February was certainly an interesting month for the real estate market in Edmonton. Single family home sales were particularly strong in February; 648 single family homes sold through the MLS system in Edmonton in February, up 13% over last year, and the highest level we've seen in 7 years.
Condo sales were also up from last year - 319 condos sold in Edmonton in February, up 16% over last year.
Prices were also up in Edmonton in February. The average price of single family homes sold in February was $421,890, up 7.46% from last year. The median sale price of single family homes was $383,250, up 6.46% from last year. Condos sold on average for $244,712 in February, up 6.74% from last year. The median sale price for condos was $227,000 up 7.58% from last year.
While prices were up across the board, the average size of homes sold decreased to 1473 square feet, down 1% from last year. As homes are becoming more expensive, buyers are choosing smaller, more affordable homes. The average price per square foot was up significantly in February, at $280/square foot it's the highest price we've seen since the end of 2007, up 6% from last year. The average size of condos sold was up 2.65% from from last year to 1046 square feet. The average price per square foot for condos was $234, up 4% 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.