Things are looking up: Latest housing numbers show real estate market stable in 2017

The real estate market in Edmonton held steady throughout 2017, according to new data from the Realtors Association of Edmonton.

“2017 was a steady year for real estate in Edmonton and many of the surrounding municipalities, where sales and prices were quite stable for the majority of the year,” said Darcy Torhjelm, chairman of the Realtors Association of Edmonton. “For most of the year, we continued to see home buyers take advantage of low mortgage rates and a slightly increased inventory, while sellers enjoyed solid prices for their properties.”

Residential year-to-date sales in 2017 were up 1.5 per cent overall as the average sale prices of single-family homes increased less than one per cent to $437,744 over the previous year.

The average sale price for duplex or row homes climbed 0.12 per cent to $348,225 while condominium prices dropped nearly one per cent to $248,130 in 2017.

The all-year sales-to-listing ratio was reportedly fairly balanced at 52 per cent.

Sales slumped in December over the holiday season, as expected. Average all-unit sales decreased 22 per cent from November to December, but increased 19.4 per cent over December 2016.

“Now that the holiday season is over and a new year is here, we expect listings and sales to begin to ramp up again,” said Torhjelm.

The highest priced single-family property listed and sold in December in the greater Edmonton area was a single-family home listed for $3,498,000 that sold for $1,750,000.

The highest priced condo was listed at $1,695,000 and sold for $1,360,000 while the highest priced duplex or row house was listed at $1,100,000 and sold for $935,000.