November Real Estate Update

December 4, 2016 2:41 am Published by

Holy cow it’s now December and we made it through another Edmonton November relatively unscathed. We had moderate temperatures with very little snow but don’t look now because the forecast looks to provide a dose of reality!

The overall sales declined as expected but the average price for single family homes actually increased from October to $440,469. This is just about 4% higher than October and was helped along by a significant increase in the number of luxury home sales over $750,000. Buyers continue to find value in this segment by getting more bang for their buck. The median home price is probably a better indicator of market sentiment and showed a slight decrease to $394,000.

Condo’s dipped -3.30% to an average of $241,569 but Duplex/Row Houses jumped by +3.04% to $353,818. Inventory still remains higher than last year but we did see a drop by 9.47% from October. This isn’t unusual as we’re moving into the Christmas season when the number of listings declines while we turn our focus to the holiday cheer!

It’s still a buyers’ market with good inventory and prices. However it was interesting to see the impact of the Trump election on the rise of the Govt of Canada bond yields. This put some pressure on the historically low mortgage rates so if you’re thinking of buying it might be a good idea to get your mortgage pre-approved with a rates hold reset.

Fast Facts:
• November Average Single Family Price/Square Foot = $279
• November Average Condominium Price/Square Foot = $237
• Edmonton’s unemployment rate dropped to 6.8% thanks to a diversified economy!

If I don’t see you soon, please have a very Merry Christmas and a Happy New Year!

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This post was written by Cat and Chris