Edmonton’s summer boom is officially underway according to recent sales statistics, which is good news for the struggling markets of Alberta’s capital.
Overall unit sales month-to-month and year-to-year were up in May, which runs counter to many speculations that this year’s market was going to be hit with hard times, and possibly bottom out. According to The Edmonton Sun, “Unit sales for single family detached homes were up 19.3 per cent from April and up 3.8 per cent year-over-year, with 1,119 selling in May across the Edmonton Census Metropolitan Area (CMA).”
The good luck extended to duplexes and rowhouses as well, which saw astronomical growth both month-to-month and year-to-year. Sales were up over 37% compared to April and over 20& compared to last year.
This good streak stops at condos, however, which saw a decrease in sales by about 18% compared to last year, even if they were up over 5% compared to last month.
Listings remained relatively flat compared to last year, if only a little down, which is a better sign than most would imagine.
On the subject of pricing, Realtors Association of Edmonton Chair Steve Sedgwick has said the statistics are a good sign. “While new listings coming onto the market were down this May compared to 2015,” he told The Sun, “Inventory continues to remain strong with more than 8,000 residential properties on the market at month’s end. 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.”
June is the month where housing markets typically pick up, with people starting to list and look during the summer months. But the year-to-year increases are showing a solid sign of a good housing market, especially when compared to the rest of the province. Overall, the increase in housing sales and duplexes show that people are starting to buy again, and maybe even downsize in response to the changing economy. But, as Sedgwick said himself, “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. Relative to other markets in Alberta, Edmonton’s resale housing market is solid.”