-5.00%|
|All-residential5 average selling price||$357,916||-4.09%||-2.27%|
|All-residential median selling price||$340,944||-1.82%||-1.18%|
|# residential listings this month||1,067||-41.53%||-16.51%|
|# residential sales this month||716||-26.79%||0.42%|
|# residential inventory at month end||5,208||-19.80%||2.40%|
|# Total6 MLS® System sales this month||931||-26.64%||0.22%|
|$ Value Total residential sales this month||$287 million||-30.24%||-2.78%|
|$ Value of total MLS® System sales – month||$329 million||-29.63%||-4.03%|
|$ Value of total MLS® System sales - YTD||$7.83 billion||4.71%||-7.38%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales