As our clients and subscribers already know, there are some interesting things happening in the Edmonton real estate market right now. We sent out a special report yesterday specifying the absorption rates for condos and single family homes, broken down by price range. I did this because I was looking for evidence to prove what we already knew: affordable (under $450k) single family homes are in high demand, and low supply, and just about everything else is a tough sell right now in Edmonton.
Looking at the monthly numbers, you can see sales of single family homes in February were quite strong; there were 574 sales in February, down slightly from 581 last year and up from 470 last month. 84% of single family sales were under $500,000 in February, but 66% of the current inventory of homes on the market are asking over $500,000. So we have a bit of a disconnect between what buyers and sellers want in Edmonton right now.
Even considering the relative over supply of higher end homes, the inventory of single family homes is quite low compared to previous years. For those that received the special report yesterday, you already know we have less than three month’s supply of single family homes under $550k, and 2 month’s supply under $400k, making it a strong seller’s market in those price ranges. However, buyer’s have the upper hand in the higher price ranges.
Condo sales are just about average for this time of year and there is plenty of inventory for buyers to check out. There were 275 condo sales in February, up from 264 last year and 259 last month. If you’re thinking about buying a condo, you will not have to move as quickly as those looking at single family homes.
The average sale price of both condos and single family homes increased in February. The average sale price for single family homes was $382,620 in February, up 5% from $373k last year, and $387k last month. The median sale price for single family homes was $360k, up from $347,500 last year but down from $362k last month.
The average price of condos in February was $229,264, up from $227k last year and $217k last month. The median sale price for condos was $211k in February, down from $215,500 last year and up from $208,500 last month.
The average price per square foot was up across the board in February – single family homes sold on average for $264/square foot compared to $256 last year and $254 last month. Condos sold on average for $225/square foot in February, up from $223 last year and $216 last month.
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.