New Record High Price for Single Family Homes in Edmonton in June - UPDATED
Posted by Liv Real Estate on
The average price of single-family homes sold in Edmonton reached a new all-time high in June - $473,876, up 15% from last June! The median sale price also reached a record high - a 12% year-over-year increase at $418,000. Luxury sales were well above normal levels with a home selling for $5million, another for $3.15million and 27 houses in total selling for $1million or more. In comparison, 9 homes sold for over $1million last June and in June 2019.
Our market has gotten the attention of investors, according to Patrick Francey, CEO of the Real Estate Investment Network:
"Investors can expect to generate a positive cash of about $300 to $700 a month after costs in monthly rent based on the average price of a home in the city. At the same, investors…
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The average price for residential real estate hit a new high in the Greater Edmonton Area (GEA) in May - $401,390, up 23% over the last year and the median price was up 8% to $375,000. Admittedly, averages can be very misleading, which is why the benchmark price is a much better indicator of what's going on in the market. The benchmark price for single-family homes was up 9.3% over last year in May, and the composite benchmark price was up 8.4%.
As I already mentioned in our weekly stats, I believe the market peaked early this year in terms of listings and sales as many buyers moved their purchases up to take advantage of historically low-interest rates. While things are slowing down a bit, we are coming off of all-time highs, so there is still a ton of…
April saw the most sales in any month since at least 2008 (that's as far back as my spreadsheet goes). There were 2,868 residential sales in the Greater Edmonton Area in April, up 104% over the 5-year average (last April was an anomaly due to COVID so it's more reasonable to compare to the 5-year average). To put things in perspective, in June 2007 when the market was as hot as we'd ever seen, there were 2203 sales. Most affordable listings are pending within a day or two of hitting the market, often with a backup offer in place. The good news for buyers is that most are still able to get offers accepted with conditions whereas most homes sold without conditions back in '07.
The real estate market finished out the year strong with the most sales we've seen in the Greater Edmonton Area (GEA) in December since 2007. After a rocky start, total sales in 2020 finished 3% ahead of 2019, with single-family homes in the communities outside of Edmonton - particularly St. Albert and Sherwood Park - seeing the largest gains. The benchmark price for single-family homes was up 4.1% compared to last December, while apartment-style condos continued to see declines (3.5% down from last year).
The REALTORS Association of Edmonton® will hold their annual forecast on January 13 and will include a forecast from Benjamin Tal of CIBC World Markets Inc., who happens to be my favourite economist, and I will be liveblogging the event right here.…