Edmonton buyers and sellers remain optimistic
Housing figures released by the REALTORS® Association for March and the first quarter of 2010 show that resale housing prices are up; listings and sales are up.
There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market. Prices are up about 10% from a year ago and sellers are eager to take advantage. Buyers are aware of higher mortgage rates ahead and are getting into the market before the rates rise.
Single family residences in the Edmonton area sold on average for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March. Duplex and rowhouse prices (at $313,836) dropped a third of a percent in March but were up 10.4% from a year ago. The average residential price was $343,607 (up month-over-month by 8.5%).
Sales also demonstrated the optimism of the marketplace. 3,728 residential listings in March were up over 30% from a year ago and up 246% in the first quarter. Residential sales of 1,571 properties in March were up 15.1% from a year ago and 77.3% in the first quarter. Sales were up from 1,307 in February: a 20.2% increase. The March sales-to-listing ratio was 42%; down from 52% in February.
Seller activity has boosted the inventory to 6,770 residential properties. I am less concerned about available inventory now than I was at the beginning of the year. I think the market has reached a balance between buyers and sellers. The average days-on-market in March was 41.