March 2011 Edmonton Real Estate Market

March 2011 came in like a lamb and went out like a lion.  The average prices strengthened considerably in the single family detached sector and the sales built steadily as the month of March moved on.  I've put together some comparisons to previous years to give a better idea of the market. Our inventory is staying at a decent level, and the new listings are lower than normal.  The improving sales numbers with a steady inventory level are helping prices strengthen.

March Sales
March 2011 1503
March 2010 1667
March 2009 1358 (coming out of Financial Crisis)
March 2008 1559
March 2007 2366 (boom)

March New Listings Lower (Previous 4 yr average 3354 new listings)
March 2011 2960 ****
March 2010 3632
March 2009 2789
March 2008 4078
March 2007 2917

Inventory Level low vs other March levels
March 2011 6885
March 2010 6770
March 2009 7476 (prices increased in this market)
March 2008 9464 (falling prices)
March 2007 2574 (boom)

March Prices
Single Family $378,912 up 5.3% from Feb ($359,934)
Condo $232,706 up 0.8% from Feb ($230,911)
Duplex/Rowhouse $292,136 down 3.7% from Feb ($303,440)

For more detailed information on Edmonton real estate prices by neighbourhood visit here.