Sales of single family homes in Edmonton began their annual decline in June; 922 single family homes sold through the MLS® system, up from 835 last year and down from 1039 last month.
As we predicted, condo sales were strong in June - 489 condos sold up from 420 last year and 406 last month. As prices rise, condo sales also tend to increase as single family homes become less affordable.
The average price of single family homes was $406,275 in June, up from $384k last year and $401k last month. That is the highest average price since October, 2007. The median sale price was $368,400, up from $355k last year and down from $371k last month. The average sale price for condos was $243,900, the same as last month and up from $225k last year. The median sale price for condos was $230k, the same as last month and up from $212k last year. An increase in luxury sales of both condos and single family homes partially explains the increase in average prices - there were 17 sales over $1million in June while there were only 3 last June.
The average price per square foot was on the rise in June - single family homes were up $3/square foot from last month and $7 from last year to $268/square foot. Condo were up $6 from last month and $10 from last year to $235/square foot.
As always this is our preliminary report on the Edmonton real estate market, our final monthly report on the greater Edmonton area will be posted when the numbers are released by the REALTORS® Association of Edmonton.