Edmonton, December 4, 2012:
A significant lift in single-family detached prices from $372,061 in October to $382,923 in November drove up the all-residential average price from $324,924 to $331,198 (up 3.32% Y/Y). Condominium prices, which surged upwards in October, dropped back to the September level for an average of $230,493. This is about 1% higher than a year ago. Duplex and rowhouse prices were $312,041 on average (up 3.2% y/y).
The median price for single-family detached homes was $363,000 in November, the highest it has been since August. When the median price is lower than the average price, it indicates that there were more lower-priced homes sold. Even a few higher-priced homes drive the average price up. There were 51 sales reported for properties priced over $600,000 in November: the same number as reported in October. A year ago there were just 43 homes sold over $600,000.
REALTORS® listed 1,610 residential properties in November and sold 1,063 properties. This resulted in a sales-to-listing ratio of 66% as compared to 61.7% in October. At month end there were 5,681 residential properties in the inventory, which is down 8% from a year ago. Sales were slower in November with average days-on-market up three to 64 days.
“The slow steady escalation in housing prices reflects the confidence that home buyers have in the local economy,” said Singleton. “People are moving up but also relocating to take advantage of job opportunities. As a result the housing market is stable and balanced.”
On November 1 the REALTORS® Association of Edmonton added real estate sales activity from Northeast Alberta to the local Multiple Listing Service®. However, for comparative reasons the additional property sales in Bonnyville, Elk Point, St. Paul and Cold Lake have not been added to the sales reported by the Association in the Greater Edmonton area. The reporting format for the local housing statistics is being redesigned and sales in NE Alberta will be reported in January.
“We are pleased to welcome the 70 REALTORS® from Northeast Alberta to our membership,” said REALTORS® Association of Edmonton President Doug Singleton. “The members and their clients are now part of a larger association and will benefit from increased services and a wider choice of MLS® listings. Unfortunately the integration of the additional listings and sales has to be delayed for a month while the new reporting format is finalized.”