Prices are still falling in Edmonton, but there are some positive signs in the real estate market. Inventory has dropped, listing activity has dropped and sales activity has increased. Here's our infographic for the Greater Edmonton Real Estate market in May: If you've followed this blog for a while, you may recognize the chart below, and it's due for a comeback. The chart shows that when you compare sales and prices on a year over year basis, a cycle forms. We've been in phase 5 or 6 for quite some time, where sales are lower than or about the same as a year earlier, and prices are lower. Last month we saw sales increase year over year and this month sales are up as well, pushing us into phase 8 in the cycle. We still have higher than normal inventory, but that is also down on a year over year basis. These are all good signs for those who would like to see rising real estate prices.
Edmonton StatsOur preliminary look at the Edmonton real estate market shows a slight improvement in sales compared to last May; 909 single-family homes were reported sold in May, up 3.4% from last May: For the first time in quite a while, condo sales also increased year over year - 378 condos were reported sold in May, up 2.7% from last May. A recent report shows sales of new condos decreased in most of Canada last year, but Edmonton "lead the way" with a 48% year over year decrease. In the article, Patricia Arsenault, executive vice-president, real estate research consulting services for data solutions at Altus Group Ltd. said:
"Although conditions are tough for those seeking to sell, weak demand combined with plenty of supply bodes well for house hunters in the coming months, as they are likely to find “favourable prices” for the homes they seek."The average price of single-family homes was down 4% from last May to $428,168 and the median price was down 3% to $387,000. The average price of condos was down 4% from last May to $232,522 and the median price was down 3% to $216,500. The average price per square foot for single-family homes was down $20 to $269 and for condos was down $10 to $225.