Well this is a bit of surprise… Sales of single family homes and condos in Edmonton seriously rebounded in October. This seems to be an Edmonton-specific phenomenon as my look at the preliminary numbers for the greater Edmonton area was not nearly this rosy. So what the heck is going on? There were 720 sales of single family homes in Edmonton in October, up from 634 in September, and 611 last October. Particularly uncharacteristic for this time of year – there were more sales in October than there were in August. I suppose this month really just balances out a low August and September.
Edmonton single family home sales
Condo sales also jumped in Edmonton in October – there were 365 sales which is up substantially from 255 last year and 312 last month.
Edmonton Condo Sales
The average sale price of single family homes was $379,520 up from $373k last year but down from $382k last month. The median sale price for single family homes was $350,000 up from $345k last year and down from $355k last month. Condo prices were up significantly in October. The average sale price for condos was $241,798, up from $228k last year and $230k last month. The median sale price for condos was $218k up from $205k last year and down slightly from $219k last month.
Edmonton real estate prices
The average price per square foot was up in October – single family was $261/square foot (up from $253 last year and $258 last month) and condos were $224/square foot (up from $214 last year and $216 last month).
Edmonton price per 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.
About Sara MacLennan
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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So if I read this right, sales were up a fair bit, but prices were down for SFH?
Are stubborn sellors finally dropping their prices enough to entice some new people?
What other reasons could there be for more sales and lower prices? Or is the top end of the market being hit…as in, lower priced homes selling quickly while the Mcmansions are having trouble moving? Since CMHC removed all insurance from million dollar homes I have noticed some house pricing revised just below this mark.
Interesting times to be sure….
-0.65% price decrease from last month equals “down”?
Average price decrease.
Meaning almost every house went up in price (see price per sf), but average is lower because smaller houses sold faster than larger houses.
Calgary real estate is booming.
link to calgarysun.com
The different directions of the Calgary and Edmonton markets is interesting. I find it hard to believe the exuberence in Calgary has any real economic legs, though there is no question it is viewed nationally and internationally as a more desireable place to live.
Just a guess, but cranking house prices in the face of medicore energy price levels and a funk globally is ostrich head in the sand siliness.
Or maybe I am wrong and C town in an island city in an island province in an island country…..