- Inventory is at 5,944. We are watching this number carefully, as it is the first sign that prices may have to correct themselves. With 1,453 homes selling last month, we are looking at about 1 in 2.5 properties selling every month, which is still a very strong number.
- Average prices are holding. They actually increased by 1.48% on the average from last year, but remember this can be a result of a few more expensive properties selling last month, which is typical with the spring surge of activity (and there were 14 $1M+ homes that sold in March).
- Total value of MLS system sales is down 10.7% from the same time last year. This significant decrease is consistent with January and February, and shows perhaps a new normal for Edmonton to be followed carefully through the spring and summer.
My take? Homes on walkable areas still tend to be selling quickly, often in multiple offers if they are priced right. Detached homes in the outskirts are experiencing some pressure from new home builders offering price incentives to attract resale buyers to new homes. Condos are seeing the same competition from new buildings. The key to selling your Edmonton property in the spring and summer is proper pricing, outstanding marketing and professional service. Buyers are seeing awesome interest rates holding, and great buying opportunities as more himes come onto the market over spring.
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Edmonton, April 2, 2015: Despite a decline in all residential sales of 3% over those reported in March of 2014, last month saw continued growth of residential prices for the Edmonton Census Metropolitan Area CMA. The average sales price of a single family home was $438,880 – up 1.5% y/y; condo was $249,841 – up 1.2% y/y; and duplex/rowhouse was $354,022 – up 6.9% y/y.
|March 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$438,880||1.88%||1.48%|
|SFD median4 selling price – month||$412,500||3.13%||3.15%|
|Condominium average selling price||$249,841||-0.10%||1.15%|
|Condominium median selling price||$232,000||-1.69%||0.87%|
|All-residential5 average selling price||$373,005||2.92%||3.08%|
|All-residential median selling price||$360,000||2.86%||5.42%|
|# residential listings this month||3,152||21.98%||31.17%|
|# residential sales this month||1,453||56.07%||-6.50%|
|# residential inventory at month end||5,944||18.69%||34.69%|
|# Total6 MLS® System sales this month||1,856||33.11%||-7.01%|
|$ Value Total residential sales this month||$596 million||55.85%||-2.44%|
|$ Value of total MLS® System sales – month||$699 million||57.84%||-2.74%|
|$ Value of total MLS® System sales – YTD||$1.55 billion||92.90%||-10.70%|
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
3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.