There was a positive start to 2018 for the housing market in Edmonton with sales higher than a year earlier.
Figures for January show that there were 891 sales across the Edmonton CMA in January, down 2.09% from December but 14.23% above January 2016.
“January 2018 unit sales were strong, coupled with an increase in year over year listings of more than 15%, which is typical for this time of year,” said Darcy Torhjelm, REALTORS® Association of Edmonton Chair.
Sales increased year-over-year across the three main property types with single-family home sales up 12.85%, condos up 14.41%, and duplex/rowhouse units up 22.08%.
Prices were higher for the average single-family home, up 2.20% year-over-year to $428,750. This was also a 2.89% increase from December.
The average condo price was $227,707, down 3.62% from December and down 7.04% year-over-year.
Duplex/rowhouses averaged $348,613 in January, down 2.06% year-over-year but up 3.44% compared to December.
Listings increased 15.28% year-over-year with 2,133 – a 98.63% surge from December. Inventory was up 7.05% year-over-year and 2.97% month-over-month. Days on market increased across the board.
“The increase in the average days on market appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Torhjelm said. “With the mortgage stress test rule changes and the latest interest rate change, it will be interesting to see how that impacts the 2018 market.”