“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):
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 6:01am
Trev, Tony slowed them down! LOL. I'm just kiddingPosted by Wally on Wednesday, April 5th, 2017 at 3:58am
I 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 5:12am
Great Blog. Happy to hear that Real Estate Sales up Slightly in Edmonton in March. Thanks for sharing this information with us.