Edmonton real estate market hits a cold streak

According to the Realtors Association of Edmonton’s report on January, both sales volume and home prices have dropped from the same time a year ago.

The average residential selling price of $310,766 was down 11.1% from January 2010. Total sales in Edmonton were at 803 in January, down 22.6% from a year earlier.

The average days on market this January was 67 days, up from 53 days in January 2010.

Weather may have been a factor, according to Realtors Association of Edmonton President Chris Mooney.

“Prices are up slightly (from December) but the cold weather seems to have kept buyers and sellers out of the market,” he said. “We expect sales activity to increase along with spring temperatures, and continue all through the first two quarters.”

Meanwhile, the Re/Max Housing Barometer Report out this week showed Edmonton house prices have risen an average of 9.25% per year since 2000, ranking second nationally behind only Regina.

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