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.
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.
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.
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.
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.