Well Spring is officially here and for the first time that I can ever remember we have golf courses opening March 31st/April 1st!!
March was much busier month in Edmonton and area as the Spring Market seems to building momentum.
“Sales, relative to last month, were consistent with the seasonal trends that we expect. Realtors Association of Edmonton Chair, Steve Sedgwick explains, “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 all-residential price was $379,524 for March, which is close to 3% higher than February, and up nearly 2% compared to $372,289 during the same in last year. Single family house prices averaged $439,815, up slightly over last year (up 0.56%) and up by 4.73% month-over-month. Condo properties sold for an average of $251,093, up from both last month and last year, at an increase of 1.62% and 0.55%, respectively.
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 dollars. This is the first time that properties at that price point have sold in 2016, and those tow 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.
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. On average, single family homes sold 4 days quicker than last month, selling in 49 days. Duplex/rowhouses were on the market for an average of 62 days compared to 71 in February. And, on average, condos sold in 58 days, up 1 day from the same time last month.
So the market is getting much busier and there is still a decent selection of homes on the market tipping the advantage slightly towards the buyers.
If you are thinking of buying or selling in 2016 please give me a call!
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