Lower prices may help tempt more homebuyers from the sidelines in Edmonton this spring.
Prices eased in February compared to a year earlier with an average price of $350,852, down almost 0.9% year-over-year and down 0.04% from January.
The latest data from the Realtors Association of Edmonton shows that home sales in the Edmonton CMA totaled 1,295 in February, up by almost a third from January and by more than 8% from February 2019.
Single family home unit sales are up more than 11% from February 2019 and up almost 30% from January 2020 while condo unit sales increased nearly 6% from February 2019 and increased almost 53% from January 2020.
“We typically see an increase in activity at this time of year as we head into spring,” said association chair Jennifer Lucas. “There have been more sales of single family homes and condos than in February of last year while duplexes are down. Single family home pricing decreased 0.57%, duplexes are up 0.19%, and condos are down 4.37% year-over-year.”
In its recent Housing Market Assessment, the CMHC said vulnerability risk for Edmonton has decreased from moderate to low.
The number of new residential listings increased last month to 2,501 (up 4.21% from February 2019 and increasing 12.20% from January 2020) while overall inventory fell almost 8% from February of last year but increased 9.6% from January 2020.
Homes took slightly longer to sell in February than a year earlier. The average days on market for single-family homes was 71, up 1 from February 2019. For condos there was a 2-day increase to 74 while duplexes took 80 days, the same as a year ago.
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