Sales of single family homes were slightly lower in January than a year previous. There were 441 sales in January in Edmonton compared to 470 last January. This is the first time single family home sales were lower than the previous year in 6 months.
The inventory of single family homes on the market is about the same as it was last year, when we were also noting the low inventory. I'll have a closer look at absorption rates and price ranges in the next few days and see if I find anything interesting.
Condo sales were also slightly behind last year. 250 condos sold in Edmonton in January, down from 259 last January.
The average price of single family homes was $414,588 in January, up 7.2% over last January. The median sale price for single family home was $375,000, up 3.5% from last year. Condos sold on average for $230,424 in January, up 6.1% from last year. The median sale price for condos was $215,000, up 3.1% from last year.
Although the average size of single family homes that sold in January was the same as last year, the average price per square foot was up 7.5% to $273. The average price per square foot for condos was $228 in January, up 5.6% from last year.
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.