Edmonton, April 2, 2015: Despite a decline in all residential sales over those reported in March of 2014, last month saw continued growth of residential prices for the Edmonton Census Metropolitan Area CMA of 3%. The average sales price of a single family home was $438,880 - up 1.5% y/y; condo was $249,841 - up 1.2% y/y; and duplex/rowhouse was $354,022 - up 6.9% y/y.
Sales are down in all categories except duplex/rowhouse which are up over 6%.
Single family sales were 876 down 4.5% over last March (917 reported). 416
condos sold last month compared to 474 in March 2014. All residential sales for
March were reported as 1,453, down 6.5% from 1,554 reported last year.
“The fact that our prices did not have the dramatic increases seen over the
past few years in other cities like Calgary, Toronto and Vancouver means we have
not experienced the same overvaluation.” REALTORS® Association of Edmonton
President Geneva Tetreault explains, “That is why our prices are not taking the
same hit even though our inventory is way up and sales are slightly down. A more
accurate valuation should keep our average prices more stable.”
March 2014 had 14 million-dollar plus sales (30 YTD), March 2015 had 8
million dollar plus sales (19 YTD). “Last year we saw a dramatic increase in
sales of homes priced over a million. Even though the number of those high price
sales are down this year, our average price is up. That is a good sign that we
are not seeing our average prices inflated,” says Tetreault. “The big story
continues to be the increase in inventory. We ended 2014 with a fairly low
inventory. The influx of new listings means that buyers now have the opportunity
to be a little more choosey. Having a REALTOR® help you navigate the market is
always a wise decision, particularly in a complex market like ours.” Residential
listings are up over 31% from last March with 3,152 new listings coming on to
the MLS® System in the Edmonton CMA. That left us with an ample inventory of
5,944 properties for sale.
Rural areas seem to be seeing the same trends with total rural sales down 8%
from 156 reported in March 2014 to 143 reported this year. Rural listings are
also up, but only by 12%, a much smaller margin than the Edmonton CMA. Over 699
million dollars in residential sales through the REALTORS® Association of
Edmonton occurred in March 2015.