Population Growth Boosts Edmonton Real Estate Market
The REALTORS® Association of Edmonton released their monthly update on the real estate market in the Greater Edmonton Area today, showing rising prices and a tighter inventory of homes on the market. So far this year, the total value of residential real estate sales through the Edmonton Multiple Listing Service (MLS®) System has increased almost 14% compared to the same time last year, a fact at least partly to blame from the rapidly rising population in the Edmonton area.
Looking at August specifically, sales were lower than the year previous for the first month since January. On Monday, we reported higher sales of condos and single family homes within Edmonton compared to last August, which suggests sales in the surrounding areas must have been lower to account for the overall drop. There were 1645 residential sales in the Greater Edmonton Area in August, down 0.4% from last August.
The overall average residential sale price was on the rise in August, up 4.9% compared to last August and 2% from July at $368,597. The median price was $348,900, up 5.7% from last August and 1.1% from last month.
The inventory of homes for sale remains lower than the past few years and ended out the month at 5,334 listings.
There were 2,305 new listings in August, right in the typical range for this time of year.
All considered we so no reason for the market to diverge from it’s typical path for the rest of the year… but you never really know!
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.