Warnings of impending interest rate hikes have motivated home shoppers across Canada to move ahead with purchases during what is typically the slowest time of the year for real estate sales. Although new listings were up 15% from last year, they did not keep up with demand creating an unexpectedly hot market in Edmonton in November. The absorption rate has fallen to 3.18 months of supply. At this time of year, we would often tell clients to hold off listing their property until the new year, because demand is typically quite low going into the holiday season. It will be interesting to see if more holiday shoppers put "new home" on their lists this year, or if this surge in demand will cool off until the New Year.
Here is our monthly update on the real estate market in the Greater Edmonton area.
I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market later this week.
City of Edmonton Stats
820 single-family homes were reported sold in November in Edmonton, up 28% from last year.
287 condos were reported sold in November, up 17% from last year.
The average sale price of single-family homes was $456,529 up 1% from last year and the median price was $395,000, up 2% from last year. The average sale price of condos was $220,489, unchanged from last year and the median price was $203,000, up 4% from last year.
The average price per square foot for single-family homes was up $11 from last year to $286 and for condos was unchanged at $214.
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