Spring Real Estate Market Arrives in Greater Edmonton Area

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:

AprilMLSsales
Edmonton MLS® Sales

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. 

AprilMLSavg
Edmonton housing prices

The inventory of properties on the market increased to 7,334 compared to 7,715 last year and 6,851 last month.

AprilMLSinventory
Edmonton homes for sale

There were 3,253 new listing in April similar to 3,225 last year and 3,271 last month:

AprilMLSlistings
Edmonton real estate listings

*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).

About 

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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3 Responses to “Spring Real Estate Market Arrives in Greater Edmonton Area”

  1. birdladyNo Gravatar 02. May, 2012 at 6:16 pm #

    Sara, as per your previous post, there was a real positive spin on single family home sales. The EREB report on the other hand goes out of the way to make Edmonton real estate market a real snooze-fest. Since when do they start quoting the average of April sales over a 5 year period and who really cares. Sales/prices are up from last year and inventory overall is down from last year – maybe not a huge amount, but down. That is a positive outlook in my opinion.

    The real test is whether the sales momentum continues into May and whether listings increase like crazy as per normal.

    • Sara MacLennanNo Gravatar 02. May, 2012 at 6:39 pm #

      I hear ya! I think there are two main reasons for the difference between my report and the report from the Association:

      1. They report on the greater Edmonton area, and my preliminary report is on Edmonton only. There is no real standout in the greater Edmonton report this month whereas single family homes really stand out when you only look at Edmonton.

      2. Their adjusted sales numbers… since they adjust the previous months sales numbers to include the sales that weren’t reported when the previous month’s numbers were released, the current month always looks less impressive (on average they are under reporting the current month’s sales by 6% or over reporting the previous month’s sales by 6% depending on how you look at it). That’s why I adjust the current month’s sales (for the Greater Edmonton report only).

  2. richmond condo for saleNo Gravatar 03. May, 2012 at 1:05 pm #

    looks like good sales for you.