Home buyers in Edmonton and area shrugged off the cold to buy a record number of homes for the month of February.
The 1,249 homes sold through the Multiple Listing Service in February set a new benchmark for the month, said the Edmonton Real Estate Board. That figure is up 14.3 per cent from last year.
The average selling price of homes in the region continues to climb as well, largely due to the increase in sales of higher-priced homes.
There were 1,461 homes listed in February, a 15-per-cent decrease over last February.
The sales-to-listing ratio for the month was 85 per cent, an aggressive jump from last year’s 64 per cent and shattering another record, said the EREB.
“Strong economic growth in the province, particularly northern Alberta, continues to buoy consumer confidence,” said EREB president Ken Shearer.
“Buyers, from first-time to move-up, are taking advantage of ongoing low mortgage rates and the relative affordability of our marketplace,” Shearer said.
The average selling price of single-detached homes in February reached $164,680, up 16.2 per cent from last year, while the median price of all home sales last month was $155,300. Both figures are record highs.
Half of all selling prices are below the median figure, while half are above. Condominiums, now accounting for 26 per cent of all home sales, averaged $97,213 for the month, up 8.6 per cent from last February. Duplex/rowhouse properties were up 19.4 per cent to an average of $135,078.
A comparison of February sales this year over last by price range shows 52 per cent (vs. 69 per cent) of home sales were under $140,000, while 27 per cent (vs. 18 per cent) were $140,000-$180,000, and 13 per cent (vs. 10 per cent) were in the $180,000-$250,000 range.
Homes sold last month had been on the market for an average of 36 days, compared to 47 days last year – the fastest pace of sales for the month in 12 years.
The month closed out with 1,696 homes available for sale on the MLS, the lowest inventory for a February since 1990.
