Despite heading into the colder months of the year, the Edmonton market continued to hold its own, especially when compared to the fall of 2016.
The total number of residential sales in the Edmonton CMA rose an average of over 12% across all residential property types on a year over year basis for the month of November. As the market continued to head into the fourth quarter of the year, the number of sales did decrease on a month-to-month basis. The number of single family home sales dropped almost 18 per cent while duplex sales dropped almost 15 per cent between October 2017 and November 2017.
|Property Category||% Change Y-O-Y (Nov. 2016 – Nov. 2017)|
|Property Category||% Change M-T-M (Oct. 2017 – Nov. 2017)|
Of these sales in the Edmonton CMA, the average sales price for single-family residential units increased on both a month to month and year over year basis. When compared to the previous month, average sales prices were 2.29% higher, rising to $441,526 in November 2017. When the comparison is made on a year over year basis, the average sales price rose only a slight 0.23% between November 2016 and November 2017.
The average sales price of duplex/row units also increased on both a month-to-month and year-over-year basis. This figure rose 5.3% between October and November of this year, and 1.39% between November 2016 and November 2017.
Condominium units, on the other hand, saw a decrease in the average sales price, with a decrease of4.39% when compared to the previous month and 4.27% when compared to a year ago.
Due to the winter market, there is still plenty of inventory left for sale! If you are interested in purchasing a home in the Edmonton area, give me, your trusted Edmonton mortgage broker, a call today! I am more than happy to answer any questions you may have about the local market or what financing options may be available to you.