The Edmonton real estate market showed a very typical surge into the spring season in 2018. Although overall sales figures are down slightly compared to 2017, there was a very strong uptick in activity between April and May. This is standard for the city at this time of year, and a good indication that it is business as usual in the Edmonton market.
The steep pickup from April to May could be related to the longer and colder than usual winter the city faced this year. Comparing April and May, 15.45% more detached homes and 18.42% more condos sold in May. However, sales overall are down slightly compared to 2017. The 1,776 homes that sold in the month represent a 3.64% year-over-year decline.
Inventory Rapidly Outpacing Sales
The growth of inventory in the Edmonton real estate market has been outpacing sales for several months. Both the total number of new listings added during May and the overall inventory at the end of the month hit ten-year highs in 2018. Despite this increase in selection, homes are actually lasting less time on the market. The average number of days that homes are taking to sell dropped to 53 in May.
The total amount of inventory grew 16.03% compared to last year in the city. Approximately 5.5 months of inventory are currently available in Edmonton. This is due largely to the surge in new listings, which have grown 12.82% compared to May 2017.
Prices Up for 2018, but Down Year-Over-Year
Prices mirrored the pattern being observed in sales activity in Edmonton this spring. Compared to earlier in the winter, prices are pushing upward slightly. The average sale price of $377,139 in May was up 2.13% compared to the previous month. However, that also indicates a decline of 0.54% when looked at in a year-over-year comparison. The year-over-year decrease has been driven mostly by the condominium market, where average prices dropped 3.86%. Detached homes actually increased slightly in price year-over-year. The new average of $442,348 for the month is 0.40% higher than at this time last year.
Overall, Edmonton appears to be weathering the changes to the real estate landscape extremely well. The city came through an extremely long, cold winter to create a resurgent real estate market, which bodes well for the coming months. With only gradual increases on a year-over-year basis in both sales and prices, buyers and sellers alike should take comfort that the Edmonton market appears to be staying on a steady course for the time being.
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