Prime Edmonton Real Estate - The latest home sales statistics for March 2016 were just released and I thought I would share some of the highlights with you. I was interested to see how the warmer weather in March, along with some of the economic news stating that Edmonton is doing better than Calgary during the energy sector slowdown, would affect home prices, if at all. Although it is good news for some and not so good for others, it is overall a positive given a lot of the bad news being spread on local and national TV.
OVERALL RESIDENTIAL SALES
It appears as though things are picking up again in the market, albeit at a slower pace than in 2015. Overall residential sales saw a 2% increase in average sales price while listing (2% decrease) and selling less (11% decrease) than this time last year. What that also means is that the sales to listings ratio has slipped as well, down from 49% last march to 44% this March. The fact that sale prices increased could mean numerous things, but I think that one of the main things that it means is that quality properties priced correctly are still selling in Edmonton.
SINGLE FAMILY HOME SALES
As with the overall market, single family homes listings are down from a year ago, with there being approximately 3% fewer listings. Sales are also down 7% year over year, which resulted in a similar sales to listing ratio as well. The average price of a single family home sale also increased slightly up 0.5% from $437359 last March to $439815 this March. So there are fewer listings, fewer sales, and pricing has edged up slightly. Interestingly there was no big change in the number of luxury homes (priced over $750000) that were sold; in fact, in certain segments the number of homes sold actually doubled - such as the $800000 to $899000 range.
The number of Edmonton condos being sold is where the most amount of change from last March. There was a whopping 23.5% decrease in the number of condos sold in the Edmonton are in March, while the number of listings stayed relatively flat (3% decrease). This has resulted in a much lower sales to listings ratio compared to last year, down from 45% to only 36%. If this trend continues, you will begin to see a much higher quantity of listings on the market overall, which will drive prices in this sector downwards. And with numerous condo projects in the development and construction stage, this may even make the market more saturated.
As I mention with all of these monthly statistics posts, these figures are a guideline, not a rule, to what may happen in your particular situations. Location, features, price point, amenities, and most importantly, home condition all factor in to what your home is worth today. If you would like to see how your home stacks up against the March home sales statistics, give me a call today to get a free evaluation.