Average price of a single-family home broke $400,000
The MLS® announced that last month, the average price of a single-family detached home in the Edmonton area was above $400,000. In fact, according to the REALTORS® Association of Edmonton, last month’s average price for a single-family detached home sold was $400,973. This comes as a surprise to many Edmontonians since these types of homes haven’t broken the $400,000 barrier since May of 2007 when they sold for $424,400- four months later the price dropped to $402,379.
In addition to breaking the $400,000 mark, the actual price increase was by 0.3% from January to February 2013. Furthermore, the actual price increase from February 2012 to February 2013 was 4.3%. Something else to consider is the median price of a single-family detached home last month, which fell 0.3% from January to $373,500.
Whether its single-family detached homes or condos, the Edmonton real estate market continues to thrive. At the end of February, there were 4,183 homes listed on the MLS® with the number of residential sales estimated at 1,089- which is up by 18% from the previous month. These figures are sure to increase as we get closer to spring when the markets will bloom.