The January residential sales picked up where 2020 left off with higher year-over-year sales! When compared to January 2020, the total residential unit sales increased by 47.1%. Single-Family sales led the way with an increase of 50.1% followed by Condominiums at 43.8% and Duplexes at 43.1%.
The average residential sales price was basically steady when compared to December 2020 although up 3.7% from January 2020. According to a recent housing forecast from the REALTORS® Association of Edmonton, the average housing prices are expected to remain stable in 2021, but time will tell.
Sellers became more active adding 1211 new listings compared to the 661 in December. This boosted the overall inventory from December by 5% but is less than 17% from last January.
We start February with a sales to new listings ratio favouring the sellers slightly in the Single-Family category at 61% and Duplexes at 57%. Even though Condominium sales are trending higher lately there is still significant inventory which favours a buyer’s market and a ratio of 31%.
What to expect in February along with our current cold weather forecast? We have noticed the increase in the number of step-up buyers selling their current homes and moving into the over $450,000 category. We expect this trend to continue along with the normal increase in activity as we roll into the typical spring market. If you would like any additional information or would like to discuss your personal real estate needs, please let us know.
In the meantime, please stay happy, safe, and healthy!