It seemed like March was off to fairly slow start for sales in Edmonton, but things definitely picked up as the month went on; there were 1625* residential MLS® sales in the Greater Edmonton Area in March according to numbers released by the REALTORS® Association of Edmonton today. That number is up from 1605 last March and 1318 last month.
Looking at the chart you'll see sales for the past 4 years have been extremely consistent in the first 3 months of the year. April seems to be a pivotal month with sales in Edmonton peaking in April 2010 while 2009 saw sales unexpectedly sky rocket and peak in June. We are definitely not expecting a path similar to 2009 sales, but we do expect a to see a small bump in sales aound the time the majority of rate guarantees at 2.99% expire. On a side note some of those 2.99% rates are not such a good deal especially if you MUST renew with that lender 5 years from now and you can't negotiate the rate. More on that later.
The average residential sale price in Edmonton was was $335,187 in March, up from $327,725 last year and $329,911 last month. The median sale price in Edmonton was $320,500 in March up from $311,000 last year and $317,00 last month. So far the gradual increase is following a typical pattern seasonal pattern. April will tell us how much confidence there is in the market.
The end of month inventory of homes for sale in Edmonton fell right in line with the last two years and sits at 6,851:
The number of new listings shot up to 1625 in March - higher than last year but much lower than 2010 and 2008:
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 4 sales whereas the association is under reporting by 73 sales on average each month).