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%)..."
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.
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.
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.
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.
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.