Ok so it's not just our office that's busy. Just kidding The last time we saw over 800 sales of single family homes in the month of March was in 2007 when there were 874 sales. We didn't quite hit the level of sales we saw in 2007, but we came close in March. There were 840 sales of single family homes in Edmonton in March, up 12% from last March.
Condo sales were up 31.8% over last year; 481 condos sold in Edmonton in March. When single family home prices increase significantly, condo sales tend to increase in Edmonton, as some buyers look to condos when single family homes become unaffordable. When you add in the fact that the inventory of single family homes is quite low, more and more buyers are considering condos and the increase in sales is the result. Now, I don't want to draw too many comparisons to 2007, but I know people are going to ask - there were 774 condo sales in Edmonton in March 2007 when the condo market really took off in response to what was happening in the market in general at that time.
The average price of single family homes sold in Edmonton in March was $431,364 - up 6.3% from last year. The median for single family homes was $388,950, up 7.5% from last Mach. The average sale price for condos was $243,894, up 0.3% from last year, and the median sale price was $228,807, up 1.7% from last March.
The average price per square foot was also on the rise in March. Single family homes sold on average for $284/square foot, up 6% from last year. Meanwhile, condos sold on average for $234/square foot, exactly the same as last year.
As always this is our preliminary report on the Edmonton real estate market, our final monthly report on the greater Edmonton area will be posted when the numbers are released by the REALTORS® Association of Edmonton.