Well a quick analysis of the June 2011 Edmonton Real Estate Board's Month to Date figures shows that as of June 15, 2011 804 residential ( single family homes, single family condo's, duplex / row house / and other residential ) units had sold and the average sales price was $331,492. If this pace were to continue, we would to break the 1,600 unit mark for the entire month and thereby exceed June 2010's 1,539 units sold although we would still be below the June 2010 residential average sale price of $335,397. Not too bad when you also consider our January residential average selling price was $310,766 therefore the Edmonton residential average selling price has increased 7.9% since the beginning of the year and the unit sales have nicely increased month over month. Good news for Edmonton Real Estate!!
Local Housing Market in one word: Up
Edmonton, June 2, 2011: The local real estate market is looking up according to the current statistics released by the REALTORS® Association of Edmonton. The average residential sales price is up, the price of a single family detached home or a condo is up, number of sales is up and inventory is up over the previous month.
“Local market housing sales this year are tracking as we forecast in January,” explained REALTORS® Association of Edmonton President Chris Mooney. “Historically for the month of May, the days-on-market (50 days) is at the second lowest point in four years while the sales-to-listing ratio at 53% is at the second highest point in the same period. Both metrics are a good indication of market optimism.”
The average* price of a single family detached home in May was $380,545, up a quarter of a percent from last month. An average priced condo sold for $241,079, up an amazing 3.65% from April. Duplex and row house prices declined 2.96% month-over-month but the average residential price (including all types of residential properties) was up 1.39% from a month ago.
Median prices in most housing categories were up: SFD up 1.13%, condo up 3.64%, Duplex/row house down 2% and all residential up 0.8%. There were 1,857 residential sales in May (up 24.9% from April) with listings of 3,525 properties (up from 3,278 in April). As a result, inventory increased from 7,715 properties to 8,180.
“There is a wide range of property on the market right now but it is turning over quicker than in recent months,” said Mooney. “The local economy is picking up, the demand for labour is increasing but the national situation is keeping interest rates low. We anticipate increasing prices and sales through the summer ahead as we originally forecast.”
Total Edmonton and area MLS® System sales in May were $701 million for an annual total-to-date of $2.574 billion.
May 2011 activity Record for the month* % change from May 2010
Total MLS® System sales this month 2,0803.27%
Value of total MLS® System sales - month$701 Million1.53%
Value of total MLS® System sales - year$2.57 Billion -9.40%
Residential 1 sales this month$616 Million1.23%
Residential average price$331,974 -2.42%
Single Family Dwelling average selling price - month$380,545 -2.48%
Single Family Dwelling median selling price - month$357,000 -2.19%
Condo average selling price$241,079 -2.96%
¹. Residential includes SFD, condos and duplex/row houses.
* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.