Real Estate Sales up Slightly in Edmonton in March – UPDATED
The REALTORS® Association of Edmonton released their monthly report on the real estate market in Edmonton this week, saying:
“We generally see activity in the housing market start to increase at this time of year,” says James Mabey, REALTORS® Association of Edmonton Chair. “Buyers can look forward to more inventory to choose from and sellers can count on more buyers in the marketplace.”
There are some interesting sub-plots going on when you dig into the numbers. First off, luxury home sales have significantly increased in the first quarter of 2017:
As you can see from our snapshot on the market below, prices are up slightly, while inventory is down and sales are up:
The board changed the way they report sales, so I won’t have to make adjustments for reported sales anymore. Here is the new chart, showing sales in March right in the range you’d expect at this time of year:
The average price of residential properties in the greater Edmonton area was up 3% to $371,680 and the median price was down 2.3% to $349,500.
The inventory dropped 6.7% from last year to 6,806 listings:
New listing activity bounced up in March to roughly the same level we saw last year (3080 this year vs 3082 last year):
Much like February, Edmonton real estate sales were slightly improved in March, compared to last year. 740 single family homes sold in March, up 1.2% from last year.
334 condos sold in Edmonton in February, up 11% from last year:
The average price of single-family homes was up 1% to $439,463 and the median price was unchanged at $389,950. The average price of condos was down 4% $243,437 and the median price was down 7% to $218,000.
The average price per square foot for single family homes was down $2 to $282 and for condos was down $3 to $239.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.