Record-setting single-family home sales might sound like old news in Edmonton right now, but this month single-family home sales set a new record in Edmonton, and condo sales took a huge jump nearly reaching the previous record set in 2007. This is not an April Fool's joke... Much of the activity in our market appears to be coming from out of Province Investors - I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the real estate market next week. Our brokerage has seen a big jump in inquiries from outside of Alberta as well as buyers interested in purchasing multiple properties.
The benchmark price for single-family homes was up 11% over last March and jumped nearly 5% in a single month. Luckily, we saw a large jump in new listings, so even with record-setting sales in March, we're still sitting at 1.6 months of supply keeping us in a solid seller's market. The question I keep hearing is "when is this going to end?" While I can't give you a solid answer to that question, I can say that you should keep an eye on inventory: if the inventory starts to rise, that will be the beginning of the end of this market cycle. Sales will then flatten out and start to fall (compared to the previous year) and prices will follow. So for now, it appears that prices will continue to rise.
City of Edmonton Stats
Posted by Liv Real Estate on