There were 1816* residential sales in the Greater Edmonton area in April according to a report released by the REALTORS® Association of Edmonton today. Up significantly from 1619 sales last year and 1625 last month, sales are right where we would expect to see them in April:
While many buyers are finding that competition is high for properties in certain areas and certain price ranges, REALTORS® Association of Edmonton President Doug Singleton urged home buyers to remain calm, to confirm their financing arrangements and to study the market with their REALTOR®. I have to agree with him; remember, these market conditions won't last forever.
Prices were also on the rise in the Greater Edmonton area in April; the average residential sale price was $337,363 in April compared to $327k last year and $335k last month. The median sale price was $327,000 in April compared to $315k last year and $322k last month.
The inventory of properties on the market increased to 7,334 compared to 7,715 last year and 6,851 last month.
There were 3,253 new listing in April similar to 3,225 last year and 3,271 last month:
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 12 sales whereas the association is under reporting by 85 sales on average each month).