Average price of detached homes in Edmonton surpass 2007 record

CTV Edmonton: New high in Edmonton real estate Edmonton has hit a new high in real estate, with the average selling price of a single family home topping the peak in 2007.

The Realtors Association of Edmonton says the average price of a single-family home in the city have hit a new high, seven years after a massive housing boom.

According to the first quarter update, the association said the average price of a detached home had risen, surpassing prices set in 2007 – rising by $6,000 to about $432,000.

Meanwhile, residential home sales in the first quarter were up 5.8 percent from 2013 – between January and March 2014, officials said 3,674 sales were made, compared to 3,478 the previous year.

Sales of single family detached homes rose 5.1 percent in 2014 (at 2,206 from 2,099 in 2013) while condo sales jumped from 996 in 2013 to 1,106.

The President of the association said those numbers are expected to increase over the coming months.

“We expect that sales will increase from month-to-month as we approach the second quarter,” President Greg Steele said in a press release. “But this year-over-year increase is an indicator of the high demand for housing in this market.

“Price rises will follow the demand and we can expect active competition for desirable properties.”

The average turnaround time also reflected the busy marketplace, the association said, with properties spending an average of 44 days on the market, compared to 51 in March, 2013.

With files from David Ewasuk