“We generally see housing market activity increase at this time of year,” says Darcy Torhjelm, REALTORS® Association of Edmonton Chair. “Despite the year over year decreases, the market is still growing relative to February 2018 in preparation for the spring buying season. Market growth should continue in the coming months.”
One part of the market has certainly gained activity, and that's listings. New listings were up 12% over last year and end of month inventory was up 17% over last year, while sales were down 12%. Last year at this time we were at a 48% listing to sales ratio with 4.6 months of inventory, this year we're sitting at 37% and 6.15, respectively. Supply is up, demand is down, and mortgage rates are on the rise - I don't think I have to explain what that should do to prices in the coming months. Here's our snapshot of the real estate market in the Greater Edmonton Area in March:
Edmonton Stats - Published April 1/18
Our preliminary report on the Edmonton real estate market in March shows sales down 13% from last March; 644 homes were reported sold in March, just slightly higher than the slowest March in the past 10 years (2009).
Condo sales were down 18% from last year, 274 condos were reported sold in March, making it the slowest March for condo sales in at least 10 years.
The average price of single-family homes was up 0.4% from last March to $441,361 but the median price was down 1.5% to $384,000. This suggests high-end sales made up a larger portion of overall sales this year - in fact, there were 13 sales over $1million both this year and last year, but with fewer sales overall this year high-end sales did make up a larger portion of sales. The average price of condos was down 4.8% from last March to $231,738 and the median price was down 2.5% to $212,500.
The average size of single-family homes was up slightly from 1557 square feet last year to 1566 this year.
The average price per square foot for single-family homes was unchanged from last year at $282/square foot and condos were down $16 to $223.
Leave A Comment