My top take-aways from December:
- We ended the year up only 2% in terms of inventory over 2015, but remember December tends to be a time that sellers take their homes off the market, so I'm not counting a market trend rather a seasonal one,
- Condo sale prices are still undeniably down from 2015, a trend I expect to continue through 2017 as the inventory of rental units continues to climb,
- The average and median single family dwelling prices are hovering at a steady level.
The other major note was an overall lower demand for real estate in 2016, with a drop of 7.38% in total sales volume. Inventory stayed up throughout the year, but I'll be interested to see how many people decide to re-list properties in 2017.
One other detail to remember when considering the "days on market" statistic: it is common practice in Edmonton for agents to "re-list" properties every 60 days, so my expectation is that the actual days on market number is a fair bit longer.
2017 is going to be another year where pricing, strategy and an effective marketing plan make all the difference between selling and sitting on the market.
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2016 residential prices resilient through economic downturn
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.