November, 2016: The average monthly selling price for single family homes increased by 3.95% and 6.39% for duplexes and rowhouses relative to October 2016. Condominiums experienced a minor decrease in price of 1.68% relative to October 2016. Prices for single family homes grew 1.76% relative to November 2015. November’s unit sales dropped 11.41% relative to the same period last year.
The all-residential listings average selling price increased 2.52% to $373,174. Single family homes increased to $440,496 and duplex/rowhouses increased to $353,818. Condominium average prices decreased slightly to $241,569. This average selling price for single family homes in November is the second highest for 2016, behind only July.
“There is continued strength and price stability in Edmonton’s real estate market. Most average selling prices increased this month, partially due to the sales of several high-priced listings,” said Steve Sedgwick, Chair of the REALTORS® Association of Edmonton. “The all residential median selling price is down only 1% from last year, but the single family median selling price was down 2% and condominiums median selling price was down over 8%.”
Single family homes continued to sell well, with the average days on market for November staying unchanged from October at 52, which was three days fewer on the market compared to the same period in 2015. However, condominiums and duplexes/rowhouses were both affected by the seasonal market shift. Condominiums averaged 79 days on market, and duplexes/rowhouses averaged 74 days, which was an increase for both of 17 and 18 days, respectively, relative to the same period in 2015.
Residential inventory continued to increase in November to 6,493 listings, an increase of 7.45% compared to last year.
“November inventory decreased by 10% compared to October,” said Sedgwick. “We expect to see the normal seasonal decline during the slower winter months as we head into 2017.”