March Market Update: Prices relatively steady while spring sales push massive month-to-month improvement.

The most noteworthy month-to-month change was the difference in sales in the Edmonton CMA: there was a 63% increase in sales, going from 837 homes sold in February to 1364 in March, but down slightly, from 1453 sales, when compared to March 2015. 

“Sales, relative to last month, were consistent with the seasonal trends that we expect,” REALTORS® Association of Edmonton Chair Steve Sedgwick explains. “Inventory is growing, with more than 3,000 properties coming onto the market last month. Despite the inventory growth, prices are holding steady, with median prices on par with last year, and average prices up slightly due to the sale of high-end luxury homes in March.”

The average of all residential sales was 3% higher than in February and 2% higher than March 2015, coming in at $379, 524. Single family house prices hold steady, with a small .56% improvement from last year, and a 4.73% month-to-month improvement. Condo properties barely moved in price, going up 1.62% month-to-month and .55% year-to-year. 

The average days on market showed a significant improvements for condos, SFHs, and all residential. All residential homes, on average, sold 4 days quicker than last month; single family homes sold 4 days quicker than last month, and condos sold 1 day quicker. 

“When looking at housing prices, we have to take into account a number of factors,” Sedgwick said. “Last month, we saw sales of two homes in Edmonton that were priced at more than $3 million dollars. This is the first time that properties at that price point have sold in 2016, and those two sales affected the average price by several thousands of dollars. So it is important that we also look at the median prices as well, to gain a clear picture of the market.”

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