Edmonton Real Estate Market is No Joke

Ok so it's not just our office that's busy. Just kidding ;) The last time we saw over 800 sales of single family homes in the month of March was in 2007 when there were 874 sales. We didn't quite hit the level of sales we saw in 2007, but we came close in March. There were 840 sales of single family homes in Edmonton in March, up 12% from last March. 

SingleFamilyHomeSales
Single Family Home Sales

Condo sales were up 31.8% over last year; 481 condos sold in Edmonton in March. When single family home prices increase significantly, condo sales tend to increase in Edmonton, as some buyers look to condos when single family homes become unaffordable. When you add in the fact that the inventory of single family homes is quite low, more and more buyers are considering condos and the increase in sales is the result. Now, I don't want to draw too many comparisons to 2007, but I know people are going to ask - there were 774 condo sales in Edmonton in March 2007 when the condo market really took off in response to what was happening in the market in general at that time.

CondoSales
Condo Sales

The average price of single family homes sold in Edmonton in March was $431,364 - up 6.3% from last year. The median for single family homes was $388,950, up 7.5% from last Mach. The average sale price for condos was $243,894, up 0.3% from last year, and the median sale price was $228,807, up 1.7% from last March.

Average
Average Real Estate Prices

The average price per square foot was also on the rise in March. Single family homes sold on average for $284/square foot, up 6% from last year. Meanwhile, condos sold on average for $234/square foot, exactly the same as 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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10 Responses to “Edmonton Real Estate Market is No Joke”

  1. FeatNo Gravatar 01. Apr, 2014 at 4:35 pm #

    Statistics in Calgary mls, March compares with February:

    Single house: +1.07%
    Condo Apartment: -5.27%
    Condo Townhouse: -5.77%

  2. rangerqqNo Gravatar 01. Apr, 2014 at 6:22 pm #

    Statitics in Calgary, March compares with February:

    Single house: +1.07%
    Condo Apartment: -5.27%
    Condo Townhouse: 5.77%

    • rangerqqNo Gravatar 01. Apr, 2014 at 6:25 pm #

      Sorry, Condo Townhouse: -5.77%

  3. JohnNo Gravatar 01. Apr, 2014 at 7:44 pm #

    Calgary in on fire, top areas like Mount Royal are selling well over million dollars. Kind of shocked Edmonton is still so slow compared to Calgary.

  4. DougNo Gravatar 01. Apr, 2014 at 9:33 pm #

    John, the Edmonton market is always about 18 to 24 months behind Calgary. Expect a pretty large boom in prices over the next 36 months or so here.

  5. DougNo Gravatar 01. Apr, 2014 at 9:37 pm #

    At a continued 6% increase a year, we’ll be pretty close to a half million average in 24 months for single family homes. IMO people who don’t buy soon will largely be priced out of the Edmonton market.

  6. Inspector GadgetNo Gravatar 02. Apr, 2014 at 8:05 am #

    Priced out is such a ridiculous concept. Unless of course you think everyone will have to rent from a small pool of rich landlords. People in the expensive cities are still affording homes double the cost of ours on lower wages. Of course record low interest rates have much to do with it.
    There is simply no such thing as the majority being priced out forever, unless there is a shortage of land. Last I checked we were surrounded in every direction by nothing but land. It will make choice neighborhoods more valuable but on the fringe builders will continue to slap together affordable housing.

    • wsnNo Gravatar 04. Apr, 2014 at 10:58 am #

      Priced out is real. The majority being priced out of anything decent is also real. Just take a look at Hongkong. Been there, seen that.

  7. a common guyNo Gravatar 02. Apr, 2014 at 8:05 am #

    oh yeah baby, with several M$ in real estate it is pleasing to see the rise…

  8. GMNo Gravatar 02. Apr, 2014 at 9:40 am #

    And AWAAAAAAYYYY we go!!!