Monthly Market Statistics Update
Unit sales and average prices up in February
Edmonton, March 4, 2019
When compared to January 2019, unit sales across all categories increased, with single family home sales increasing 23.31%, condo sales increasing 26.05% and duplex/rowhouse sales increasing 17.53%. Year over year sales are down in all major categories, with single family homes sales decreasing 2.73%, condo sales decreasing 6.62% and duplex/rowhouses sales decreasing 9.60%. Year to date sales for all residential categories were down 11.01% compared to February 2018.
Average unit prices rose from last month, but are down from February 2018. The average price of a single-family home was $430,000, which was an increase of 6.36 % compared to January 2019 but down 2.73% compared to February 2018. The average price of a condo was $222,267, an increase of 1.64% from January 2019 but a decrease of 6.62% year over year.
Duplex/townhouses saw a small decrease from January 2019, with the average price falling 0.24% to $321,288, and a 9.60% drop relative to February 2018.
“February tends to see the start of an increase in unit sales in the real estate market following the sluggish winter months, and this year is no different,” says REALTORS® Association of Edmonton Chair Michael Brodrick.
“Inventory remains high and compared to last year the market is still lagging, but we are hopeful the traditional upward trend for spring holds true this year.”
Inventory has risen 4.89% higher compared to January 2019 and 4.31% over February 2018. However, listings continue to decrease, slipping 5.64% month over month and 8.55% year over year.
Days on market decreased for all home types compared to January 2019. Single family homes spent an average 70 days on market, condos averaged 76 days, and duplex/rowhouses averaged 80 days. Overall, the average days on market for all residential properties was 73, which was 11 days shorter than January 2019 and nine days longer over February 2018.
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