Slow Spring Market in Edmonton
We’ve been hearing lots of good forecasts for the Alberta economy lately, but the real estate market remains relatively slow in Edmonton. The real estate market tends to lag behind other economic factors, so I’m not surprised that the market is a little slow, even though the year started off showing lots of positive signs. The REALTORS® Association of Edmonton released their report on the Greater Edmonton Area:
“We are in the middle of our busiest season for real estate,” says James Mabey, REALTORS® Association of Edmonton Chair. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the increased number of listings typical for this time of year.”
New listings and inventory jumped up in May (to the highest levels we’ve seen in ten years), and for the first time this year we finished out the month with more listings than we had on the market last year. For the first few months of this year, we saw lower supply and higher demand than last year, but that trend has now reversed.
Greater Edmonton Area Real Estate Stats
Sales in the greater Edmonton area were in the normal range for May, but down 2.8% from last year:
The average price was down 1% to $379,018 and the median price was equal to last May at $360,000:
The inventory of listings on the market hit its highest level in years; there were 8,385 homes on the market at the end of the month:
The inventory was mostly influenced by the high number of new listings; 1,853 new listings came on the market in May:
Edmonton Real Estate Stats
Single-family home sales were down 6.4% from last May – 871 homes were reported sold in Edmonton in May:
Condo sales were on par with last May, which had the lowest sales of condos in many years – 365 condos were reported sold in Edmonton in May:
The average price of single-family homes was $435,874 in May, down 1.2% from last May, while the median price was up 0.5% to $400,000. The average price of condos was $250,596 in May, down 1.8% from last May while the median price was down 1.8% to $227,250:
The average price per square foot for single family homes was up $1 from last May to $283 while the average price per square foot for condos was down $9 (3.7%) to $233:
