LATEST MARKET STATS

Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May according to the REALTORS® Association of Edmonton. Housing sales dropped 10% when compared to the same time last year. Single family detached homes (SFD) were down 14.4% Y/Y and duplex/row house sales were down 20.3%. However, condo sales were up 4.9% compared to May 2012.

According to Daryl Cook, President of the REALTORS® Association of Edmonton, some buyers are having difficulty finding their perfect home. He states that inventory levels are rising but below traditional norms and that there is a shortage of attractive single family homes at the lower end of the price market which is causing many buyers to hold back from entering the market. First time buyers are having to find a condo that are in their price range as compared to a traditional home.

Listing activity picked up in May with 1,969 SFDs (single family dwellings) listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.

The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.

“Increased activity at the higher end of the market drove up the average price of SFDs,” said Cook. “At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. Their REALTOR® can help them identify property that meets their needs.”

The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.

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