Mother Nature has made her mark and announced that winter is upon us. With the freeze comes the natural seasonal cooling of the market. There were no surprises in month-end Multiple Listing Service® sales figures for November released by the REALTORS® Association of Edmonton today. The all-residential average sales price of $381,371 was up 4.3% from last month and up 9.9% from last November. Single family detached homes sold on average for $442,884 which is 3.76% higher than October and up substantially from last year’s $406,587. Condominium average price ($255,167) was down 2% month-over-month (from $260,491) but up 5.3% from a year ago (from $242,371).
The average days on market went down for all residential properties from 57 last year to 54 days this November, with sales taking slightly longer in the single family and rowhouse categories and significantly faster (12 days) in the condominium market. Year-to-date, homes are selling about 5 days faster this year than last.
As expected, sales numbers are down month over month for all categories, with 1,137 all residential properties (1,228 adjusted) selling in November compared to 1,505 in October. Following the normal seasonal trend, inventory is down 12% month over month and down 4% year-over-year.
Million dollar plus homes still remain a very strong segment this month with over 1% of the market share. These higher priced homes are accounting for a significant portion of the average price increase. Total residential sales are up 11% year-to-date over last year at the same time.
“The housing market has been very strong and robust this year. We are expecting to see continued growth in housing sales for some time, but at a slower and more stable pace,” said REALTORS® Association of Edmonton President Greg Steele. “It has been a great year for Real Estate. As we do every year, we expect things to cool off as the temperature drops, but we always have new homes listed and sold over the winter months. People move when life happens, which does not necessarily correlate with warm weather.”