Edmonton, June 2, 2016: Unit sales for single family detached homes were up 19.3% from April and up 3.8% year-over-year, with 1,119 selling in May across the Edmonton Census Metropolitan Area (CMA). Unit sales of duplexes and rowhouses increased 37.2% over April, and 23.03% over May 2015 with 203 units sold in the month. Condo sales were up 5.3% month-over-month, but down 18.2% year-over-year. All-residential sales at 1,771 were up more than 18% from April and down less than 1% compared to May of last year.

“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.”  

In May, the all residential average days-on-market was 54 days, up 14 days from April and up 8 days relative to May 2015. On average, single family detached homes sold in 51 days in May, while condominiums and duplex/rowhouses sold in an average of 59 days.

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MLS® System Activity (for all-residential sales in Edmonton CMA1)

1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold 
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses. 
6 Includes residential, rural and commercial sales

Source: Realtor's Association of Edmonon

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I sold a builder spec  home to a client of mine a few months ago and it occurred to me that many people have never gone through this process before.  As a former home builder I know that dealing with deficiencies is common place when custom building homes for clients. However when someone is buying a new spec home through a builder they may not be aware of how to deal with deficiencies.  I like to write into the purchase contract that the builder and client will have a walkthrough prior to possession to jointly identify any building deficiencies that need to be addressed. These can then all be documented and signed by both the builder and the buyer that they will be rectified. I like to do the walkthroughs with my clients as I have the experience to both notice what needs to be addressed as well as identify those items which are within the acceptable tolerance level. As  a result I can play an effective role as a mediator while ensuring my client’s needs are being addressed. An example of this is in the picture to the left. During my review I noticed a piece of finish trim was missing on the shower valve creating a void where water could enter the wall system and cause significant damage. This was brought to the builder’s attention and promptly addressed. In many  cases deficiencies are addressed prior to closing requiring another walk through to confirm. However in some cases it may not be possible to address them prior to possession. In these cases the lawyers can holdback a portion of the funds to ensure the builder comes back to rectify. 

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.