<<< back to article list

Top 3 Things to Know for the 2015 Edmonton Real Estate Update: March 2015


Blog by Sara Kalke | March 3rd, 2015


Wow so many numbers!   The latest report was released from the REALTORS® Association of Edmonton, which is, in my opinion a little confusing!  It's like the article can't make up it's mind, with one number up then the next one down.  The reason is that there is some good news and some not as good news for the market.  Here is what is important so you can make sense of all the numbers!

Top 3 Points from the February 2015 Real Estate Numbers:

1)  Average prices are holding.  I prefer to look at year-over-year trends rather than month-to-month variation, as a few homes can cause quite a blip.  The single family house price was up 1.17, and condos 4.7%  from February 2014, largely due to the solid gains that we saw over the summer and fall in 2014.

2)  Sales volume is down significantly, -18.44% from February 2014.  This means quite simply that fewer houses are selling in total.

3)  Inventory volume is up.  We are now at 5,008 residential homes on the market (this includes condos and detached homes).  This same time last year, we were at 3,537. 

What we are going to see is more homes on the market, and fewer sales, meaning if you want to be the home that sells, you have to have the best marketing, the best staging, the best team working for you, and yes, the best price for what you are offering. 

All that said, I am noticing it is extremely busy out there.  My phone is ringing steadily with both buyers and sellers, and my listings have for the most part been selling very quickly!

Questions?  Thinking of selling or buying?  I'd love to help!

Your Edmonton REALTOR®,

Sara

Direct: 780-710-7669







Prices Remain Strong as Spring Sales Pick Up

Edmonton, March 3, 2015: Average prices maintained positive growth month over month and year over year in the Edmonton Census Metropolitan Area (CMA) market. The all residential price was up a mere $38 from January (up almost 1 percent from February 2014). Single family houses averaged $430,770 up 0.84% over January and 1.17% over the same month last year. Condo prices continued upward with a 1.2% increase over January and 4.7% increase from February 2014. Duplex and Rowhouses were down 10.55% from January but are up 0.68% from the prior year.

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®.