Top 3 Points from the February 2015 Real Estate Numbers:
1) Average prices are holding. I prefer to look at year-over-year trends rather than month-to-month variation, as a few homes can cause quite a blip. The single family house price was up 1.17, and condos 4.7% from February 2014, largely due to the solid gains that we saw over the summer and fall in 2014.
2) Sales volume is down significantly, -18.44% from February 2014. This means quite simply that fewer houses are selling in total.
3) Inventory volume is up. We are now at 5,008 residential homes on the market (this includes condos and detached homes). This same time last year, we were at 3,537.
What we are going to see is more homes on the market, and fewer sales, meaning if you want to be the home that sells, you have to have the best marketing, the best staging, the best team working for you, and yes, the best price for what you are offering.
All that said, I am noticing it is extremely busy out there. My phone is ringing steadily with both buyers and sellers, and my listings have for the most part been selling very quickly!
Questions? Thinking of selling or buying? I'd love to help!
Your Edmonton REALTOR®,
Edmonton, March 3, 2015: Average prices maintained positive growth month over month and year over year in the Edmonton Census Metropolitan Area (CMA) market. The all residential price was up a mere $38 from January (up almost 1 percent from February 2014). Single family houses averaged $430,770 up 0.84% over January and 1.17% over the same month last year. Condo prices continued upward with a 1.2% increase over January and 4.7% increase from February 2014. Duplex and Rowhouses were down 10.55% from January but are up 0.68% from the prior year.
|February 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$430,770||0.84%||1.17%|
|SFD median4 selling price – month||$400,000||1.52%||1.96%|
|Condominium average selling price||$250,088||1.20%||4.70%|
|Condominium median selling price||$236,000||0.43%||5.01%|
|All-residential5 average selling price||$362,432||0.01%||0.68%|
|All-residential median selling price||$350,000||2.64%||3.47%|
|# residential listings this month||2,403||3.76%||22.92%|
|# residential sales this month||931||39.79%||-17.02%|
|# residential inventory at month end||5,008||21.39%||28.42%|
|# Total6 MLS® System sales this month||1194||33.11%||-18.44%|
|$ Value Total residential sales this month||$384 million||37.29%||-17.02%|
|$ Value of total MLS® System sales – month||$443 million||34.44%||-17.04%|
|$ Value of total MLS® System sales - YTD||$692 million||147.66%||-15.91%|
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
3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.