Average single-family home sales in St. Albert rose by 26 per cent in March, compared to the same month last year, the Realtors Association of Edmonton reported this week in its monthly housing bulletin.
Ninety-six units were sold last month, compared to 76 a year earlier.
The average selling price for single-detached homes was $453,490. In 2012, the price was $430,035.
The median price for singles in March was $425,000.
St. Albertans also sold 26 condominiums, which is up nine sales from the previous year.
The average price for a condo in March was $245,649, with a median price of $233,500.
St. Albert Re/Max realtor Erin Willman said due to mild temperatures in January and February buyers came out early this year.
Since residential listings have not gone up, fewer homes are on the market and buyers bought what homes were available.
“I don’t really know if we have more buyers. It’s just that there are more sales because the inventory is low,” she said.
“Things are turning over quicker and there’s just not a lot to choose from for them.”
She added that most homes under $400,000 sell within a day and close to the asking price. If the inventory does not pick up, she said prices for homes could rise due to a lack of competition.
Inventory listings for homes usually go up in April and May.
The Realtors Association said in a press release that demand for homes in the Edmonton area continues to be driven by job creation and low unemployment, economic stability and low rental vacancy rates.
The average price for a single family detached home in Edmonton was $416,739 in March. Condos were priced at $246,574, duplex and rowhouses at $316,110 and the all-residential average price was $354,759.
The association’s first quarter report said the number of people employed in the Edmonton area in February was up by four per cent from 2012 – that’s 27,700 more jobs.
The jobless rate remains the lowest among Canadian cities at 4.4 per cent.
Total migration into Alberta in 2012 reached just under 86,000, doubling the numbers of 2011. Edmonton has a population of about 817,498.
In January, Albertans bought a total of 16,799 cars.
