Real Estate Market Red Hot in Edmonton in May

The real estate market was hot in Edmonton in May. Buyers (and their agents) had to move quickly if they were interested in a property, and many had to write offers on 3, 4 or more homes before getting one accepted. We noticed a lot of properties that had been sitting on the market for awhile started getting attention from buyers as well. There are still plenty of buyers out there looking, so my guess is that the market will peak in June this year.

Single Family Home Sales

Sales of single family homes almost hit record levels in May; we haven't seen this many single family home sales in Edmonton in a single month since May 2006 when there were 1128 sales. 1103 single family homes sold in Edmonton last month, up 16.7% from last May. 

SingleFamilyHomeSales
Edmonton Single Family Home Sales

Condo Sales

Condos sales were also strong in May, up 22% from the same month last year. 568 condos sold in May, the most sales we've seen in a single month since July, 2009. For the past three months condo sales have been well ahead of the past few years, we'll have to wait and see if sales will be strong enough in June to beat 2009's highs. 

CondoSales
Edmonton Condo Sales

Real Estate Prices

The average price for single family homes was $436, 149 in May, up 5.4% from last May, and the median sale price was up 4.7% from last May to $400,000. The average sale price for condos was $251,563 in May, up 5.8% from last year. The median sale price for condos was $230,000, up 0.9% from last year.

AveragePrice
Edmonton Average Real Estate Price

Average Price Per Square Foot

The average price per square foot for single family homes was $283 up 3.7% from last May. The average price per square foot for condos was up 6.1% from last May to $243.

AveragePricePerSquareFoot
AveragePricePerSquareFoot

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.

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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11 Responses to “Real Estate Market Red Hot in Edmonton in May”

  1. wsnNo Gravatar 01. Jun, 2014 at 3:59 pm #

    A market “crash” could go either way, it seems.

  2. DougNo Gravatar 01. Jun, 2014 at 5:33 pm #

    I own a bungalow. If I’m curious about what my house is worth now, would it be more accurate to look at average, median, or sq. ft. price? Probably not average I’m thinking, as a few multi-million dollar house sales will skew that up, which has no bearing on the price of my house. So median or sq.ft?

    • Sara MacLennanNo Gravatar 01. Jun, 2014 at 9:23 pm #

      Hi Doug,
      Unfortunately none of the above. Real estate is local, you can’t just apply an average to each home in the city. If you’d like we can do a free online home evaluation for you just fill out the form at link to edmontonhomevalues.pro

    • wsnNo Gravatar 02. Jun, 2014 at 7:05 am #

      Hi Doug, I find the link to housepriceindex.ca website quite good at this.

      It doesn’t use average price or anything like that. It compares the same property if it had two sales.

  3. the expertNo Gravatar 01. Jun, 2014 at 8:46 pm #

    It would be nice on the weekly condo stats if condo townhomes were separate from condo apartments like it is split up on CREB. I’m sure that condo townhomes are going up in price faster than condo apartments.

    • Sara MacLennanNo Gravatar 01. Jun, 2014 at 9:21 pm #

      I agree, but there still aren’t enough townhome sales to get reliable stats or trends. There were 149 townhome sales last month, average price $258k, 140 the month before average price $244k.

  4. JohnNo Gravatar 03. Jun, 2014 at 11:57 am #

    Doug,

    What I do is look at the sold listings in your area for the last 3 months and look at what is listed. A lot of people put too much focus on what sold, need to focus a lot on what other people are listing. I will look at other areas nearby to gauge pricing too.

    For me I like to look at at least 15 areas and understand the market, most people only look at 2. The best thing is to get a $5 map of all the zones if you don’t have one. From there it should give you a really good idea what your house is worth.

  5. JohnNo Gravatar 03. Jun, 2014 at 12:00 pm #

    The problem is people don’t do enough research and rely on other people opinion.

  6. GoranNo Gravatar 03. Jun, 2014 at 4:24 pm #

    I recently built house when warranty was not needed to get permit.
    If I decide to sell this home, what kind of issues I can have?
    House was built per code and was finished with out any problems.

    • Sara MacLennanNo Gravatar 03. Jun, 2014 at 5:06 pm #

      How long have you lived in it?

  7. DougNo Gravatar 03. Jun, 2014 at 4:28 pm #

    Thanks WSN and John!