The news looks ominous, but let's remember that the inventory of 4,132 is not nearly as much as inventory of 8,000+ that we saw a few years ago.
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Edmonton, February 3, 2015: Residential listings are up almost 30 percent compared to January of last year. 2,316 new listings came on the MLS® System for the Edmonton Census Metropolitan Area (CMA) in January compared to only 932 new listings in December. Sales for January were 666 (not adjusted) - down 13.5 percent month over month and down 25.9 percent from last year. These two factors resulted in a 35 percent inventory growth from 3,059 to 4,132 last month. Inventory is up almost 17 percent from the same time last year.
|January 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$427,178||-0.53%||3.17%|
|SFD median4 selling price – month||$394,000||-1.48%||2.34%|
|Condominium average selling price||$247,116||0.01%||5.54%|
|Condominium median selling price||$235,000||6.82%||8.05%|
|All-residential5 average selling price||$362,394||0.81%||3.75%|
|All-residential median selling price||$341,000||-0.73%||3.33%|
|# residential listings this month||2,316||148.50%||29.53%|
|# residential sales this month (reported)||666||-13.51%||-25.92%|
|# residential inventory at month end||4,132||35.08%||16.82%|
|# Total6 MLS® System sales this month||897||-10.39%||-24.69%|
|$ Value Total residential sales this month||$278 million||-11.59%||-23.26%|
|$ Value of total MLS® System sales – month||$329 million||-10.25%||-22.78%|
|$ Value of total MLS® System sales - YTD||$329 million||-96.49%||-22.78%|
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®.