It is the first week of a new month and that means we have a fresh set of MLS® data for last month. (February) And we’re not going to sugarcoat anything here at The Edmonton Real Estate Report. If there was a quick phrase to summarize the month of February for Edmonton’s real estate market it would be ; LOTS OF LISTINGS! At the end of the month there was 6,681 properties for sale on the MLS® System for the Edmonton Census Metropolitan Area (CMA). Up 16% from last month and over 33% from this time last year. So what, tons of new listings. The important data in my opinion is the actual sales. 837 properties sold in February 2016 , down 10.1% – 931 properties this time last year.
Yes we’re in a Buyers market. We have way more sellers then buyers at the moment and people have tons of selection. One trend that we are noticing is that a lot of “new” listings are just expired listings or terminated and re-listed with a price reduction. And the aggressively priced homes in great neighbourhoods are still moving quite fast. Our average days on the market is currently at 57 up from 48 this time last year.
“Sales numbers are increasing consistent with seasonal trends,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “Relative to 2015, potential buyers have more inventory to choose from. Despite this inventory growth, prices have moderated only slightly compared to last year, so home owners and sellers can maintain some confidence that housing prices are remaining stable.”
February MLS® Averages
Single family house prices averaged $419,940
Condos = $247,090
The biggest average price gain came in the duplex/rowhouse category, with the price in February finishing at $354,386
Oil closed at just above $33 at the end of the month & is at $34.75 as of writing this article.
Thank you for reading our February Real Estate report! Feel free to join the conversation by leaving a comment below.