Luxury Sales Boost Average Home Price in Edmonton Area
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Area real estate market today showing lower demand and higher supply than last year, much like we’ve seen all year. In these conditions, it’s surprising that the overall average residential sale price increased by 1%, but this was partially due to a number of luxury sales (nearly twice as many as we saw last November), including one at $3million. As we reported yesterday, the size of homes sold in Edmonton reached a new record in November:
The increasing size of homes sold at least partially explains the stable average prices in Edmonton while sales have been dropping. While the value of most properties has declined, buyers still qualified for the same amount of money (up until the recent mortgage rule changes), and were able to buy larger properties, keeping the average sale price stable. Now that most buyers will qualify for a lower amount, the average price should start to decline, except when luxury sales spike, as they did this month.
Here’s our snapshot of the Greater Edmonton area Real Estate Market:
Sales were down 11% from last November to 1,037* sales.
The average sale price was up 1% from last year to $373,174 while the median sale price was down 1% to $$347,250:
The inventory was up 7.5% to 6,493 listings at the end of the month.
There were 1,825 new listings, down 4.6% from last November.
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared previous months. Our adjusted numbers are far closer to the actual numbers than those reported by the Association each month.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.