TAKEAWAYS / Edmonton Real Estate Market Report > 4th Quarter 2016

The 2016 statistics summary from the REALTORS® Association of Edmonton is out.

I’ve reviewed it and here are my takeaways:

  1. 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,

  2. 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,

  3. The average and median single family dwelling prices are hovering at a steady level.

A few details to note:

  • There was a 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.

  • 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.

Buying or selling? I’m here to help!

Sara

2016 residential prices resilient through economic downturn

Winter season sales and inventory decrease

The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2016. Prices were also consistently stable with only a slight decrease throughout 2016.

Relative to 2015, prices decreased with:

  • condominiums declining 0.53%

  • single family homes declining only 0.86%

  • duplexes and rowhouses, accounting for approximately 10% of all unit sales, experienced the most decline in prices, decreasing 5.22%

Running the numbers:

  • 16,170 residential unit were reported sold in 2016, compared to 17,325 in 2015

  • 57 was the average number of days on market in 2016 for sold units — up six days from the average of 51 days on market in 2015

  • 52% sales to listing ratio, indicating a fairly balanced market