The Edmonton real estate market is tied to single family home sales and this month is no exception. While new home sales reps inform us show home traffic increased significantly in September compared to previous months, the resale market saw a major decline. Sales of single family homes in Edmonton dropped below last year’s levels for the second month in a row; there were 634 sales of single family homes in September compared to 691 last year and 706 last month. We almost always see a drop in sales in September as busy families focus on the new school year, not buying homes.
Meanwhile, 312 condos sold in September, ahead of last year’s 277 but down from 358 in August. All in all condos seemed to fair better than single family homes this month in Edmonton.
On a year over year basis, the median sale price was basically unchanged for condos and single family homes, but the average sale price dropped a fair bit. The average sale price for single family homes was $382,234 in September, compared to $386,567 last year and $393,898 last month. The median sale price for single family homes was $355k in September, equal to last year and down from $358k last month. The average sale price for condos was $222,234 in September, down from $230k last year and $236k last month. The median sale price for condos was $219k about the same as last year ($220k) and down from $233k last month.
The average price per square foot followed a similar trend, for single family homes it was equal to last year but down $6 from last month to $258 for single family homes. The average price per square foot for condos fell from $226 last year and $232 last month to $216 in September.
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.