As predicted March showed strong signs that 2014 will be a busy year for the Edmonton Area Real Estate market. When you look at the stats of March 2013 compared to March 2014 we are seeing strong numbers in almost every area. Prices as well as the numbers of sales (demand) are all up. Average Days on Market and the total amount of listing (supply) are down. With an increase in demand and a decrease in supply it is safe to say we will be seeing some price increases in the near future.
Here is a look at the numbers:
March 2014 (Edmonton Area) Monthly/Yearly Change
Single Family Average Selling Price $432,458 -0.2%/+3.0%
Condominium Average Selling Price $247,005 +3.6%
Duplex/Rowhouse Average Selling Price $331,038
Average Days on Market 44 -18.5%/-13.7%
Residential Inventory at Month End 4413 +13%/-6.9%
Total MLS Reported Residential Sales 1554 +27%/+3.6%
There are plenty of positive signs in these numbers and from what I have been experiencing with my own clients we are in for a busy year. Will we be seeing the same kind of increases as we did in the mid 2000’s? I think it is still a little early to say but we certainly should know in the next month or so.
Stats obtained from www.ereb.com
Note: Numbers likely to change slightly as sales stats for homes sold in the last few days of the month are not all yet recorded.