Average residential resale prices shot up, waaaay up in March in Edmonton. Preliminary figures show the average residential MLS® sale price in Edmonton sitting at $343k compared to $317k last month, a figure not seen since March of 2008. The REALTORS® Association of Edmonton will release the final numbers in the next few days – expect to hear a lot about this in the media. Once the numbers are released we will post our final monthly report and charts as well.
I've had a lot of people asking me by email and our fun little chat box about their home values lately, specifically people seem to want to know how much their home is worth now, if it was worth $X last year or the year before. I can't stress strongly enough that the average sale price moving up or down a certain amount does not mean the value of every home in the city has gone up or down that amount. The average sale price tells us about trends in the market, but the value of each home is determined on a micro level. Every evaluation we do comes out differently – we are seeing some homes back to peak pricing while others lag seriously behind. If you want to know the value of your home we're happy to do an online home evaluation for you, just fill out this form and we'll get back to you with our evaluation by email (please keep in mind if we get a rush of evaluation requests this weekend our turn around time will be slower).
So, onto the numbers for Edmonton…. The average sale price of single family homes in Edmonton was up sharply in March to $395,621 compared to $372,262 last month and $349,862 last March. The last time the average was this high was April of 2008. The average sale price of condos in Edmonton was also up this month to $251,263 from $229,084 in February and $230,097 last March, and about equal with July 2008:
The average price per square foot also rose, indicating the average increase in average sale price was not just due to increased sales in higher price ranges (we will look into this further in an upcoming post):
Sales of single family homes were up as well, 781 single families homes sold in Edmonton last month compared to 543 last month and 636 last March:
Condo sales did not increase as much as single family home sales; 376 condos changed hands in Edmonton in March compared to 347 in February and 327 last March. Condo sales are similar to the numbers posted in 2005 and 2008:
We have not done a special report for our subscribers in a couple of months, but we will be doing a special Spring Market Report soon so subscribe today if you don't want to miss out.