Luxury Home Sales up 33% in Edmonton
Real Estate sales in Edmonton continued to follow the expected seasonal trend in August, once again at higher levels than we’ve seen for a number of years. With the census data for Edmonton released last week, it’s no surprise sales are ahead of previous years, as the population of Edmonton grew by 60,000 people in the past two years. That’s a growth rate of 7.4% – the highest in Alberta, which is the fastest growing province in Canada.
Single Family Home Sales
In August, 879 single family homes sold in Edmonton, through the MLS® system, up over 15% from last August.
Condo sales also surpassed the levels we’ve seen in the past few years. 509 condos sold in Edmonton in August, up 9.9% over last August.
Residential Real Estate Prices
The average price of both condos and single family homes was on the rise in August, but the median sale price declined from the months previous. Single family homes sold for $432,854 on average in Edmonton in August, up 5.63% from last August. The median sale price of single family homes was $391,000, up 4.2% from last August. The average price of condos was $259,151, up 6.3% from the same time last year. The median sale price for condos was $230,000 – unchanged from last August.
Luxury Real Estate Sales
When the average price growth outpaces the median, I like to have a look at luxury sales, to see if high end sales are artificially inflating the average. So far this year, sales of luxury single family homes are 19.3% ahead of last year. We reported last week that 3 condos sold over $1million in Edmonton, after 8 months with no condo sales over $1million. Third quarter luxury sales were 33.3% higher in 2014 than 2013, so it’s safe to say the average price is being affected by luxury sales, with luxury sales growing faster than sales over all.
Average Price per Square Foot
The average price per square foot was on the rise in August. Single family homes sold on average for $288/square foot, up 7% from the same time last year. Condos sold on average for $252/square foot, up 6.8% from last August.
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
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.