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.
Happy Canada Day!
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.
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.
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.
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.
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.