Edmonton Market Report
Monday, January 4th, 2016Edmonton, December 2, 2015: Edmonton’s housing market saw strong sales numbers in November. November’s all residential reported sales were down only 2.9% year-over-year (YoY), a notable improvement compared to October 2015 numbers which saw a 15% drop compared to October 2014. The average residential sales price in November for the Edmonton Census Metropolitan Area (CMA) dipped slightly by 3.1% YoY, however average year-to-date prices in November 2015 remain strong year-to-date (YTD) and are up 1.5% compared to November 2014 YTD.
“The warm fall weather we saw in November, coupled with healthy inventory numbers, were key factors in keeping buyers active in the market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “During a time of year where we generally see the market slow down, consumers demonstrated confidence in the Edmonton and Area market.”
Average days on market for single family homes stayed virtually stagnant at 56 days, the same as October and up only one day (55) from November 2014. Condominiums averaged 62 days on market while duplex/rowhouses took an average of 57 days to sell, an increase YoY of 7 and 10 days respectively.
A single family home in the Edmonton CMA sold for an average of $432,862; down 1.4% from October and down 2.62% YoY. Duplex/rowhouses also dropped to an average of $339,454 – down 5.5% from the previous month and down 3.5% from November 2014. However, the average price for condominiums ($253,618) was up 3.8% over last month. All residential properties average price sat at $369,559, down a modest 0.59% from October.
All residential active inventory remains strong with 6,043 residential properties available in the Edmonton CMA at the end of November, down from October by 9% but still up over last November by 55%.
“While we continue to see strong inventory numbers, there are noticeably fewer listings coming onto the market in the fall, compared to our peak in the spring when we had more than 7,300 residential properties available,” said Tetreault. “We expect to see the average price to continue to adjust itself due to the slower winter sales season and higher inventory levels, as we approach 2016.
