Single Family Homes Reach Record Price in Edmonton in June

Updated - the REALTORS® Association of Edmonton has released their monthly stats on the Greater Edmonton Real Estate Market, and the average residential sale price has reached the highest level we've seen in at least 9 years. Meanwhile, demand is normal, and supply is exceptionally high. So here's the deal... inventory is a leading indicator of prices. Earlier this year we had slightly lower inventory and slightly higher demand; prices typically rise for the first part of the year and conditions early in the year seem to have brought higher average prices than I was expecting. The opposite is now occurring, so prices could start to drop on a year over year basis, except for one foreseeable outcome; mortgage rates. Word on the street is that the Bank of Canada is expected to raise the "overnight rate" as early as next Wednesday, and at least one lender has already raised mortgage rates. We sometimes see an increase in sales when mortgage rates rise, as buyers take advantage of rate holds. Should be an interesting summer. Here's our snapshot on the real estate market in the Greater Edmonton Area in June:

The average residential price got so high in June, I had to change the scale on my axis, the median price also rose 1.84% to $362,562:

Similarly, inventory rose so high I had to move my title up, I liked the statement it makes, with the inventory line running right into the title, I'll change the scale next month ;)

New listings were also higher than normal in June:

Edmonton Market Stats

Our preliminary look at the real estate market in Edmonton has some surprising results, especially considering the low demand and high supply we've been experiencing in the Capital Region. Single family homes are leading the way, with normal sales, and record high prices while condo sales are lagging. The average price is a dangerous stat; even though the average price of single-family homes hit an all-time high in Edmonton in June, the average value of most properties has dropped. When you look into the stats a little further, the average size of single-family homes sold continues its upward trend, which suggests buyers are getting more home for their buck in Edmonton. Single-family home sales were up 0.8% in Edmonton over last June, 941 homes were reported sold:

Condo sales were down 5.5% to their lowest level in many years - 381 condos were reported sold in Edmonton in June:

The average price of single family homes was up 2.8% over last June to $457,041 and the median price was up 2.5% to $405,000.

The average price per square foot of single family homes was up 5% from last June to $292, and condos were unchanged at $246.

The size of the average single-family home sold in June was up 0.5% to 1567:

Happy Canada Day! Posted by Liv Real Estate on July 1st, 2017

Just curious I presume the single family home statistic includes duplexes ? Or are they all single family detached ?? Because they are not condos either I guess. Please advise !

Posted by Curtis on Friday, June 30th, 2017 at 10:16pm

Hi Curtis,

It depends... some duplexes are condos and would be included in the condo stats, and some duplexes are not condominiumized, so they are included in the single family stats.

Posted by Sara MacLennan on Friday, June 30th, 2017 at 10:36pm

Hey Darren,
It depends. I know that's not the answer you're looking for, but it's true. Homes in different areas, price ranges, conditions, styles all change in value at different rates. The average value has very little to do with the actual value of your property. Your value is affected by the economy, financing, timing, location, condition, competition, pricing, and marketing. The only way to know for sure is to have an evaluation done.

Posted by Sara MacLennan on Thursday, July 13th, 2017 at 6:42am

So if I had purchased my 2 storey in 2011 how much would it have increased in price by now as a percentage, just based on the price increases since?

Posted by Darren on Thursday, July 13th, 2017 at 6:46am

Sarah, the only way to know for sure is if somebody is going to buy it for a specific price... I know a house evaluated at why higher than the price is listed and is sitting on the market... On top of that is $30k under the price paid in 2012.. There are other houses sold in other areas for way more that the price in 2011-2012....

Posted by bubu on Saturday, July 15th, 2017 at 5:53am

Single Family Homes Reach Record Price in Edmonton in June - Updated

Edmonton Market Stats

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