Real Estate Trends...room to excel in 2012!

Edmonton and Surrounding Areas as of April 3, 2012:

The month-end Multiple Listing Service® sales figures for the month of March 2012 released by the REALTORS® Association of Edmonton yesterday revealed a strong showing for Single Family Dwellings and Duplex style properties, but a slight dip or retraction on the average condo prices. The all-residential average* sales price of $335,187 was up 1.45% from last month.

  • Single family detached homes sold on average for $380,083 which is a slight gain of 1.16% from last month’s sold average of $375,697. Sales to Listings Ratio 50% / YTD 50%
  • Duplex/Rowhouse homes sold on average for $319,020 which is a gain of over 4% from last month’s sold average of $ 306,266. Sales to Listings Ratio 48% / 46%
  • Condominium average price ($231,629) was down 1.75 % month-over-month (from $235,754) and down 0.8% from a year ago (from $233,451). Sales to Listings Ratio 43% / YTD 40%

Notable Items:

Last month Morinville and Fort Saskatchewan realized a small spike in the volume of Single Family Homes sales due to better pricing available as compared to the same time last year.

Residential Year to Date: Average Days on Market 56

Rural Year to Date: Average Days on Market 114

Looking back to My  Real Estate Forecast at the onset of January 2012

“A 6-7% growth in the real estate market shouldn’t be a stretch, taking into account that our average residential price* of a Single Family Home is only at $364,803 (for the period ending Dec 31st 2011) and with the lower interest rates and the spring market upon us, we should most likely see a $389,000 to $390,000 average residential selling price by May/June 2012”.

Currently we are at a 4.19% increase of the average residential price* of a Single Family Home at the end of March 2012 ($380,083).

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area.

Guy Pelletier

Guy Pelletier

Broker/Owner
CENTURY 21 Reward Realty
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