The sudden onslaught of winter did not slow real estate sales in November according to figures released by the REALTORS® Association of Edmonton. One month sales in November were the highest in five years. The figures are based on sales through the Multiple Listing Service® System in the Edmonton CMA.
The number of all-residential sales in the Edmonton CMA in November (adjusted to account for late reported sales) was 1,116 (1033 reported) which was the highest number of sales in the month since 2009. There were 672 (622 reported) sales of single family homes, 349 (323 reported) condo sales and 83 (77 reported) duplex/row house sales in November. Total residential sales were up 10.5% over November 2012 with SFD sales up 7.9% and condos sales up 13.7%.
“The Edmonton market continues to perform well with sales up and prices rising,” said RAE President Darrell Cook. “While home sellers welcome the active market, buyers, with good employment prospects and higher than Canadian average salaries, are not deterred as they enter the fairly stable market place.” The number of homes available for sale on the MLS® System is at the lowest level it has been in five years. There were 4,047 homes in inventory at the end of November.
The all-residential average price (representing SFD, condo and duplex/row house sales) was $346,388, up 2.6% from last month and 3.5% from November 2012. The average price for a single-family dwelling in November was $405,826 (up 2.1% M/M) and an average condo sold for $240,630 (up 2.1% M/M). The average price for a duplex/row house was $327,027 (up 0.3% M/M). Compared to November 2012, SFDs were up 2.8%, condo prices up 6.9% and duplex/rowhouses up 5.2%.
The average days-on-market was 57, up four days from last year. The sales-to-new listing ratio was 75% as compared to 77% in November 2012.
“The cold and snow make it more difficult to list and view homes at this time of year but the market is still very active with over 1,000 properties listed in November,” said Cook. “REALTORS® are always prepared to discuss your housing needs with you and advise on pricing, marketing and negotiation strategies.”
MLS® System Activity (for all-residential sales in Edmonton CMA1)
|November 2013||M/M % Change||Y/Y % Change|
|SFD2 average3 selling price – month||$405,826||2.10%||2.80%|
|SFD median4 selling price – month||$376,000||0.30%||2.20%|
|Condominium average selling price||$240,630||2.10%||6.90%|
|Condominium median selling price||$222,000||-0.30%||0.90%|
|All-residential5 average selling price||$346,388||2.60%||3.50%|
|All-residential median selling price||$324,700||-0.80%||1.90%|
|# residential listings this month||1,378||-23.90%||5.50%|
|# residential sales this month (reported)||1,033||-23.30%||2.30%|
|# residential inventory at month end||4,047||-15.80%||-10.40%|
|# Total6 MLS® System sales this month||1,396||-23.70%||3.64%|
|$ Value Total residential sales this month||$413 mil.||-20.00%||6.92%|
|$ Value of total MLS® System sales – month||$497 mil.||-20.30%||8.72%|
|$ Value of total MLS® System sales - YTD||$7.661 bil.||7.70%||8.88%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales