Record Number of Single Family Home Sales in Edmonton in June

As we expected, the market peaked in June this year; a new record was set in June for single family home sales in Edmonton. Thankfully the market in June was nothing like the market when the previous record was set (back in May of 2006) when you expected multiple offers on every home, and were lucky if you got to include any conditions on your offer.

That's not to say there are no multiple offers now, but in the vast majority of cases buyers are able to have conditions on their offers, and are able to do their due diligence. At the same time "back up" offers have become much more common, often giving the "second place" buyers a chance at the property they want, while encouraging the first buyers to remove conditions in a timely matter, without re-negotiating. 

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Single Family Home Sales

There were a record 1173 single family home sales in Edmonton in June, up 21% from last year. Sales of single family homes have been strong all year, and I have no reason not to expect this trend to continue, of course following the seasonal trend. This means we should see sales start to drop on a month to month basis starting in July.

SFSales
Edmonton Single Family Home Sales

Condo Sales

Condo sales have also been strong all year in Edmonton, particularly for the past 4 months where sales were well ahead of previous years. 557 condos sold in Edmonton in June, up 16.7% from last June. We tend to see condo sales increase when the price of single family homes rises, as some buyers get priced out of the single family home market. I would add that the condo lifestyle is becoming more desirable, and there are certainly more condos to choose from in Edmonton.

CondoSales
Condo Sales

Edmonton Real Estate Prices

The average sale price for single family homes was $425908 in June, up 3.9% from last year. The median sale price for single family homes was $401,900, up 7.7% from last June. Condos sold on average for $257,035, essentially unchanged from last June ($257,631). The median sale price for condos was $239,000, also almost unchanged from last June ($240,000). Interesting that condos sales were up significantly from last year while prices basically remained static.

AveragePrice
AveragePrice

Price/Square Foot

Single family homes sold on average for $283/square foot, up 3.28% from last year. Condos sold on average for $250/square foot, up 3.3% from last year. The price per square foot for single family homes increased by about the same amount as the overall average price. Meanwhile, the average price per square foot for condos increased, while the overall average was unchanged. So, buyers got slightly less for the same money when it comes to condos this year.

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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3 Responses to “Record Number of Single Family Home Sales in Edmonton in June”

  1. GMNo Gravatar 02. Jul, 2014 at 1:10 am #

    Calgary is $354 per sq ft for SFH’s. Edmonton has a long way to go to catch up.

  2. SpudNo Gravatar 02. Jul, 2014 at 4:30 pm #

    GM, as per my previous post, why would you expect it to catch up to Calgary? Some cities offer an overall better package and as such will be more expensive to buy into. Strip away the us versus them mentality and Calgary (in my opinion) is a more livable city. Proximity to some of the best mountains in the world is one thing Calgary has over Edmonton.

  3. freemanNo Gravatar 13. Jul, 2014 at 2:16 pm #

    Is it possible to include also condo fees historical data? Just wondering, if you know where one can get raw detailed data?