Single family home sales hit a record high for Edmonton in July; sales are on the rise in a month when we typically see declines. 1007 single family homes sold in July, up from 831 last year and 968 last month. Liv associates have some thoughts on the reason for the unusual rise in sales:
- Nathan Mol has noticed pent up demand from clients that bought their first condo during the boom, that have outgrown them and now are able to sell them since condo prices have rebounded.
- Justin Tazi has noticed an increase in out of province buyers that moved here for work in the past year or so. After renting for sometime, they've decided to make the move a permanent one. In some cases companies will pay for short term rentals for key personnel and that term is up, others just want to escape the tight rental market. Regardless, many have decided to stay, and make Edmonton their home.
Condo sales were also quite strong in Edmonton in July, although they didn't hit record levels. There were 499 condos sales in July, up from 412 last year and 477 last month. Nathan added that condos are looking appealing to investors due to rising rents and extremely low vacancy rates in the city.
Although sales were quite strong, prices did not follow suit in Edmonton in July. The average sale price for single family homes was $408,516 up from $389k last year and down slightly from $409k last month. The median sale price for single family homes was $376k, up from $356k last year and $373k last month.
After a sharp jump in average condo prices last month due to an increase in luxury sales, the average sale price came back to earth and now sits at $244,162, down from $258k last month and up from $235k last year. The median sale price for condos was $228k in July, up from $215k last year but down from $240k last month.
The average price per square foot remained high for single family homes in July at $274, compared to $267 last year and equal to last month. The average price/square foot for condos was $237, up from $232 last year and down from $242 last month.
According to a report yesterday from CMHC, home builders have been very busy in Edmonton in recent months as well. When you look at the employment stats for the Edmonton area, it makes a lot of sense:
Edmonton Employment, Source: CMHC
Another one of our Associates, Tracy Vipond has noticed many buyers are looking at new homes, because pricing is more competitive with resale than we've seen in the recent past. Builders are offering a lot of perks and upgrades to entice buyers.
All in all July was a surprisingly busy month for real estate in Edmonton. 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.