Market Stats: November a good month for November housing market

Posted by on Wednesday, December 2nd, 2015 at 2:32pm.

The November figures are out for Edmonton and all things considered, it wasn’t a bad month.

November was actually a strong month for the housing market in the Capital.  All reported residential sales were down, but only by 2.9% from what happened in the marketplace in November 2014.  It was also a surprising improvement over October, when sales in all residential sectors dropped 15% from October of last year. The average selling price last month in the Edmonton area fell by 3.1% from November 2014.  However, when comparing the average residential prices from January to October 2014 to this same time period this year, prices are up 1.5%.

It’s nice to see those positive signs in this economy.

In releasing the November sales figures today, the REALTORS® Association of Edmonton attributed two things to the good news.  The warmer than usual weather this fall and the large amount of choice buyers have with the current healthy inventory.  Geneva Tetreault, chairwoman of the association, stated that she’s happy to see buyer confidence in Edmonton, particularly at a time when the market naturally begins to slow down.

No change in some areas

There was no change from October to November 2015 for average days on the market for single family home.  It remained at 56 days, which is only one day different from the 55 days it took a home to sell in 2014. Condos still take the longest to move at 62 days (55 days in November 2014) while attached homes took 57 days to shift, compared to 47 days in November 2014.

Home prices fall, condo prices jump

The average selling price for single-family detached homes last month was $432,862, a drop of 1.4% from October and 2.62% from November 2014.  Attached homes on average went for $339,454.  This was a more significant change from October, with a 5.5% drop and compared to November 2014, a change of -3.5%.  The average price for condominiums in the Edmonton area rose by 3.8% from October’s average, to $253,618.

Edmonton inventory remains strong

Inventory levels remain healthy, with 6,043 residential dwellings on the market as of November 30, 2015.  This is 9% less than what was available at the end of October, but higher than November of 2014 by an astonishing 55%.

Tetreault noted in her monthly report that inventory levels remain strong despite fewer house listings entering the ring this fall.  Spring 2015 had the highest numbers of the year with 7,300 properties in all market segments available.

Her prediction is that average home prices will continue to adjust throughout the winter, a traditionally slow season while inventory levels continue to rise.

Total volume of MLS® System sales in Edmonton last month was $525 million, a decrease of 10.43% from October and 7.3% from November 2014.  Year-to-date sales in Edmonton stand at $8.07 billion.

 November 2015

 

Change from Oct

 Change from Nov 2014

Average Selling Price:

$432,862

-1.38%

-2.62%

Median Selling Price:

$401,611

1.03%

-2.02%

Condo average price

$253,618

3.85%

-0.87%

Condo median price

$234,555

4.25%

-0.15%

Residential listings

1,914

-15.76%

34.98%

 

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