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New Heights for Edmonton Home Sale Prices.

New Heights for Edmonton Home Sale Prices.New Heights for Edmonton Home Sale Prices.

In 2014 we saw the price of an average single family home in Edmonton soar to the highest they have ever been. Part of the reason is due to the major increase of luxury home sales in Edmonton. In 2009 Edmonton only had 54 homes sell for over a million dollars, whereas when we compare that to 2014 we had 147 homes sell for over a million. The Real Estate Association of Edmonton found a 9.8% increase in the sales of single family dwellings, with the average sale price being $432,713 in 2014.

In the beginning of the year it was foretasted by the Real Estate Board of Edmonton would see at least a 3% increase in sale prices, which ultimately turned out to be an increase of over 5% by the end of 2014. November is when the sale prices peaked and the average sale price for a detached single family home in the Edmonton area was at $442,884. Condo sales peaked at $262,273 in the month of August. The majority of homes in Edmonton are sold for under $450,000. 78 per cent of the Edmonton homes sold in 2014 fell under that category.

The amount of houses sold in Edmonton also increased, in 2013 17,077 homes sold, whereas in 2014 we saw 18,991 homes sold, increasing 11% in one year. This is of course due to the steady flow of migration that the city has seen through new people moving to Edmonton to look for employment opportunities.

December was the slowest month in 2014 with only 770 homes sold, showing a 3.3 per cent drop when compared to November’s home sales of 1239. Homes were not staying on the market long in 2014 they averaged 47 days on the market, which is the lowest days on market we have seen in seven years.