Single Family Home Prices up 7.2% Over Last January in Edmonton

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. 

SFSales 1
Single Family Home Sales

Condo sales were also slightly behind last year. 250 condos sold in Edmonton in January, down from 259 last January.

CondoSales 1
Condo Sales

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.

 
AveragePrice
Average Price

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.

AveragePricePerSquareFoot
Average 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 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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2 Responses to “Single Family Home Prices up 7.2% Over Last January in Edmonton”

  1. GMNo Gravatar 03. Feb, 2014 at 10:45 am #

    Nice.

  2. NathanNo Gravatar 03. Feb, 2014 at 12:41 pm #

    Good assessment. I have to wonder what the reason is for the gap between average and median price changes. Given that the average house sizes have stayed the same, it would seem obvious that this means that there is just more growth in demand on the higher end of the market, but why?

    That is, are there more high-end properties being sold, in proportion to the total, or are the same number of properties being sold for higher prices? Since total sales are down, and the average size is the same, I would guess it is the latter. I find that odd for some reason.