The common worth of all residence sorts reaches $414,788, with single-family houses hitting a mean of $503,711.
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The Edmonton space resale actual property market continued its torrid tempo in March, surpassing a really robust February, setting all-time data for gross sales and costs.
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“It’s been actually good; the market may be very robust, however we’re nonetheless affected by an absence of stock,” says realtor Paul Gravelle, chair of the Realtors of Affiliation of Edmonton, which launched its March information this week.
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Restricted provide apart, whole gross sales final month reached 3,283, surpassing an all-time document beforehand set in Could 2007 at 2,839 gross sales.
Gross sales final month marked a virtually 35 per cent enhance from the identical month the earlier yr, and a bounce of greater than 45 per cent from February.
Excessive demand additionally led to the common worth for all houses — up by almost six per cent, yr over yr — to succeed in a document excessive of $414,788.
The earlier document had been simply set in February at $401,390, RAE famous in a current replace.
Driving the market is demand for single-family houses, accounting for nearly 60 per cent of all transactions within the Nice Edmonton Space with 1,920 gross sales. That’s up from 1,584 for a similar month final yr.
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In flip, the common worth hit an all-time excessive at $503,711, additionally surpassing the earlier document set in February at $493,543.
Demand was additionally robust amongst different housing sorts, together with the duplex/row housing phase.
“We’re seeing a few 93 per cent listings-to-sales ratio for these kinds of houses, promoting virtually each duplex or townhome as quickly because it hits the market,” Gravelle says.
In March, for instance, 472 duplexes and townhouses listed whereas 441 gross sales occurred. Gross sales for the phase additionally jumped considerably — up 54 per cent, yr over yr.
Common costs elevated to $389,321 by almost 12 per cent. That broke a earlier worth document set in October 2007 of $367,964.
The long-struggling condominium residence phase additionally noticed rising gross sales. The truth is, it noticed the most important share bounce in gross sales, yr over yr, rising by 67 per cent. Consequently, its common worth grew virtually seven per cent to $245,070.
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The all-time excessive common worth is $271,908 set in June 2007.
Though provide stays tight, March’s numbers weren’t with out excellent news for would-be patrons.
“With the spring market upon us, we’re lastly beginning to see considerably extra new listings,” Gravelle says.
Listings elevated by virtually 8 per cent over March 2021 to 4,298, effectively above historic common, although nonetheless under the document excessive of 4,982 listings set in June 2007.
Edmonton realtor John Carter says excessive demand is leading to sellers receiving a number of presents, together with from out-of-province house-hunters.
“With many a number of presents, we’re seeing a whole lot of Ontario or B.C. patrons coming away with the property,” says Carter, dealer/proprietor of Re/Max River Metropolis.
Whereas nonetheless a small share of the general market, out-of-province patrons from dearer markets are drawn to Edmonton due to its comparatively low costs in contrast with British Columbia and central Ontario.
“The joke has been right here that we’re a ‘Purchase one, get one’ as a result of the market is so inexpensive,” Carter provides.
Robust gross sales are prone to proceed for the following two months with the spring market now effectively underway, Gravelle says.
“It’s going to should decelerate in some unspecified time in the future,” he says. “However proper now, there isn’t a signal of it doing that.”