The Realtor’s Association of Edmonton released the first quarter market statistics this week. With so much attention being paid to the Alberta economy, more people than ever are focused on Edmonton’s residential market. Whether you believe we will weather the economic storm based on our local economic situation, or that the rug will be pulled out from under us soon, chances are you are paying attention.
Here are the relevant highlights:
It’s spring. In residential real estate this means an expected uptick in sales volume. Both buyers and sellers are ready to crawl out of hibernation and get moving. March sales figures reflect that seasonal trend. 1,364 properties were sold in the Edmonton Census Metropolitan Area (CMA) in March, up nearly 63% from the 837 homes sold in February, but down 6.13% from the 1,453 relative to March 2015.
Properties are moving faster. March saw homes sell in an average of 53 days, a statistic that saw a consistent decline over the first quarter. Again, this is impacted by seasonality. March’s average days-on-market dropped in almost all housing types, as it took an average of 53 days to sell a home compared to 57 last month. Our experience is this: properties for sale in active price segments are still moving quickly and, often, with multiple offers on each. In the first quarter, 87% of sales were under $500,000. One of our listings saw three offers, one of which came from a buyer who had been in a multiple offer situation on four prior purchase attempts.
Inventory remains very high, up nearly 23% over last year despite the decline in sales volume. This undoubtedly puts downward pressure on sales prices, which have been slow to respond.
Sales prices are holding strong. The average residential price was $379,524 for March, up 3% from February, and up nearly 2% over last year.
As we move into Q2, all eyes will continue to remain on Alberta’s economy and housing markets. Stay in touch for ongoing updates. For a complete breakdown of the numbers, visit the REALTORS Association of Edmonton website here.