Although there was a sales surge of home sales in the Edmonton area during February, prices didn’t raise significantly, according to the Multiple Listing Service’s (MLS) figures released last Tuesday.

While the average single-family house price was $369,573 for February, up 1.4 per cent from January, or 5.6 per cent from a year ago, condominium prices actually dropped 3.8 per cent in February to $231,530 from $240,686 and duplex and row house prices rose 3.3 per cent to $315,390.

Sales figures for February showed even more extreme monthly and yearly increases.

“While prices remained stable through February, the increase in sales activity indicates that there is a demand for housing in the Edmonton area,”

said Larry Westergard, president of the Realtors Association of Edmonton.

There were 1,184 housing sales in February — up 33.9 per cent compared to January. This number was up 7.6 per cent from a year earlier.

“The upcoming changes to mortgage qualification rules and impending mortgage rate increases may prompt some buyers to enter the market earlier and cause some additional slowdown in the third quarter,”

Westergard said.

Concerns about inventory falling short were also allayed by 2,505 residential listings added during the month for a total inventory of 5,449 homes, while the average number of days on market was 10 days down to 47.

The sales-to-listings ratio, a key indicator of market conditions, was 47 per cent, which suggests a balanced market.

Source:

Edmonton Journal

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