Prices not yet affected by adverse economic effects in this once-hot market
Inventory might be up in Edmonton, but prices are staying stable. At least for now.
“Sales, relative to last month, were consistent with the seasonal trends that we expect,” Realtors Association of Edmonton Char Steve Sedgwick 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.”
The average home sold for $439,815 in March, up 4.73% month-over-month and up 0.56% year-over-year.
However, those numbers don’t provide the most accurate picture of the health of Edmonton’s market.
“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 average price by several thousands of dollars. So it is important to look at median prices as well, to gain a clear picture of the market.”
The median home price was $405,000 in March, up 1.25% month-over-month but down 1.22% year-over-year.
Average days on market fell to 53 from 57 a month prior.
Single family homes sold, on average, four days faster than they did a month ago; duplexes were on the market for an average of 62 days compared to 71 in February; and condos took on average 58 days to sell – an increase of one day.
“Sales, relative to last month, were consistent with the seasonal trends that we expect,” Realtors Association of Edmonton Char Steve Sedgwick 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.”
The average home sold for $439,815 in March, up 4.73% month-over-month and up 0.56% year-over-year.
However, those numbers don’t provide the most accurate picture of the health of Edmonton’s market.
“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 average price by several thousands of dollars. So it is important to look at median prices as well, to gain a clear picture of the market.”
The median home price was $405,000 in March, up 1.25% month-over-month but down 1.22% year-over-year.
Average days on market fell to 53 from 57 a month prior.
Single family homes sold, on average, four days faster than they did a month ago; duplexes were on the market for an average of 62 days compared to 71 in February; and condos took on average 58 days to sell – an increase of one day.
