February shows a market holding steady and ripe with listings, but with some hesitance from buyers, who are taking their time to pick their desired homes. Residential inventory ended the month at 6,681 properties for sale in the Edmonton Metropolitan Area, a 16.17% increase from January and a 33.41% increase from February 2015. Sales are up 36.54% since January, but 10.1% lower than February 2015. The average day a house was on the market had a significant month-to-month improvement, with houses selling 14 days sooner than in January, but 9 days slower than February 2015.
“Sales numbers are increasing consistent with seasonal trends,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “Relative to 2015, potential buyers have more inventory to choose from. Despite this inventory growth, prices have moderated only slightly compared to last year, so home owners and sellers can maintain some confidence that housing prices are remaining stable.”
February showed signs of an improving market, with the average all-residential selling price ending the month at $363,266, which is 6.93% higher than January and almost on par with February 2015. Single family detached house prices (SFD) averaged $419,940, which is 2.79% less than February 2015, and condo properties were down 1.32% since February 2015.
“Buyers are still taking their time to consider all of their options before purchasing a new home,” Sedgwick said. “But with warmer weather just around the corner, clients are reaching out to their REALTOR® for support as the busy spring buying season approaches.”
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