Edmonton home sales and pricing cools, luxury market continues strong
As residential home sales and pricing cools in Edmonton, the luxury market continues to boom.
According to the Realtors Association of Edmonton, new residential listings last month were down from August, as well as single-family home unit and duplex/rowhouse sales.
The average price of residential properties is about $377,554 – an increase of 0.3 per cent from September last year. Single-family homes averaged $453,011 while condominiums sold for $224,212 on average.
The MLS Home Price Index, a benchmark price for homes in the Alberta capital region, levelled off at $345,200 – a five per cent gain from September last year but a 0.6 per cent decrease compared to August 2021.
The RE/MAX fall market outlook for Edmonton forecasts that the average price for a home is expected to increase four per cent in the remaining months of 2021.
According to RE/MAX, there has been a higher demand for homes with outdoor space throughout the pandemic, resulting in a “dramatic increase” in acreage demand and sales.
The average price for an acreage with a home on it in the Edmonton area increased 16 per cent in one year.
Luxury sales in Edmonton have nearly doubled, according to RE/MAX River City realtor Jason Holland. Last year 140 homes priced at a million dollars or more sold. Between Oct. 1, 2020, and Oct. 1, 2021, 239 homes sold.
The three most expensive homes for sale in the Greater Edmonton Area, as of Oct. 16, according to Realtor.ca are more than $5 million each.
The most expensive listing is located in Parkland County at 27523 Highway 633 and is listed at $6.95 million.
The mansion was built in 2016 and features an attached and detached garage, eight bathrooms, private pond, and toy vault and private shop with a wash bay.
Next up is a two-storey home in Windermere boasting a grand entryway with 10 feet high ceilings, imported granite from Portugal, an art designed sushi bar, a movie theatre, private elevator, and a self-contained nanny suite.
The mansion is listed at $6.49 million.
Going for an asking price of $5.99 million, a mansion at Fountain Creek Estates in Strathcona County with seven bedrooms and 10 bathrooms is next on the list.
(Source: Realtor.ca/Exp Realty)
The mansion has more than 14,000 square feet of living space, a butler's kitchen, private spa with steam shower, a wet bar and wine cellar, four-car garage, dog shower, and floor-to-ceiling windows in the living room and dining area.