March 2018 Real Estate Report

April 1, 2018 7:21 pm Published by

Welcome to my monthly Edmonton Area Real Estate Report

Let’s make a deal, I won’t mention the weather and you won’t remind me that the high for today is only going to be -5 C!!! Yup its April 1 and that’s not an April’s Fool Joke! Oh well, the sun is shining, the Easter Bunny arrived and I’m feeling good about spring and all it has to offer.

The March 2018 Edmonton and Area Real Estate market increased activity from February as expected. The arrival of spring typically brings more buyers and sellers together and we saw an overall increase by 22.8% in total residential sales from February. The average selling price of all categories was fairly stable at $374,142 and the average Single Family home increased to $444,085.

While the market is following the typical seasonal trend, a close look at the data shows that 2018 is off to a slower start than 2017. Overall sales this March decreased by -12.35 % from last year while the active inventory is up by 6.91%.

I think this might be a reflection of some people holding off their decision to buy or sell based upon mixed signals of the market conditions. While interest rates were initially forecast to increase it now appears a rate hike in the near term might not occur. That said, while the Edmonton area economic activity was forecast to increase a bit in 2018, the February job numbers showed a drop of 5100 positions (Refer to this Edmonton Economic Newsletter: https://goo.gl/NXnN8x).

Where do we go from here? For Buyers you have good interest rates, stable prices and a great choice of inventory. If you’re sitting on the fence, what are you waiting for? For Sellers, prices have held fairly stable with some increase in the Single Family category. There are Buyers, so to shine in this market, make your home sparkle and price yourself competitively.
Average Prices: MOM / YOY
 Single Family $444,085 (+0.42% / +1.13%)
 Condominium $234,212 (-1.10% / -3.47%)
 Duplex/Rowhouse $350,167 (-1.26% / 0.39%)

March 2018 Statistic Tid Bits
 13 homes sold this March in the Edmonton Area for over $1,000,000
 More Single Family homes sold in the $350,000 -$375,000 range than any other
 40% of all Single Family homes sold in the $300,000 – $399,999 range

As always, I appreciate your referrals and if I may of any service, please let me know.

Cheers, Chris

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This post was written by Cat and Chris