The first month of 2017 saw a total of 738 homes sales in Edmonton. The average home price surged to $355,481, up 4.8% from the same month last year.
On average, single-family homes sold for $416,859 each, which is more or less at the same level as was seen throughout 2016. However, condominiums had an average selling price of $246,727, which is an increase of 8.7%.
The number of listings was 2,185, which is 7.6% below what was witnessed in January 2016.
James Mabey, Chairman of the Realtors Association of Edmonton, says these point to a strong start for the year. Lesser listings also mean lesser homes that need to be sold. The effect this has on the market is akin to the supply reducing, which pushes up the cost price of each unit. The number of home sales in January 2017 was also higher.
A Barclay Street Real Estate report also suggests that there is a lot of confidence in the real estate market. 2016 also saw $464 million being invested in the ‘multi-residential housing’ market. This concurs with the increase in the number of condo sales.
The same report also points to lesser investment in industrial and commercial real estate/property, as well as land. The dip is to the tune of 20%. Investment in office space was no more than the previous year.
All these show the direction the market is headed. A condo now sells in 82 days of its listing, compared to 85 before. A duplex/row house is sold within 68 days of its listing, on average. Earlier, it used to take 70 days.
A single family home, on the other hand, sells in 68 days (it used to be 61 days). There isn’t much change in the total average for residential housing.
Despite a slump in the economy, the Edmonton real estate sector has remained resilient. Generally, people are willing to pay more for new, quality housing units in multi-residential housing. For older properties, demand is the same from buyers who are looking at value-for-money deals.