Experts Agree: Edmonton’s the Place to Be
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Real Estate market yesterday showing an active real estate market. The Real Estate Investment Network (REIN) also released a report yesterday, showing Edmonton and Calgary as the best markets to invest in real estate in Canada, agreeing with other, recent, similar reports. REIN’s report gave Calgary and Edmonton high marks for all categories including Economic Risk, Yield Growth Potential and Investor’s Insights. Here’s our snapshot of the real estate market in the Greater Edmonton Area in October:
1525 residential listings sold in the Greater Edmonton Area in October, up 7.3% from last October. The market is following the typical seasonal pattern, but remains well ahead of the past few years making this the best October in at least 8 years.
Residential Real Estate Prices
With such strong sales all year, it’s not surprising that the average price remains well ahead of previous years. The overall average residential sale price for the Greater Edmonton Area was $365,520, up 8.9% from last October. The median sale price, which has remained almost flat for the past few months, was $350,000, up 6.95% from last October. Luxury sales are on the rise, according to Greg Steele, President of the REALTORS® Association of Edmonton:
“We have seen this trend throughout 2014. Almost 2% of the single family dwellings sold last month were over a million dollars. Compare that to last October where less than one quarter of 1% of the sales were over a million. 125 million dollar plus homes have sold in 2014 compared to 94 at this same time last year and 75 in 2012.”
With plenty of activity in the more affordable segments of the market, many owners are making the jump to larger, more expensive homes. We also see a lot of corporate and professional relocations to Edmonton buying in the higher price ranges.
Inventory and New Listings
The inventory of homes available on the market has remained quite low for all of 2014. Even with increased listing activity (the number of new listings in October was 13% higher than last October) the inventory has remained low because sales have been well ahead of previous years. Luckily the listing activity has been high enough to prevent prices from rising too quickly in the Edmonton area.
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.