Edmonton Real Estate Market In Spring
Compared to April, May saw 25.37% more homes sold in the Greater Edmonton Area. There was a small decrease (2.78%) compared to the figures in May of last year. However, this dip appears to be just a slight anomaly rather than part of a larger trend. When you take the year-to-date sales into consideration instead, sales in total have increased 2.7% from January through to the end of May.
Edmonton Home Buyers Have More to Choose From
House listings in Edmonton have been increasing at a fairly steady pace, giving prospective home buyers enough time to browse through before settling in their new home. Compared to just the month previous, the end of May has 10.16% more homes available for sale. Even on a year-over-year basis the number of total listings available has grown, with 4.33% more listings available compared to May of last year.
New listings were up as well as total inventory. 16.21% more homes were listed in May than in the previous month, indicative of the typical spring warm-up already mentioned. New listings were also up on a year-over-year basis by 15.09%.
Prices Close To An Equilibrium
The average prices of homes in Edmonton haven’t changed a great deal. On a year-over-year basis, detached homes in the city saw an average sale price increase of only .26%. Condo prices were opposite, but by another small margin, decreasing only .67% on a year-over-year basis. The average price of a detached home in the city this May was $440,907, while condos were averaging $250,818. These prices are however averages, and not necessarily indicative of smaller trends taking place on the neighbourhood level. For example, while prices are down on condos in the Northwest and Centralparts of the city, the Westand Southeast neighborhoods have actually seen prices increase slightly.
Cities in northern climates are much more subject to the variations of weather patterns than those in more temperate locations. Edmonton is showing all the signs of a classic spring surge, with the market hitting its stride as April transitions to May. Although year-over-year gains are modest, the signs point to a strong upcoming summer in Edmonton.
