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.
|March 2015||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$438,880||1.88%||1.48%|
|SFD median4 selling price – month||$412,500||3.13%||3.15%|
|Condominium average selling price||$249,841||-0.10%||1.15%|
|Condominium median selling price||$232,000||-1.69%||0.87%|
|All-residential5 average selling price||$373,005||2.92%||3.08%|
|All-residential median selling price||$360,000||2.86%||5.42%|
|# residential listings this month||3,152||21.98%||31.17%|
|# residential sales this month||1,453||56.07%||-6.50%|
|# residential inventory at month end||5,944||18.69%||34.69%|
|# Total6 MLS® System sales this month||1,856||33.11%||-7.01%|
|$ Value Total residential sales this month||$596 million||55.85%||-2.44%|
|$ Value of total MLS® System sales – month||$699 million||57.84%||-2.74%|
|$ Value of total MLS® System sales - YTD||$1.55 billion||92.90%||-10.70%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales