“Consumer confidence amongst home buyers in Edmonton and surrounding areas remains strong and is reflected by increased unit sales in the single family detached and duplex/rowhouse categories,” REALTORS® Association of Edmonton Chair Steve Sedgwick said. “Relative to other markets in Alberta, Edmonton’s resale housing market is solid.”

Total new listings were down less than 1% relative to last month and 2.5% compared to May 2015, with 3,233 new properties coming onto the market in May. The sales-to-listing ratio for single family detached homes was 61% for May 2016, up 10% from April and on par with May 2015. The sales-to-listing ratio for duplex/rowhouses was 73%, down 13% from May 2015 but up 22% from last month. Condo properties are entering a buyer’s market, with a 40% sales-to-listing ratio, up 2% from last month, but down 13% from last year.

The average single family detached home in the Edmonton CMA sold for $440,573 in May, virtually on par with April’s average price of $439,982, but down almost 3% compared to the average price of $453,748 in May 2015. Average condo prices at $254,555 are up over 1% month-over-month, and almost flat to last year. Duplex/rowhouse average prices increased compared to both the previous month and May 2015, up 3% and 1.5% respectively.

“While new listings coming onto the market were down this May compared to 2015, inventory continues to remain strong with more than 8,000 residential properties on the market at month’s end,” Sedgwick said. “The fact that we haven’t seen a significant decline in prices is giving buyers more assurance. They are making purchases based on market stability and good selection.”  

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