It's taken a long time for prices to rebound from the peak we saw in 2007, and unlike Calgary and Vancouver where prices have dramatically risen and fallen, we've seen a slow and steady rise over the past few years. A record number of people relocated to Alberta in 2013, and real estate sales in Edmonton are really starting to reflect that migration. We typically see a 6 month lag between a large population increase and an increase in real estate sales, as families decide on where they want to live and whether or not the move is permanent.
We saw more sales in the greater Edmonton area in April than we've seen in the month of April since 2007 and more sales in any month since June of 2009. There were 1983 residential sales in the greater Edmonton area in April, up 22% from last year.
The average sale price is up 4.7% over last April to $365,045, the highest overall average residential sale price on record for the Greater Edmonton Area.* The median sale price was $349,000 up 4.2% from last April.
The inventory of homes available for sale was 4,810 at the end of April, a 9.1% drop from last year.
There were 2977 new listings in the greater Edmonton area in April, up 8.3% from last year. Even with increased listing activity, the inventory remains lower than previous years because of high demand. The demand has been created by record migration into the province last year. Our brokerage continues to receive inquiries from people moving to the Edmonton area, so my hunch is that migration numbers remain strong (if anyone has a link to the most recent stats please post it in the comments).
*The previous record was $354k in May 2007, at that time the average included all sales reported by members of the REALTORS® Association of Edmonton. Today the overall average includes the Census Metropolitan Area (Edmonton and surrounding municipalities), so it's not a direct comparison but it's pretty much representative.