Residential sales in the Greater Edmonton Area real estate market were the highest we've seen in the month of November since 2009.
“The Edmonton market continues to perform well with sales up and prices rising,” said RAE President Darrell Cook, in a news release yesterday.
With some of the most affordable housing in the country, one of the lowest unemployment rates in country, and lowest vacancy rates in the country, it's almost surprising our real estate market isn't stronger. Plus, the province as seen the largest increase in population in the country this year. On the other hand, we also saw three times as much snow this November than we did last year, and home builders have been busily adding new houses and condos to the inventory, keeping our market in the strong-but-not-too-strong category. Just where we like it!
"Alberta stands out. In the past year, its demographic growth was nearly three times the national average, the federal statistical agency said, noting that the population increase among people aged 30 to 44 – the prime age group for workers – was more than quadruple the national average." The Globe and Mail.
With all that said, there tends to be a lag between migration into the province, and home sales, as many new residents rent for awhile before buying. In addition, strong 4th quarter market conditions tend to lead to a strong spring market. It will be interesting to see what happens in the coming months.
There were 1116 residential sales in the Greater Edmonton Area in November, up over 10% from last year.
The overall residential average sale price was up 3.6% over last November, to $346,388, while the median sale price was up 1.8% to $324,700.
Inventory has dropped to the lowest level we've seen in November for at least 5 years, ending the month at 4,047 listings.
Listing activity was slightly below the norm for this year, but nothing out of the ordinary - there were 1378 new listings in the month of November.