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It
was a typical January. The REALTORS® Association of
Edmonton reports that housing prices in January softened and
sales numbers were low as compared to the previous month. This
January followed the usual trend with prices generally lower
than the previous month and sales on par with December.
However, except for the condo market, year-over-year prices
and residential sales were up.
“We
are predicting a slow but steady growth pattern for the market
in 2012 and, as usual, this year started off slowly but is
already showing signs of strength as we roll into spring,”
said REALTORS® Association of Edmonton President
(2012) Doug Singleton. “Listing and sales activity is up
markedly as compared to a year ago. Listings in January as
compared to December are up over 126 per cent.” There were
5,303 residential properties in the local MLS®
System at the end of January.
In
January, the average price of a single family detached (SFD)
home was $362,926, down just 1.1 per cent from December 2011.
A year ago the average price was $354,180. The condo market is
still showing signs of distress. The average price of a condo
in January was $215,407, down 4.9 per cent from the December
price. A year ago the average condo price was $223,807. Duplex
and row house properties sold on average for $304,590; an 8.3
per cent improvement from last month and up 2.8 per cent from
a year ago.
The
average residential price (including all SFD, condo, duplex
and townhouse properties sold in the Greater Edmonton Area)
was $318,034: up 0.7 per cent from December and up 2.6 per
cent from last January. Sales are not keeping pace with new
listings and the sales-to-listing ratio was low at just 36 per
cent. There were 2,441 residential properties listed and 881
sold in January (up 7.1 per cent from a year ago). Average
days-on-market in January was 65, the same as December.
“Interest
rates remain at a historic low point and are not expected to
rise this year. Combined with an expected increase in listing
activity, the low interest rates make this a great time to
enter the real estate market,” said Singleton. “Buyers have
increased choice and there is a massive amount of information
in the real estate market. REALTORS® are uniquely
qualified to sort through the data and help buyers and sellers
to make informed decisions that support their hopes and
dreams. REALTORS® are here when life
happens.”
Review these statistics
and more at www.ereb.com
* Average prices indicate market trends only. They
do not reflect actual prices, which vary from house to house
and area to area. For information on a specific area, contact
your local REALTOR®.
The REALTORS®
Association of Edmonton (Edmonton Real Estate Board), founded
in 1927, is a professional association of Brokers and
Associates in the greater Edmonton area. The Association
administers the Multiple Listing Service®,
provides professional education to its members and
enforces a strict Code of Ethics and Standards of Business
Practice. The Association also advertises property listings
and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well
as in the Real Estate Weekly and on their web site at www.rewedmonton.ca.
REALTORS® support charities involving shelter and
the homeless through the REALTORS® Community
Foundation. Trademarks are owned or controlled by The
Canadian Real Estate Association (CREA) and identify real
estate professionals who are members of CREA
(REALTOR®) and/or the quality of services they
provide (MLS®).
Contact:
Doug Singleton,
REALTOR®, 2011 President, (780) 431-5600
Ron Hutchinson,
C.A.E., Executive V.P., (780) 453-9340
Jon Hall, C.A.E.,
Manager Communications, (780)
453-9323
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