Real Estate sales picked up in March in Edmonton, just as you would expect them to. Single Family home sales finished out the month right in the middle of where we've been every March since 2008:
March Home Sales - Edmonton
Sales of condos were just ahead of what we've seen for the past few years in Edmonton, and were actually ahead of 2010 for the first time this year:
Edmonton condo sales
That's where the easy part of analyzing this month ends... Prices jumped in March compared to February, but were still down since last March. As you know from the weekly stats, we had a lot of luxury sales in March, but were they really out of the ordinary? Here is how it all breaks down, there were 8 sales over $1 million in March (including one for $3 million), 4 in February and 1 in January for a total of 11 in the first quarter. Last year there were 14 sales over $1 million in the first quarter. For those 1st quarter sales only, the average was $1.46 million and the median was $1.3 million in 2011, while the average was $1.28 million and the median was $1.22 million in 2010. So that one sale for $3 million did affect the average but not as drastically as I originally thought.
Looking at all sales in Edmonton the prices break down like this:
March Real Estate Price Analysis
So, prices were down this March across the board compared to last March. Single family home prices are up compared to February, which is normal for this time of year, but I was not expecting to see such a large jump; the median and average both went up significantly suggesting the increase is not just due to more luxury sales. On the other hand, the average sale price of condos increased slightly while the median dropped compared to February.
Edmonton real estate prices
The average price per square foot increased in March compared to February for both single family homes ($263) and condos ($225), but were still down from last March ($271, $231).
Average price per square foot
As always this is our preliminary report, based on the sales reported in Edmonton only. When the REALTORS® Association of Edmonton releases the official monthly report for the greater Edmonton area we will post our final monthly report for March 2011.
Good Report !
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Any info on how duplexes are fairing?
Duplexes vary quite a bit value, and there are not that many sales each month – one $700k duplex sale skews the overall average so much there is no valid trend to look at in average pricing. If you’re looking for an estimate of value on your property just fill out on our online evaluation form – http://www.edmontonhomevalues.pro/free-home-evaluation/. We can email you an approximate value and send updates with similar listings and sales every two weeks so you have an idea what’s happening to your value.
Gut feeling….but I think were soon to be in for another wild ride this summer. 2007 all over again.
http://www.troymedia.com/2011/04/01/alberta-economic-snapshot-for-the-week-ending-april-1-2011/
Looks more like a replay of 2008 to me. Oil looks like it will crash the global economy again by July. Stock markets should top by May. Same story as ’08.
“Sell in May and go away” is a very old adage, not peculiar to these current conditions. As for oil crashing the economy, are we talking run-to-the-hills-apocalypse or run of the mill market depression when there are great sales on quality stocks?