Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 542 (617, 562, 488)
# Sales: 334 (320, 322, 261)
Ratio: 62% (52%, 57%, 53%)
# Price changes: 336 (349, 327, 260)
# Expired/Off Market Listings: 148 (275, 272, 118)
Net loss/gain in listings this week: 60 (22, -32, 109)
Active single family home listings: 3178 (3147, 3044, 3058)
Active condo listings: 2144 (2099, 2057, 2084)
Homes 4-week running average: $404k ($404k, $403k, $402k)
Condos 4-week running average: $246k ($242k, $243k, $237k)
High end condo sales are on the rise in Edmonton. Last week two condos sold in the same building for over $1.1 million, which raised the average condo price over $250k. I excluded the two sales and the average is still on the rise (the average in the above stats and the chart below excludes the two sales). In the past 30 days 10 condos over $650k have sold, whereas between January and April only 2 condos over $650k sold and 4 sold in May. In other words, a big part of the increase in the average price of condos is due to an increase in luxury condo sales.
The REALTORS® Association of Edmonton is reporting 799 sales for the Greater Edmonton Area so far this month, which should put us around 1800 for the month (below average for June). I'm a little surprised to see things slow down this month after a pretty strong May.
Have a great weekend!