The preliminary monthly numbers show that prices held steady in November, while sales fell below the norm. As always, the numbers I report today will be verified with the monthly press release that the Realtors Association of Edmonton will release later this week.
While the overall average sale price remained steady, taking a closer look at things you can see that buyers are definitely getting more for their money. As you can see, the sale price per square foot continues its downward trend:
In other words, if you’re currently trying to sell, or thinking of selling your home, and you see the average prices holding steady, that does not mean that the value of your home has held. Every neighbourhood and style of home is doing something different, so it is very important to have up to date information on sales comparable to your home. We update our clients on the 1st and 15th of each month with all the listings and sales in their area comparable to their own home. If you’re interested in knowing what’s going on in your neighbourhood, fill out this form, and one of our agents will set you up too – just be sure to indicate what type of home you have.
The real story this month seems to be sales:
This is where the economic uncertainty seems to be affecting Edmonton real estate the most – there were only 891 sales in November. The average for the past 5 years is 1293, making this November’s sales look more like December. Perhaps the monthly press release will show a few more sales, but it appears to have been a pretty slow month from a sales perspective.
