The REALTORS® Association of Edmonton released the final tally for sales in Edmonton today. We missed setting a monthly record for sales in December – there were 948 residential sales reported by Edmonton REALTORS® in December, compared to 1074 in 2006 (the previous record) and 608 last year.
The real story is inventory… we're back down to "normal" levels after two years well above the average. Single family homes in Edmonton seem to have seen the biggest drop in inventory with half as many listings online as there were this time last year:
The average residential sale price has been steady for three months now and currently sits at $319,201 (it was $318, 482 in November and $318,969 in October). The average sale price of single family homes was unchanged from last month while condos increased 4.5% (reversing a 2.5% drop in November).
There were 1118 homes listed in December (quite typical for this time of year) resulting in an 85% sales to new listings ratio – a significant improvement from last December's 46%.
You can read the full press release from the REALTORS® Association of Edmonton here.
We're just putting our final touches on our "Year in Review" report that will be sent out to subscribers on Friday with the weekly update.
Questions is…where did all those single family homes go…and when will they come back?? And if and when they come back, how much excessive inventory will there be?