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Prices Hold, Inventory Up: April 2015 Edmonton Real Estate News

Blog by Sara Kalke | April 2nd, 2015

The numbers are in and we are still doing well in the 2015 Edmonton real estate market, in spite of low oil prices and job layoffs.  As always, here are my top 3 points from this month's reported statistics:

  1. 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.
  2. 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).
  3. 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.

Need help with your real estate? I am here for you!

Sara Kalke
(780) 710-7669

Edmonton and Area Average Price Still Up

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.

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®.