There were 2102* residential sales in the Greater Edmonton Area through the MLS® system in May, up from 1975 last year and 1890 last month.
The sales curve is almost exactly where Sheldon and I predicted it would be in our Annual Report last January:
The average sale price was $348,196 in May, up from $332k last year and $337k last month. The median sale price was $333,900 up from $317,500 last year and $327k last month. A recent report from RBC shows Edmonton is among the most affordable cities in the country, and they expect the market to remain strong here for the rest of the year.
“While housing prices are higher in Edmonton than last month, they are inching up in manageable increments,” said REALTORS® Association of Edmonton President Doug Singleton.
There were 7,935 homes available for sale at the end of the month, up from 7,334 last month and down from 8,180 last year.
3748 new listings came on the market last month, compared to 3,495 last year and 3,253 last month. This is really the only stat that is showing some irregularity this year; there was a pretty big jump in new listings in May, but this was offset by strong sales so the inventory didn't jump unexpectedly.
*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 under reporting by 19 sales whereas the association is under reporting by 95 sales each month).