EDMONTON – With Alberta’s economy still in a tailspin, the Realtors Association of Edmonton issued what may be surprising to some; an impressive rise in the sale of houses last month.
The new figures show 1,364 properties were sold in the Edmonton Census Metropolitan Area in March, a significant jump from the 837 homes sold in February.
Duplexes and townhouses saw the biggest rise in transactions with an 82 per cent surge in sales month-over-month, while condominium sales only rose 44 per cent in the same time frame. Single family detached homes saw a 67 per cent increase in sales compared to February.
Despite the positive showing, March 2016 sales were down a little over six per cent from the same time in 2015 when 1,453 properties were sold.
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Steve Sedgwick, chair of the Realtors Association of Edmonton, sounded pleased with the latest statistics.
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“Sales, relative to last month, were consistent with the seasonal trends that we expect,” he said. “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.”
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Average residential prices reached $379,524 in March 2016, up by nearly three per cent over the previous month and up almost two per cent from prices in March 2015. However, at $357,750, residential median prices were down slightly from the $360,000 they were at in March 2015.
“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. 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.”
Edmonton homes appear to also be selling more quickly in addition to more often; the average number of days on the market dropped to 53 in March from 57 in February.
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