Edmonton MLS® Sales

While many buyers are finding that competition is high for properties in certain areas and certain price ranges, REALTORS® Association of Edmonton President Doug Singleton urged home buyers to remain calm, to confirm their financing arrangements and to study the market with their REALTOR®. I have to agree with him; remember, these market conditions won't last forever.

Prices were also on the rise in the Greater Edmonton area in April; the average residential sale price was $337,363 in April compared to $327k last year and $335k last month. The median sale price was $327,000 in April compared to $315k last year and $322k last month. 

Edmonton housing prices

The inventory of properties on the market increased to 7,334 compared to 7,715 last year and 6,851 last month.

Edmonton homes for sale

There were 3,253 new listing in April similar to 3,225 last year and 3,271 last month:

Edmonton real estate listings

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 12 sales whereas the association is under reporting by 85 sales on average each month).

Unlike 2010 where sales quickly ran out of steam after March, and in 2011 where sales dropped in April, we are now seeing activity building and not dissipating. From the street level, we are seeing tons of activity and the market seems even busier than the sales would suggest, especially in terms of the number of offers written, and the number of multiple offers we are dealing with.

Edmonton single family home sales

Condo sales improved in Edmonton in April as well, eeking ahead of last year's total (397 sales in April '12 compared to 376 last year). When competition for single family homes increases, so do prices, and condo sales tend to improve as buyers see more bang for their buck in the condo market. So we do expect to see an improvement in condo sales and prices in the short term.

Edmonton condo sales

Prices were up across the board in Edmonton in April. The average price of single family homes was $394,673 in April compared to $389k last month and $381k last year. This is the highest average price since June of 2010 and the highest average for April since 2008. The median price for single family homes was $367k in April compared to $353k last month and $349k last year.

The average price for condos was $234,538 in Edmonton in April compared to $230k last month and $228k last year. The median sale price for condos was $223,500 compared to $214,800 last month and $215,500 last year.

Edmonton real estate prices

The average price per square foot has followed the same pattern as overall average prices so far this year.
 

Edmonton price per square foot

As always, this is our preliminary report on the Edmonton real estate market, and our final report will follow when the final numbers are released by the REALTORS® Association.

Looking at the chart you'll see sales for the past 4 years have been extremely consistent in the first 3 months of the year. April seems to be a pivotal month with sales in Edmonton peaking in April 2010 while 2009 saw sales unexpectedly sky rocket and peak in June. We are definitely not expecting a path similar to 2009 sales, but we do expect a to see a small bump in sales aound the time the majority of rate guarantees at 2.99% expire.  On a side note some of those 2.99% rates are not such a good deal especially if you MUST renew with that lender 5 years from now and you can't negotiate the rate.  More on that later.

Edmonton real estate sales

The average residential sale price in Edmonton was was $335,187 in March, up from $327,725 last year and $329,911 last month. The median sale price in Edmonton was $320,500 in March up from $311,000 last year and $317,00 last month. So far the gradual increase is  following a typical pattern seasonal pattern.  April will tell us how much confidence there is in the market.

Edmonton real estate prices

The end of month inventory of homes for sale in Edmonton fell right in line with the last two years and sits at 6,851:

Edmonton real estate inventory

The number of new listings shot up to 1625 in March - higher than last year but much lower than 2010 and 2008:

Edmonton real estate listings

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 4 sales whereas the association is under reporting by 73 sales on average each month).

Edmonton home sales

Condo sales on the other hand were below average - 319 condos sold in Edmonton in March through the MLS system, up from 264 last month but down from 382 last year. We are honestly not sure why condo sales continue to lag while single family sales are strong. One thought is that with so many condos for sale, buyers are being particularly choosey, and with rental vacancy rates dropping sellers are fining it easy and profitable to rent out their units instead of selling them. Unfortunately there is no way to prove this theory, and there could just as easily be any number of other explanations.

Edmonton condo sales

Single family home prices rose in March in all categories, as you would expect with such strong sales. The average sale price for single family homes was $388,963 up from $373,041 last month and $380,765 last year. This is the highest average sale price for single family homes since the 2011 peak price of $390k in July. The median sale price for single family homes was $353,000 up from $347,500 last month and $348,000 last year.

Condo prices remained similar to last month and last year. The average condo sale price in Edmonton in March was $229,633 compared to $230k last year and $227k last month. The median sale price for condos was $214,800 down from $217,500 last year and $215,500 last month. 

Edmonton real estate prices 

On a price per square foot basis, single family homes also outperformed condos. The average sale price/square foot for single family homes was $259 compared to $256 last month and $263 last year. Condos sold on average for $220/square foot in March compared to $223 last month and $225 last year.

Edmonton real estate price/square foot

As always, this is our preliminary report on the Edmonton real estate market, and our final report will follow when the final numbers are released by the REALTORS® Association.

Edmonton real estate sales
 

The average residential sale price increased to $329,911 from $318K last month and $313K last year. This is the second highest average price on record for February in the Greater Edmonton Area (the highest was in 2008 when it was $336k - that's a $7k difference for those who like to comment that prices have plummeted by 10's of 1000's of dollars).

  Average real estate price

There were 5976 listings on the market at the end of the month compared to 5303 last month and 6389 last year still in the "new normal" range.

2649 new listings came on the market in February, compared to 2441 last month and 2587 last year. This is slightly above average but we will have to wait and see what happens next month to get a clearer picture for the supply side of the market.

  Edmonton real estate listings
 

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 4 sales whereas the association is under reporting by 73 sales on average each month).

Edmonton home sales 

In February there were 264 Condo Sales up from 184 last month and similar to 267 last year. Condo sales are still below average in Edmonton while single family homes are selling as expected.

Edmonton condo sales

 

In February the Average Sale Price for Single Family Homes was $373,041.00 up from $362K last month and $362K last year.  The Median Sale Price for Single Family Homes was $347,500 in February, up from $340K last month and $337,500 last year.  Even though condo sales were not strong, prices rebounded in February after a pretty big dip last month. The Average Sale Price for Condos was $227,381 in February up from $210K last month but down from $231K last year.  The Median Sale Price for Condos was $215,500 in February up from $200K last month and $213K last year.

Edmonton real estate prices 
 

The Average Price per Square Foot for Single Family Homes was $256 - up from $249 last month and $250 last year.  The Average Price per Square Foot for Condos was $223 up from $210 last month and the same as last year.

  Edmonton price per square foot

Based on our experiences this month we are not surprised to see the jump in average prices. We expect to see further gains next month, especially if inventory continues to creep slowly upwards (as opposed to jumping up suddenly). 

As always, this is our preliminary report on the real estate market in Edmonton, and our final report will follow when the final numbers are released by the REALTORS® Association.

The average residential sale price was $318,034 up from $311k last year and $316k last month. The median sale price was $312k up from $307k last year and $303k last month. Sales outside of Edmonton must have held prices up since we know from our preliminary report on Edmonton only, prices in most categories were down.

There were 5,303 listings on the market at the end of the month compared to 5,633 last year and 5,316 last month. So we are starting the year off with a normal inventory level. Will inventory levels follow a normal pattern, or rise dramatically in the next few months? It remains to be seen whether or not the 5th anniversary of the boom will see investors dumping product on the market as their payout penalties are no longer a factor.

2441 new listings came on the market in January, well ahead of last year and higher than average. This will definitely be something to keep an eye on.

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. For example, in December there were 829 reported sales which I adjusted to 879 sales, and the actual sales for December were 881 so I was only off by 2 sales whereas the Association was off by 52. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 1 sale whereas the association is under reporting by 77 sales on average each month).

Condo sales improved slightly from last year, but were down from last month - there were 184 condo sales in January in Edmonton compared to 225 last month and 169 last year.

Single family homes sold for $361,644 on average in Edmonton in January which was unchanged from last year and down from $367k last month. The median sale price for single family homes was $340k compared to $348k last month and $339k last year. Meanwhile, condos sold on average for $210,034, down from $216k last year and $229k last month. The median sale price for condos was $200k compared to $215k last month and $210k.

The average price per square foot for single for single family homes was $249 compared to $255 last month and $248. The average price per square foot for condos was $210 compared to $223 last month and $215 last year.

As always, this is our preliminary report on the real estate market in January, and our final report will follow when the final numbers are released by the REALTORS® Association.

Edmonton MLS® sales

The average sale price for residential homes on the MLS® system was $316,415 compared to $308k last December (up 1.7%) and $321 last month. The median sale price was $303k compared to $300k last year and $310 last month. 

“With economic uncertainty impacting Europe and depressed housing markets in parts of the United States, it is a relief to report on the stability and health of the local real estate market,” said REALTORS® Association of Edmonton President (2011) Chris Mooney. “With prices and sales varying within a small range there is a solid base going forward into the 2012 market.”

Edmonton average real estate sale price

The inventory dropped to 5316 at the end of December which is in the "new" normal range (in the past this would have been considered quite high, but when you include the past few years it is in the normal range):

Edmonton MLS® Inventory

The number of new listings also followed a seasonal pattern, dropping to 1088 in December; the number of new listings coming on the market should increase quite a bit over the next few weeks:

Edmonton MLS® Listings

Our annual report on the Edmonton real estate market will be sent to our clients and subscribers in the very near future - don't miss out, subscribe for free today.

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. For example, in October 2011 the reported sales totalled 1170 which we adjusted to 1240 for comparison purposes and the actual number fo sales were 1253. In November there were 1084 reported sales which we adjusted to 1149 and the actual number was 1133. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 1 sale whereas the association is under reporting by 77 sales on average each month).

Edmonton Single Family Home Sales

After three months of lower sales than the previous year, condo sales in Edmonton improved slightly to 225 compared to 206 last year and 242 last month:

Edmonton Condo Sales

In atypical fashion, the average sale price for both condos and single both increased in December compared to the previous month, and were also both up from last year. The average sale price for single family homes was $367,391 compared to $358k last year and $362k last month. The median sale price for single family homes was $348k compared to $336,500 last year and $340k last month.

The average sale price for condos was $229,197 compared to $220,365 last year and $222k last month. The median sale price for condos was $215k in December compared to $217k last year and $208k last month. 

Edmonton real estate prices

The price per square foot followed a similar pattern: single family homes sold on average for $255/square foot compared to $253 last year and $249 month. Condos sold on average for $223/square foot compared to  $218 last year and $219 last month.

Edmonton real estate price per square foot

We tend not to put too much stock in the stats for December, since there are fewer sales and therefore less data to work with. As always, this is our preliminary report on the real estate market in December, and our final report will follow when the final numbers are released by the REALTORS® Association next week.