Edmonton real estate heats up with weather Median price of detached home reaches highest point in five years
EDMONTON – The median price of a single-detached home in the city reached its highest point in five years in May, numbers from the Realtors Association of Edmonton released Monday show. The figure of $370,000 is up almost four per cent year-over-year.
“While housing prices are higher in Edmonton than last month, they are inching up in manageable increments,” said local association president Doug Singleton, adding that real estate in Edmonton remains cheaper relative to income than in cities like Toronto, Vancouver and Calgary.
The overall residential average price, which includes condominiums and duplexes, rose 3.2 per cent between April and May to just under $350,000. Condominiums went up 5.9 per cent over the month to an average price of $249,000 growing faster than the 1.7 per cent growth seen in single detached homes. The average price of a duplex and row house fell 5.5 per cent to $311,000.
Real estate sales usually follow a seasonal cycle with sales and prices peaking in the summer months.
A substantial majority of the real estate sold in Edmonton moves through the association’s Multiple Listing Service, which allows the organization to track these numbers and release them periodically.
Over $3 billion worth of property moved through the system in the first five months of the year, up from $2.6 billion over the same period of 2012.
Source: The Edmonton Journal