In a city in a northern climate, for instance where the Edmonton real estate market is located, seasonal swings can be more pronounced than they are in locations with milder winters. This year is a perfect example of that trend, with a huge jump in sales from April into May as temperatures warmed up and the spring buyers started coming out in droves. Compared to last year’s May, sales are down ever so slightly, but overall signs point to a strong spring and summer in Edmonton.
Compared to April, May saw 25.37% more homes sold in the Greater Edmonton Area. As has been already mentioned, 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
Listings in Edmonton have been increasing at a fairly steady pace, giving prospective homebuyers ample inventory to browse before they settle on 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 Hovering Near Equilibrium
The average prices of homes in Edmonton haven’t fluctuated 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 trended in the other direction, 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. Keep in mind these prices are 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 Central parts of the city, the West and 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.
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