Edmonton Real Estate Board November 2011 Market Analysis

By
Real Estate Agent with Ralph Henze Homes - RE/MAX Elite

Edmonton Skyline


Here is the latest news release on the Edmonton real estate market from the REALTORS® Association of Edmonton.

 

REALTORS® Association sees stable market with few surprises


Edmonton, December 5, 2011: There were no surprises in the month-end Multiple Listing Service® sales figures for the month of November released by the REALTORS® Association of Edmonton today. The all-residential average* sales price of $321,135 was up less than one percent from last month and last November. Single family detached homes sold on average for $365,734 which is marginally higher than last November and last month. Condominium average price ($227,901) was up 2.3% month-over-month (from $222,778) but down 0.6% from a year ago (from $229,337).

“Prices will vary from neighbourhood to neighbourhood and from property to property,” said REALTORS® Association of Edmonton President Chris Mooney. “But generally your home would have sold last month for about the same amount as it did last year. There was a slight decrease in sales activity compared to last year but listings also decreased reducing the inventory to the level it was at in February.”

  • Residential listings = 1,800 with sales = 1,084
  • Total MLS® listings = 2,239 with sales = 1,236
  • Residential inventory = 6,588
  • Total MLS® inventory = 10,390
  • Sales-to-listing ratio (residential) = 60%, in 2010 = 64%
  • Days-on-market = 59 (same as October), last November = 64 days

“I almost think that the market is resting after the maelstrom that has occurred in the past five years,” said Mooney. “Compared to other national and global markets this part of the world is a safe haven with stability right now and great prospects in the very near future.” Total MLS® sales for the year-to-date were $5.96 billion compared to just $5.84 billion last November.


Highlights of MLS® System activity

November activity

Record for
the month*

% change from
November 2010

Total MLS® System sales this month

1,236

-5.80%

Value of total MLS® System sales - month

$419 million

-1.60%

Value of total MLS® System sales - year

$5.95 billion

2.00%

Residential¹ sales this month

$348 million

-8.20%

Residential average price

$321,135

0.02%

SFD² average selling price - month

$365,734

0.21%

SFD median³ selling price

$348,000

-0.57%

Condo average selling price

$227,901

-0.63%

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.


If you are interested in buying or selling a home in Edmonton, contact me at:


Ralph Henze

RE/MAX Advantage

Cell:  780-918-7885

Office:  780-464-4100

email:  ralphhenze@gmail.com

 

www.RalphHenzeHomes.com

 

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