Market Update from the Realtor’s Assocation of Edmonton – March 4th, 2013
The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me atwww.kevingrenier.com
Local Housing Market Remains Active
Edmonton, March 4, 2013: The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity was up 10% as compared to January and sales increased by 18.2%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 4.3% in a month.
While the average price for a single family detached home broke through a psychological barrier at $400,973 in February ($399,832 in January), it was up just 0.3%. Condo prices showed stronger gains, rising 7.3% from January to $231,866. Duplex and rowhouse prices were also up month-over-month at $332,285 on average. The all-residential average price was $342,735 (up 2.9% from February 2012).
“REALTORS® were busier last month than in January both listing and selling more homes,” said President Darrell Cook. “As usual, sales activity will continue to increase as we move into spring. The inventory of available homes has increased and we expect hesitant sellers to come onto the market in the face of continuing strong prices.”
The pattern of sales in various price ranges has changed this year. “Confidence in the strength of our local economy and a shortage of attractive properties at the lower end of the price range are both moving consumers to consider higher priced properties,” said Cook. Sales of properties priced $425,000 to $550,000 have increased 19% so far this year, whereas sales of properties in the $200,000 to $375,000 range are down 9.6% compared to the first two months of 2012.
As of February 28, 2013, there were 4,183 residential properties listed in the MLS® System which reflects a 4.14 month supply at current sales levels. The days-on-market was 57 as compared to 53 last year. With an estimated 1,089 (1,008 reported) homes sold and 1,995 homes listed in February, the sales-to-listing ratio was 55%, up 4% from a year ago. Total Board sales for February were $470,309,954.
The figures above represent the sales in the Edmonton CMA1 as defined by Statistics Canada and includes the City of Edmonton and all municipalities in the four surrounding counties of Parkland, Sturgeon, Leduc, and Strathcona. Sales figures for February 2013 have been adjusted to anticipate sales during the month which will be reported after the data cut-off so as to compare more accurately with prior period figures.
REALTORS® in the Edmonton CMA and surrounding areas (including St. Paul and Cold Lake) contribute actual negotiated list and sale prices on a daily basis and are the most reliable source of pricing data in each local area and the entire market.
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|February 2013||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$400,973||0.29%||4.31%|
|SFD median4 selling price – month||375,500||-0.29%||4.31%|
|Condominium average selling price||231,866||7.28%||-0.55%|
|Condominium median selling price||212,450||2.14%||-4.30%|
|All-residential5 average selling price||342,735||4.33%||2.87%|
|All-residential median selling price||326,940||3.79%||2.17%|
|# residential listings this month||1,995||10.10%||-11.29%|
|# residential sales this month (estimated)||1,089||18.17%||-5.50%|
|# residential inventory at month end||4,183||11.76%||-13.22%|
|# Total6 MLS® System sales this month||1,473||20.90%||-5.30%|
|$ Value Total residential sales this month||$407 million||25.40%||-8.83%|
|$ Value of total MLS® System sales – month||$470 million||25.90%||-11.06%|
|$ Value of total MLS® System sales – YTD||$871 million||21.60%||-13.24%|
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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