Edmonton Stats
Our preliminary look at the Edmonton real estate market in May shows homes sales were up, ever so slightly, over last May. 879 single family homes were reported sold in May, up 0.9% from last May. While the increase in sales over last year is slight, at best, we have moved from sales being well below average for the past few months, to roughly average for this time of year.
368 condos were reported sold in May, up by 2 (o.5%) from last May:
The benchmark price for single-family homes in Edmonton in May was $402,800 - down 0.35% from last may, for apartments it was $203,100 - down 1.11% from last May, and for townhouses, it was $222,000 - down 3.8% from last May. The benchmark price allows us to better track and to compare what is actually happening with prices, you can learn more about the MLS® Home Price Index here.
I really like this chart from the MLS® Home Price Index, that lets you compare current prices with prices from various points in the past. For example, if you bought a single family home 5 years ago, things are looking pretty good.
I honestly may stop posting the average and medians, but for now, the average price of single-family homes in Edmonton was up 2.3% from last May to $446,161 and the median was down 0.1% to $399,500. The average price of condos was down 3% to $242,959 and the median was down 2% to $222,500.
The price per square foot for single-family homes was up $6 from last May to $283, and for condos was up $2 to $235:
Home prices seem to be following the price of oil. Maybe wealthy retirees from real estate appreciation in British Columbia will retire to Alberta and move back to British Columbia after the real estate market crashes there.
Posted by Tony on Saturday, June 2nd, 2018 at 10:22pmThe headline on this Blog blares "Home Sales Pick Up in Edmonton in May"!!!
Posted by GPC on Wednesday, June 6th, 2018 at 11:30pmBut below this, Sara says: "...showing a slight decline in both prices and sales..."
Marketers know that most people are heavily influenced by headlines, regardless of what the truth is.
Great Marketing but not exactly the truth.
People, sales are way down YoY and prices in many categories have followed suit. Don't pay any attention to average prices, it is basically a worthless stat.
The Greater Edmonton area saw a decline year over year, but if you read further down the post (which was the original post before I updated it with the Association stats) it says:
Posted by Sara MacLennan on Friday, June 8th, 2018 at 6:46am"Our preliminary look at the Edmonton real estate market in May shows homes sales were up, ever so slightly, over last May. 879 single family homes were reported sold in May, up 0.9% from last May. While the increase in sales over last year is slight, at best, we have moved from sales being well below average for the past few months, to roughly average for this time of year."
So uh, an increase of 0.9% justifies a headline about "sales picking up"? Noting it at all, yet alone in a blog headline, really is just a Marketing tactic.
Posted by GPC on Friday, June 8th, 2018 at 7:58amWith a sales to listing ratio well below 50% all year long and this week's mark of 34%, indicates that this market is essentially in free fall and I think you're going to have to work really hard to come up with your rosy headlines for the foreseeable future.
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