Real Estate sales in the Greater Edmonton area were up 9.8% from last March. 1647* residential listings sold in the Greater Edmonton Area in March - the most sales we've seen in March in at least 7 years.
The average residential sale price was up 2% from last March at $361,870, for the second month in a row we've set a new record for the highest overall residential average on record.** The median sale price was up 3.6% over last year at $341,500. As we already know from yesterday's report, single family home prices in the City Limits are up 7.5% while condo prices are basically flat and appear to be holding the overall residential average in check.
The inventory of homes on the market remains lower than previous years, and the gap is increasing. There were 4,413 listings on the market at the end of March, what we would typically see on the market in January. It's fairly obvious that low supply and high demand are causing prices to rise.
For the first time this year we saw a noticeable increase in new listings compared to last year. 2584 new listings came on the market in March, up 7.8% from last year. Strong sales continue to keep inventory below normal levels, even with the increase in new listings.
*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. For example, in January they reported 820 sales when there were actually 902, about 10% off.
**The overall average residential sale price record was set in July, 2007 $354k. However, the boundaries included in the stats in 2007 were different, as they included all listings from the REALTORS Association of Edmonton. As of last year, the boundaries were changed to only include sales in the Edmonton CMA as identified by CMHC which includes the City of Edmonton and the Counties of Leduc, Parkland, Strathcona, and Sturgeon and the municipalities therein. Since the stats were only worked backwards for 5 years under the boundaries, this is not an accurate comparison, but it's interesting none the less.