Average Prices Reach All Time High in Greater Edmonton in May

It's not just the Edmonton real estate market that's hot, the whole region is in the midst of a growth spurt. According to a report released by the REALTORS® Association of Edmonton today, the areas surrounding Edmonton account for a large portion of the increase in sales overall. 

"The most active regions are St. Albert and Sherwood Park with 103 and 102 sales respectively last month. Total sales in those communities represent about 14% of all SFD sales in the Edmonton MLS® System. Year-over-year sales in Beaumont (up 55%), Westlock (up 78%), and Fort Saskatchewan (up 24%)..."

May2014MarketSnapshot
May 2014 Market Snapshot

Residential Sales

There haven't been this many residential sales in a single month in the Greater Edmonton Area since July, 2009. There were 2137 residential sales in May, up 15.6% from the same month last year. 

Sales
Residential Real Estate Sales

Average Price

The average price for residential sales in the Greater Edmonton Area was up 4.2% over last May to $371,871 - an all time high. The median sale price was up 3.7% to $351,000. 

Average 1
Average Real Estate Price

Inventory

The inventory of properties available for sale increased significantly in May, but remained below the levels we've seen for the past 5 years or more. There were 5,634 residential listings for sale at the end of May, down 6.5% from last May. 

Inventory
Real Estate Inventory

Residential Listings

The number of new listings in the Greater Edmonton Area was the highest on record for the month of May since 2008. There were 3,388 new residential listings in May, up 6.3% from last May. Even with the large jump in new listings, the inventory remained lower than normal, because of the strong sales. Luckily the increase in supply held the market relatively in check in the midst of such high demand. 

 
NewListings 1
New Listings

Prices and sales typically peak in May or June each year. With the level of activity and interest we're seeing right now, I don't think we've seen the peak for this year yet. 

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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17 Responses to “Average Prices Reach All Time High in Greater Edmonton in May”

  1. GMNo Gravatar 04. Jun, 2014 at 10:12 pm #

    ???

    No comments? Where is everybody?

  2. GaryNo Gravatar 05. Jun, 2014 at 8:08 am #

    What happened to Cameron heights it was number three of best areas less than a year ago?

    • GMNo Gravatar 05. Jun, 2014 at 9:33 am #

      Maybe it’s not so desirable any more.

      • wsnNo Gravatar 05. Jun, 2014 at 9:55 am #

        Cameron Heights is a great area. If you have not hear anything about it, it’s likely because it’s out of your reach.

        The last stage of Cameron Heights is for sale right now with a few 20,000+ sf lot directly backing onto the river, costing roughly $800k each.

        link to riverpointelots.ca

        If you can’t afford that, maybe you can try the $500,000 ones backing on the the Wedgewood ravine. Lot only, of course.

        • GMNo Gravatar 05. Jun, 2014 at 9:58 am #

          $800,000 for the lot only?
          Gee, sounds like a real bargain.

          • jimNo Gravatar 05. Jun, 2014 at 1:18 pm #

            =19 kg of gold only. still cheap like crazy.

          • wsnNo Gravatar 06. Jun, 2014 at 11:53 am #

            @GM

            $800k for 20,000+ sf, that’s < $40 per sf, for walkout lot with ravine and river valley directly at the back.

            For the same $40 per sf, you can also buy a $160k 4000sf postage new lot in many new sub-divisions. No walkout, no tree, no river, no nothing.

  3. a common guyNo Gravatar 05. Jun, 2014 at 9:34 am #

    Cameron heights is kind of a dead end. Not sure why it was popular.
    Winderemere has been and will be in the top spot for quite some time. Lots of activity going on there with all the shopping centers and soon medical centers. office buildings, etc. It’s a small town of its own kind of. It could very well be the case that Terwillegar will not be sufficient to carry the traffic once the area is populated…

    • wsnNo Gravatar 06. Jun, 2014 at 12:00 pm #

      Dead end is good for estate homes. The better parts of Windermere are dead ends too: Windermere Drive/Crescent, West Point Estate.

  4. GaryNo Gravatar 05. Jun, 2014 at 5:00 pm #

    We just listed in Cameron heights MLS# E3376103

    Had 3 showings in 10 days I wonder how that would compare if my house was in Windermere?

  5. JohnNo Gravatar 06. Jun, 2014 at 9:51 am #

    I still think the articles in Avenue magazine where the most desirables neighbourhoods are more accurate. They do the column once a year and they have Westmount number 2 and in 20 years people polled think it will be number 1.

    With 124th street starting to attract more businesses and downtown having 2 billion dollar projects, shocking to see why they never included this district in the poll.

    In the last 3 years Westmount has gone up the most and going forward price appreciation should be way greater than Cameron Heights or any other area.

    Even right now listings in Westmount seem to move pretty quickly compared with other places in the city.

  6. JohnNo Gravatar 06. Jun, 2014 at 9:54 am #

    The weird thing is people don’t realize when you buy a new house is like buying a new car. The building depreciates compared to the land. It is mainly the lot that goes up and if your further away from downtown, the land prices sink.

  7. JohnNo Gravatar 06. Jun, 2014 at 9:55 am #

    The weird thing is people don’t realize when you buy a new house is like buying a new car. The building depreciates compared to the land. It is mainly the lot that goes up and if your further away from downtown, the land prices sink. Obviously you can’t compare lousy areas like Eastwood to Windermere.

    • wsnNo Gravatar 06. Jun, 2014 at 11:56 am #

      I see the direct opposite. The closer to downtown the lower the price:

      Windermere vs. Mccauley

  8. JohnNo Gravatar 06. Jun, 2014 at 4:19 pm #

    Wsn,

    Your comparing the lousy areas, what about Westmount (character houses), Glenora, Crestwood, Parkview, pretty sure lots, especially river, ravine lots in St. Georges, Riverside, Summit Drive, Ravine, Saskatchewan drive are way more expensive than Windermere or any new subbdivision.

  9. a common guyNo Gravatar 06. Jun, 2014 at 11:35 pm #

    You must be kidding John…

  10. thisguyNo Gravatar 19. Jun, 2014 at 1:06 pm #

    John isn’t kidding… Homes the size found in Windermere would be a fortune downtown. Downtown, you get far less sqr. ft for you buck.