Once again single family home sales were the real estate story in Edmonton in April. While residential sales for the region look like they were flat in April (we'll know for sure when the REALTORS® Association of Edmonton releases their official report in the next few days), single family home sales in Edmonton soared. 854 houses sold through the MLS® system in Edmonton in April following a similar track to 2005, and the most we've seen since the boom years in '06 and '07.
Unlike 2010 where sales quickly ran out of steam after March, and in 2011 where sales dropped in April, we are now seeing activity building and not dissipating. From the street level, we are seeing tons of activity and the market seems even busier than the sales would suggest, especially in terms of the number of offers written, and the number of multiple offers we are dealing with.
Condo sales improved in Edmonton in April as well, eeking ahead of last year's total (397 sales in April '12 compared to 376 last year). When competition for single family homes increases, so do prices, and condo sales tend to improve as buyers see more bang for their buck in the condo market. So we do expect to see an improvement in condo sales and prices in the short term.
Prices were up across the board in Edmonton in April. The average price of single family homes was $394,673 in April compared to $389k last month and $381k last year. This is the highest average price since June of 2010 and the highest average for April since 2008. The median price for single family homes was $367k in April compared to $353k last month and $349k last year.
The average price for condos was $234,538 in Edmonton in April compared to $230k last month and $228k last year. The median sale price for condos was $223,500 compared to $214,800 last month and $215,500 last year.
The average price per square foot has followed the same pattern as overall average prices so far this year.
As always, this is our preliminary report on the Edmonton real estate market, and our final report will follow when the final numbers are released by the REALTORS® Association.