Edmonton, April 2, 2012: At the end of the first quarter, the REALTORS® Association of Edmonton reports that the average residential price in the Edmonton area is up 2.2% when compared to a year ago. The all-residential average1 price, at $335,187 compared to $328,094 in March of last year. Single family detached (SFD) and condominium average prices were stable year-over-year with SFD prices up 0.2% and condos down 0.7%.
“Other markets, such as Toronto, are reporting feverish real estate activity involving multiple offers and unconditional offers but our market is calm, orderly and slowly evolving,” said REALTORS® Association of Edmonton President Doug Singleton. “Listing activity is up when compared to last year but sales and inventory are down which could indicate that market activity will pick up markedly as the summer progresses.”
On the Multiple Listing Service® System, sales and listings by REALTORS® in March were up, with 3,271 residential listings (up 23.5% from February) and sales of 1,533 (up 24.5% from the previous month). As a result, the inventory of residential properties available for sale was up 14.6% at 6,851 properties. At the current sales level, there are four and half months of inventory available. In total, there are 10,640 properties of all types (commercial, rural and residential) on the Edmonton and Area Multiple Listing Service®.
Market stability is reflected in the sales-to-listing ratio which is unchanged from month-to-month. The average days-on-market dropped in March by one day from 54 to 53 and residential properties are selling at about the same pace as this time last year on a year-to-date basis (46%).
In March, the average price of a single family detached home was $380,083, up 1.3% from the previous month. The average price of a condominium in March was $231,629, down 1.4% from the February price (last month the price of condos advanced over 8% in a month). Duplex and rowhouse properties sold on average for $319,020; a 4.1% improvement from the previous month.
“April is the start of the real estate season when people who want to buy and sell real estate are most active,” said Singleton. “There is speculation that mortgage rates will start to rise which makes it more difficult for first time buyers. However, there is lots of choice in our market with new properties coming available daily. Whatever your housing situation you can trust the advice of your local REALTOR® who is here when life happens.”
Activity (for all residential sales on Edmonton MLS® System)
|March 2012||M/M % change||Y/Y % change|
|SFD2 average selling price - month||$380,083||1.30%||0.20%|
|SFD median3 selling price||$360,000||1.80%||1.40%|
|Condominium average selling price||$231,629||-1.40%||-0.70%|
|Condominium median selling price||$220,000||-2.20%||0.00%|
|All-residential4 average selling price||$335,187||1.60%||2.20%|
|All-residential median selling price||$320,500||1.10%||3.10%|
|# residential listings this month||3,271||23.50%||12.70%|
|# residential sales this month||1,533||24.50%||-4.70%|
|# residential inventory at month end||6,851||14.50%||-0.50%|
|# Total5 MLS® System sales this month||1,717||23.70%||92.70%|
|$ Value residential sales this month||$513 Million||26.50%||-2.60%|
|$ Value of total MLS® System sales – month||$592 Million||24.70%||0.20%|
|$ Value of total MLS® System sales - YTD||$1.47 Billion||74.50%||15.10%|
2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
5 Includes residential, rural and commercial sales
* 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. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.