The hot Edmonton regional real estate market continued to set new records in May despite the dampening effect of falling inventory.
The Edmonton Real Estate Board (EREB) reports 1,690 homes were sold though the Multiple Listing Service® (MLS) in May, boosting year-to-date activity to a record 6,984 sales, a 3.9-per-cent increase from 2001.
Last month’s activity fell 7.2 per cent short of the record-setting pace in May 2001, but marked the fifth consecutive month of increasing sales for 2002.
During May, 1,957 new listings came on to the market, resulting in a near-record 86-per-cent sales-to-listing ratio, just short of last May’s 89-per-cent rate. Inventory fell to 2,286 at month’s end, a record low for May.
Prices continue to rise, with the median price of single detached homes sold in May reaching a new high of $167,000, an increase of 16.9 per cent from a year ago.
Half of all sales fall below the median figure and half above.
Sales of homes priced over $160,000 increased 12 percentage points from last May to account for 32 per cent of all sales. Home sales in the $100-$160,000 range decreased to a 36 per cent market share from 43 per cent last year.
Homes selling under $100,000 now account for just 22 per cent of all sales, compared to 37 per cent in May 2001.
Average condominium prices reached a new high of $110,000 during May, up almost 15 per cent from last year.
Sales in residential markets reached the billion dollar mark on May 8, the earliest date recorded for the MLS.
