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Edmonton Real Estate News

Spring Sales Begin To Pick Up As Prices Hold Steady


1,364 properties were sold in the Edmonton Census Metropolitan Area Edmonton, April 4, 2016:(CMA) in March, up nearly 63% from the 837 homes sold last month, but down 6.13% from the 1,453 relative to March 2015. There were 863 single family detached homes sold in the Edmonton CMA, a 67% percent increase month-over-month, and down only 1.5% from the same time last year. March saw the sale of 335 condos and 144 duplex/rowhouses, up 44% and 82% from February, respectively.

“Sales, relative to last month, were consistent with the seasonal trends that we expect,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “Inventory is growing, with more than 3,000 properties coming onto the market last month. Despite the inventory growth, prices are holding steady, with median prices on par with last year, and average prices up slightly due to the sale of high-end luxury homes in March.”

The average all-residential price was $379,524 for March, which is close to 3% higher than February, and up nearly 2% compared to $372,289 during the same in last year. Single family house prices averaged $439,815, up slightly over last year (up 0.56%) and up by 4.73% month-over-month.  Condo properties sold for an average of $251,093, up from both last month and last year, at an increase of 1.62% and 0.55%, respectively. Median prices remained virtually the same as last year, as the all- residential median price took at slight dip of less than 1% to end the month at $357,750, down from $360,000 from this time last year, but up nearly 3% from February. The median price for single family homes was up over 1% from last month ending March at $405,000, but down just over one percent from $410,000 in March of 2015.

“When looking at housing prices, we have to take into account a number of factors,” Sedgwick said.  “Last month, we saw sales of two homes in Edmonton that were priced at more than $3 million dollars. This is the first time that properties at that price point have sold in 2016, and those two sales affected the average price by several thousands of dollars. So it is important that we also look at the median prices as well, to gain a clear picture of the market.”

March’s average days-on-market dropped in almost all housing types, as it took an average of 53 days to sell a home compared to 57 last month. On average, single family homes sold 4 days quicker than last month, selling in 49 days. Duplex/rowhouses were on the market for an average of 62 days compared to 71 in February. And, on average, condos sold in 58 days, up 1 day from the same time last month.


Review these statistics and more at www.ereb.com.


 Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

 

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

 

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®.

The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate

Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).