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Prices Up, Inventory Up, Days on Market Down (?)


Blog by Sara Kalke | February 5th, 2014


Prices Up, Inventory Up, Days on Market Down (?)


Here is the latest news release from the REALTORS® Association of Edmonton. 

Three important items to note:

  1. Prices are up across the board, which reinforces what we saw at the end of 2013. 
  2. Inventory is up.  Surprise?  Not really. Edmonton is juuuust starting to come out of hibernation, so expect this number to keep increasing towards June, which it always does.  Great for buyers as more inventory = more selection.  Not as great for sellers, as more inventory = more competition.
  3. Average days on market is 61.  In case this seems very relevant to you... this is one number you can completely ignore.  Did you know that members of the REALTORS® Association of Edmonton are allowed to "refresh" our listings every 60 days, i.e. expire the listing and put it back on as 0 days on market?  So when you see a listing sell in 16 days, it pays to ask, was it just 16 days, or was it 16 + 60 + 60 + 60 days?

As far as my experience goes, it is BUSY out there!  LOTS of sellers getting ready to sell, and LOTS of buyers out hunting and pouncing when the right house comes up.  So multiple offers are happening, especially in the University area, and even homes in the higher price points (which are usually quite a bit slower) are moving.  All of that of course with the caveat of IF the price is right, and the staging is right.

Questions?  Thinking of selling or buying?  I'd love to help!

Your Edmonton REALTOR®,

Sara

Direct: 780-710-7669

 


Local housing sales and inventory up in stable market

Edmonton, February 4, 2014: The residential home inventory on the Edmonton Multiple Listing Service® (MLS® System) rose 16% in January. Typically just over 1,800 homes in the Edmonton CMA (census metropolitan area) come onto the market in January. Last month’s listings of 1,842 were higher than the 783 listed in December. Sales figures (adjusted) of 885 properties (820 reported) were higher than a typical January and higher than sales in December and January 2013. The increased inventory of 3,537 (up from 3,049 in December), kept prices stable in all housing categories.

Compared to December, the all-residential average3 price of $347,847 was down just $1,226 or
-0.16%. Single family detached (SFD) home prices were down 1.5% at $416,344. Condominiums were priced on average3 at $230,463 (down 1.5%) and duplex/rowhouses showed the biggest movement and were down 5.3% at $336,220.

“Price stability and more property available for sale results in a balanced market,” said REALTORS® Association of Edmonton, President Greg Steele. “Right now both buyers and sellers have time to consider all their options and housing needs. More homes are listed every day and your REALTOR® can advise you of a suitable property as soon as it comes available.”

The residential sales-to-listing ratio was 45% and the average days-on-market was 61 days in January compared to 73 days in January 2013. There have been four property sales over a $1 million already this year but half of the SFDs sold in January were sold at or below the median price of $385,000.

“Strong economic indicators such as low unemployment, higher hourly wages and positive in-migration all support an optimistic view of the Edmonton and area housing market,” said Steele. “Consumers are confident in their economic future and prepared to risk a first-time or move-up purchase. Low rental vacancies and the potential for higher rental rates are also attracting investors into the market.”

There are 3,200 REALTOR® members of the REALTORS® Association of Edmonton. Consumers can view all the properties listed on the Edmonton MLS® System at www.REWedmonton.ca and review advertised properties in the Real Estate Weekly.

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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®.