Edmonton, May 2, 2013: With the a later than expected arrival of spring, average prices for housing in the Edmonton Census Metropolitan Area (CMA) decreased month-over-month in April after a surprising uptick in March. The REALTORS® Association of Edmonton reports that the all-residential price (including single family detached, condominiums, duplexes and row-houses) decreased 1.8% over March to $348,535. Compared to April 2012, the all-residential price was up 2.0%.
“The second quarter is the most active time of year for real estate sales,”
said President Darrell Cook. “Both buyers and sellers want to complete the
transaction before school starts in September and get settled into the new
neighbourhood.” About 33% of annual sales happen in April, May, and June, while
25% occur in Q3 and 19% in the last three months of the year. In April, there
were an estimated 1,645 (1,523 actual) total residential property sales through
the Edmonton Multiple Listing Service® as compared to 1,656 (actual) in April
Estimated SFD sales of 1,037 units (960 actual) were down 4.4% from last year
but condominium sales increased 4.1% year-over-year to 459 estimated sales (425
actual). There were 118 estimated sales of duplex/rowhouse properties (109
actual) in April (up 15.4% y/y). Sales numbers are estimated to account for late
reported sales and provide meaningful comparison to previous year actual sales.
Market activity picked up in April according to both market activity
indicators. The sales-to-listing ratio was up at 55% in April while
days-on-market was down from 50 in March to 49 in April. Inventory continues to
be relatively low with 5,294 residential properties of all types available on
the MLS® System at the end of April. There were 2,769 residential properties
listed for sale in April (up just 0.5% from April, 2012). “As many as 100
additional homes are listed everyday so motivated buyers need to maintain
contact with their REALTOR® to ensure that they are notified the moment that a
suitable property becomes available,” said Cook.
In April, the average price for a single family detached home was $402,270
(down 3.5% from March). The average priced condo sold for $243,503 (down 1.3%
m/m) and duplex and rowhouses prices were up 2.8% to $324,975 on average. It is
important to note that the average price encompasses all properties and can be
driven upward by a higher than average number of expensive sales in any given
month. Contact your REALTOR® to get an accurate evaluation of your home.