The Realtor Association of Edmonton released March housing figures earlier this week with industry leaders nodding heads in agreement: all was well in Edmonton, especially considering what’s happening in other markets throughout Alberta.
Inventory levels are fairly high with an influx of more than 3,000 units hitting the market last month and thanks to the sale of a couple luxury homes in Edmonton, the average single family home price was bumped up over previous figures.
A total of 1,364 residential units were sold in March, which was up a whopping 63% over February’s sales charts of 837 units but still a drop of 6.13% over March 2015. Of those 1,300 plus units that traded hands, 863 were single family detached homes which is 67% more homes sold in March than in February and just 1.5% fewer than March 2015. As well, 335 units were condominiums and 144 were attached homes, the latter which performed 82% higher than the previous month.
Despite the seemingly huge spike in home sales over February 2016, association chair Steve Sedgwick says that sales are following typical season trends, something the industry typically expects in spring.
Sedgwick notes that inventory is growing but despite the huge selection of homes on the market that Edmonton buyers are enjoying, so far there is no extreme downward pressure on home prices. Prices in Edmonton are holding steady as indicated by the median prices which are holding their own compared to similar activity in 2015.
The average home price last month was $379,524 which is actually 3% higher than it was in February and 2% above March 2015 thanks to the sale of just two high-end homes which skewed the average price. Single family averages were up by just half a percentage point over last year but 4.73% over February. Condo prices were also up half a percentage point over last year and 1.62% higher than February 2016.
Median prices in all residential segments are very much in line with 2015 activity and up very slightly over February 2016.
Sedgwick says his analysists use media prices to get a better picture of just what’s happening in the market as the sale last month of two homes in the Edmonton area, both priced over $3 million, drastically alter the average sales figures presenting a completely different picture.
The number of days to sell a home in Edmonton dropped from 57 in February to 53 in March. Breaking that down further, detached homes took 49 days to sell, four days faster than in February. Condos actually took one day longer to sell than they did in February, at 58 days and attached homes took the longest, sitting on the market for an average 62 days but still 9 days fewer than February 2016.
Sedgwick states that the association expects the market to be just as stable as it has been in the first quarter of this year.
March 2016 Change from Feb 2016 Change from March 2015
Average Price: $439,815 4.73% 0.56%
Median Price: $405,000 1.25% -1.22%
Condo Average Price: $251,093 1.62% 0.55%
Condo Median Price: $233,500 4.24% 0.86%
Residential Listings: 3,082 11.46% -2.22%
Residential Sales: 1,364 62.96% -6.13%
Residential Inventory: 7,294 9.18% 22.71%