Prime Edmonton Real Estate - The Edmonton real estate sales statistics have been released for February 2016 from the Realtors Association of Edmonton. Here are some of the more interesting figures:
- There was a 14.8% increase in properties being listed and a 18.5% decrease in the number of properties being sold from February 2015 to this February. This translates into a listings to sold ratio decrease of 30%.
- The average sale price of all types of property sold in the Edmonton area in February was $363266. This compares to an average sale price of $364253 from 2015, a very slight decrease of less than 1%.
- The average number of days that a listing was on the market before selling was 57, which was 9 days longer than last February
- There was a 20% increase in the number of condo listings this February in the Edmonton area compared to last year, as well as 23% decrease in the number of condo sales. The result? A decrease in the sales relevant to the number of listings by over 34%.
- The average sale price of condos sold in the Edmonton area in February was $247090. This is a 1.5% decrease in average sale price compared to February 2015, which is a very small amount.
- The big surprise is in the number of days listed before a condo sold, which doubled from last February's average of 35 to 71 days this February.
SINGLE FAMILY HOME SALES
- There was a 10% increase in the number of homes listed in February of 2016 compared to last February, as well as a 15% decrease in the number of sales, which resulted in a 21% decrease in the sales to listings ratio for Edmonton and area single family home sales.
- The average sale price of a single family home in Edmonton was $419940 in February, a decrease of just under 3% from February of 2016.
- The average number of days on market before selling increased by 8 days this February over last year's total, an increase of 17%.
WHAT DOES IT ALL MEAN?
It is clear that the housing market is entering into a slower phase of sales, marked by slightly lower prices and longer periods of time to sell. If you are thinking of selling in the next little while it will be very important that you price your home correctly, either at or just under market value in order to secure a quick sale. From a buyer's perspective, it appears that all areas of the market will be cheaper to buy, with more selection and fewer buyers.
Remember that these are general statistics and recommendations based on those stats. If you are looking to buy or sell your home in the Edmonton area, make sure that you contact your local Realtor® to get the specific statistics for your situation!