2013 Sales Up 8% in Robust Local Housing Market
Edmonton, January 6, 2014: Sales of residential property through the Edmonton Multiple Listing Service® (MLS®) System in 2013 in the Edmonton CMA were almost eight percent higher than in 2012. From 2011 to 2012 the number of sales increased 6.2%. There were 17,055 residential sales reported in 2013 as compared to just 15,812 in 2012.
Sales were up in all residential categories with 10,487 SFDs sold in 2013 (up 3.4%) along with 5,059 condominiums (up 14.7%) and 1,144 duplex/rowhouses (up 18.2%). First-time buyers accepted the condo lifestyle as a way to get into the housing market. Compared to 2012, the percentage of SFDs sold dropped from 64% to 61.5% of total sales while condo sales increased from 28% to 30%.
The higher sales numbers were driven by the strong local labour market, continuing low mortgage rates, and a stable pricing environment. The 12-month, all-residential average price in 2013 was $350,208, a modest 2.95% increase over the 2012 price of $341,891. Median prices increased from $331,000 from $323,000, only a 2.48% lift, indicating that there was increased activity at the mid-market price point this year.
“REALTORS® report that there has been a shortage of lower-priced homes all year which has pushed value conscious buyers up-market or into condos,” said REALTORS® Association of Edmonton, President Greg Steele. “New home builders are trying to fill the void by building more condos and single family homes at lower price points.”
The all-year sales-to-listing ratio was 69% with average day-on-market at 53 days. The active market was highlighted by a year-end inventory of just 3,049 properties: a drop of 1,000 from the month previous.
During the month of December, the price of a single family detached property rose 4.4% from $405,826 in November to $423,544 in December. Condo prices dropped 2.4% in December to $234,967 while duplex/row house prices shot up 9.8% to $358,978 (following a marginal uptick the month previous). Overall, the average all-residential prices was up just 1.1% to $350,208 when compared to the previous month. December sales (adjusted for late reported sales) were: SFD – 471, condo – 271, duplex/row house – 45, and total residential sales 805.
“Now that the hectic holiday season is over, listing and sales activity will pick up as it always does,” said Steele. “Buyers are urged to take advantage of the low mortgage rates while market conditions are favourable and to consult with their REALTOR® about the advantages of a resale home or condo in any of the communities in or around Edmonton.”
Real Estate Association of Edmonton: http://www.ereb.com/News&Events/LatestMarketStatistics.html
