In its latest data release, the REALTORS® Association of Edmonton stated that the market has experienced a generous surge in sales volume last month, with total residential unit sales (across all property types) in January 2018 growing by 14.23% on a year-over-year basis.
Breaking down by category, single-family home unit sales were up 12.85% annually, while condominium unit sales were up 14.41% and duplex/rowhouse unit sales were up 22.08% over the same time frame.
“January 2018 unit sales were strong, coupled with an increase in year over year listings of more than 15%, which is typical for this time of year,” association chair Darcy Torhjelm said.
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Year-over-year, there were 15.28% more listings last month, up to 2,133 properties total. This represented a 98.63% increase month-over-month. Meanwhile, overall inventory increased by 7.05% year-over-year and by 2.97% month-over-month.
Days on market reflected the winter season, with increases across all categories compared to December 2017. For single family homes, the average days on market was 67, while duplexes/rowhouses increased to 72 average days on market and condominium average days on market was 90.
“The increase in the average days on market appears to reflect that buyers are taking time to consider their options before purchasing a new home,” Torhjelm explained. “With the mortgage stress test rule changes and the latest interest rate change, it will be interesting to see how that impacts the 2018 market.”
The full report can be viewed here.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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