In April, the real estate market in Edmonton was hot... very hot. In fact, we haven't seen so many single family homes change hands through the MLS® system since May, 2007.
Single Family Home Sales
1048 single family homes sold in Edmonton in April, up 15.9% from last April, and the most we've seen in the month of April since I've been keeping track (2005). And while there are many stories of multiple offers and homes selling for thousands over list price, the majority of listings are selling in the usual way, with conditions, inspections, appraisals and all the other steps that help buyers make good decisions. When the market peaked, back in 2007, we saw the average list to sale price ratio for single family homes soar over 99%, when it typically sits around 97%, today it sits at 98.3%.
Condos also made a strong showing in Edmonton in April. 521 condos sold through the MLS® system in Edmonton, up 23.8% from last year, and the most we've seen since June, 2009.
Edmonton Real Estate Prices
Prices were on the rise in April too. The average sale price for single family homes was $427,588, up 4.49% from last year. The median sale price for single family homes was $398,250, up 6.2% from last year.
There has been a lot of talk about luxury home sales bringing up the average sale price, so I'll looked into it a little further and found out luxury sales are pretty much normal for this time of year. There were 13 sales of homes over $1million last month, 10 last April, and 15 this month. In all of 2013 there were 103 sales of single family homes over $1million and so far this year there have been 41. I don't find any compelling evidence there that luxury sales are the reason for the increase in the average price.
Condos sold on average for $251,931 in Edmonton in April, up 3.35% from last year. The median sale price for condos was $234,500, up 2% from last year.
Average Price/Square Foot
The average price per square foot for single family homes was $286 in April, up 4.76% from $273 last April. The average price for condos was $244 in April, up 3.8% 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.