Single family homes under $400,000 are still seeing multiple offers. In November. 2009.
If anyone predicted that at the beginning of the year we would have thought they were crazy. The experts are predicting a hot real estate market in Edmonton for the first half of 2010, especially for single family homes, due to historically low interest rates. What does that mean for right now though? We have a lot of clients looking now that are not finding what they want. Perhaps the spring market will start earlier than normal in 2010, especially if the rumours about warm winter weather are true. So, here is what November looked like in Edmonton:
You can really see the demand for single family homes reflected in the list to sale price ratio – condos declined quite a bit this month while single family homes were basically unchanged:
Sales of condos were about average for November:
And single family home sales were about average as well: 
Price per square foot is on the rise for single family homes and declining for condos. Even though demand for condos is pretty much average for this time of year, the supply is greater than normal, while supply of single family homes (especially below the $400k mark) is low.
In reaction to this demand for single family homes Edmonton home builders are ramping up production and we saw the highest number of starts in October since 2006. Full report here.
Later this week we will send our our subscriber bonus with extra analysis on the market. We will also post charts when the REALTORS® Association of Edmonton releases the final numbers for November.
