“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):
Edmonton Stats:
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.
Posted by Liv Real Estate
on
Hi Sara- any thoughts on what slowed March down so much (down to 1.2% yoy sales vs. a 21% yoy gain in Feb)?
Posted by Trev on Tuesday, April 4th, 2017 at 6:01amTrev, Tony slowed them down! LOL. I'm just kidding
Posted by Wally on Wednesday, April 5th, 2017 at 3:58amI can't say for certain why, but I know a lot of deals are falling apart on financing.
Posted by Sara MacLennan on Wednesday, April 5th, 2017 at 5:12amHi Sara,
Posted by James Maddock on Thursday, April 13th, 2017 at 12:51amGreat Blog. Happy to hear that Real Estate Sales up Slightly in Edmonton in March. Thanks for sharing this information with us.
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