Sales Surge in Energetic Edmonton Real Estate Market

 
MarketSnapshotMarch 1
Market Snapshot March

Real Estate sales in the Greater Edmonton area were up 9.8% from last March. 1647* residential listings sold in the Greater Edmonton Area in March - the most sales we've seen in March in at least 7 years.

Sales
Residential Sales

The average residential sale price was up 2% from last March at $361,870, for the second month in a row we've set a new record for the highest overall residential average on record.** The median sale price was up 3.6% over last year at $341,500. As we already know from yesterday's report, single family home prices in the City Limits are up 7.5% while condo prices are basically flat and appear to be holding the overall residential average in check. 

AveragePrice
Average Price

The inventory of homes on the market remains lower than previous years, and the gap is increasing. There were 4,413 listings on the market at the end of March, what we would typically see on the market in January. It's fairly obvious that low supply and high demand are causing prices to rise.

Inventory
Inventory

For the first time this year we saw a noticeable increase in new listings compared to last year. 2584 new listings came on the market in March, up 7.8% from last year. Strong sales continue to keep inventory below normal levels, even with the increase in new listings.

NewListings
New Listings

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. For example, in January they reported 820 sales when there were actually 902, about 10% off.

**The overall average residential sale price record was set in July, 2007 $354k. However, the boundaries included in the stats in 2007 were different, as they included all listings from the REALTORS Association of Edmonton. As of last year, the boundaries were changed to only include sales in the Edmonton CMA as identified by CMHC which includes the City of Edmonton and the Counties of Leduc, Parkland, Strathcona, and Sturgeon and the municipalities therein. Since the stats were only worked backwards for 5 years under the boundaries, this is not an accurate comparison, but it's interesting none the less.

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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14 Responses to “Sales Surge in Energetic Edmonton Real Estate Market”

  1. Karl HungusNo Gravatar 02. Apr, 2014 at 6:06 pm #

    im guessing all the doomers are hiding now…

  2. GMNo Gravatar 02. Apr, 2014 at 6:55 pm #

    Change in SFH avg price since Jan 2005:

    Edmonton:
    2005: $273,584 Now: $421,141 A 54% increase.

    Calgary:
    2005: $273,584 Now: $556,402 A 103% increase.

    Interesting…

    • rangerqqNo Gravatar 02. Apr, 2014 at 8:09 pm #

      how did you get a price what edmonton was exactly same as calgary?

      calgary is 0 degree, and edmonton is -15 degree now, that’s why. and calgary got a severe flood last year.

      • GMNo Gravatar 02. Apr, 2014 at 8:22 pm #

        Whoops. Using stats from Bob Truman’s site. Screwed up Edmonton prices. They only go back to Jan 2007.

        Here are the stats from Jan 2007:

        Calgary:
        2007: $432,877 NOW: $556,402 28.5% gain

        Edmonton:
        2007: $368,738 NOW $421,141 14.2@ gain

        • GMNo Gravatar 02. Apr, 2014 at 8:23 pm #

          That should read 14.2% gain.

      • wsnNo Gravatar 04. Apr, 2014 at 8:22 am #

        “calgary is 0 degree, and edmonton is -15 degree now, that’s why. and calgary got a severe flood last year.”

        Trying to establish a link between weather and housing price is both stupid and futile.

        Ever heard of a place named Ft. Mcmurray?

  3. DougNo Gravatar 02. Apr, 2014 at 6:56 pm #

    GM,

    It seems Edmonton has some catching up to do.

  4. rangerqqNo Gravatar 02. Apr, 2014 at 8:16 pm #

    edmonton 2005, single family price: $225,130, currently it is $431,000, also 100% increase, same speed as calgary.

    • wsnNo Gravatar 04. Apr, 2014 at 8:26 am #

      Why pick a random time frame such as 2005~2014?

      For your logic to work, the speed needed to be consistent from any time frame and that was not true.

      A graphical analysis would work much better, where you could visualize a 1~2 year delay of price change in Edmonton. Use THAT to predict future price changes.

  5. rangerqqNo Gravatar 02. Apr, 2014 at 8:16 pm #

    reference: link to webdocs.edmonton.ca

    • GMNo Gravatar 02. Apr, 2014 at 8:30 pm #

      Looks like the years 1995-2007 were much better in terms of price gains.

      About a 300% gain in about a decade. Last decade was “ONLY” around a 100% gain.

      • rangerqqNo Gravatar 02. Apr, 2014 at 9:38 pm #

        yes, $300 is 3 times of $100, u only need to plus 200.

        however,

        $900 is 3 times of $300 as well, but u have to add 600.

        more expensive, more tough.

        • wsnNo Gravatar 04. Apr, 2014 at 8:32 am #

          Nope. Adding 600x 2014 dollar is not any more expensive than adding 200x 2004 dollar.

          When talking about the value of a dollar, you need to state the year, and you can never do add/minus of two dollar amounts without adjusting for the discount rate. They teach that almost in the first week of Finance 101.

  6. JohnNo Gravatar 04. Apr, 2014 at 9:13 am #

    The reason Calgary should always be more expensive than Edmonton is that they are so close to Banff. Our winters are so long, so it is awesome going there 5-6 times a years in the summer. If I want to go to Banff, have to spend at least 2 days there, which sucks.

    Calgary is becomming the financial district of Canada, boasting the highest rental rates in office and parking. In a way if Calgary keeps going up at a fast pace, then Edmonton will have to go up.