Edmonton has racked up a record number of home sales for the first seven months of this year.
As of the end of July, 9,906 homes were sold through the Multiple Listing Service, an increase of nearly 13 per cent compared to last year. At the same time, July activity reached a record 1,581 sales, up 27.8 per cent from July 2000.
A comparison of 1,764 July listings to sales shows a record high 90 per cent sales-to-listings ratio for the month. Homes sold during July had been on the market an average of 38 days.
“The impact of strong oil and gas markets, along with growth in subsidiary and other diversified industries has been stronger than we could have imagined and fueled the housing market beyond our expectations,” said Larry Aikens, president of the Edmonton Real Estate Board.
Home sales in July produced a record high average selling price on detached homes of $156,361, up 11 per cent from last year. The strong increase in sales of detached homes over $160,000 has been a major factor in the increase of the average selling price this year, the EREB says.
The median price (the middle figure taken from the current list of all selling prices) of the July home sales was a record-setting $145,000, up nine per cent over the year.
The average selling price of all condo sales in July was $93,730, a 7.4-per-cent increase from July 2000.
The hotspots for sales continues to be the southwest and southeast ends of Edmonton.
Total sales year to date through MLS, including commercial, rural and residential, reached a record high 11,467 at the end of July.
