November 2017 Real Estate Report

December 4, 2017 9:54 pm Published by

Welcome to my monthly Edmonton Area real estate report for November 2017. Did the month fly by or is it just me? It seems like just yesterday the Oilers were pegged to win the Stanley Cup and suddenly we might not make the playoffs!!! Hang in there though, it’s not over yet!

The November Real Estate market was fairly active this year compared to November 2016 with a Year over Year increase in sales of 9.85% for Single Family homes, 18.31% for Condo’s and 4.27% in the Duplex/ Rowhouse category. However, the overall residential sales declined 8.37% compared to October which is typical and expected for the season.

The average selling prices increased a bit from October 2016 by 2.29% for Single Family homes and 5.30% for Duplex/Rowhouse but Condo sales prices declined 4.39%. For Condo Sellers the good news is that the sales picked up reducing some inventory.

Speaking of inventory, it’s still a record for a November but it is at the lowest level since March. This is consistent with the seasonal trends whereby many Sellers wait to list until after Christmas.

There is some thought that the pending changes in Mortgage Rules and interest rates motivated some Buyers to take action in November. This does seem plausible as we saw an increase in the sales of higher priced homes which I suspect relates to activity by the move up Buyers offering greater than 20% down payments. Will December be more of the same?

Quick Stats:

Average Prices:
Single Family $441,526
Condominium $232,221
Duplex/Rowhouse $358,807
Total Inventory:
7030 Residential Properties For Sale
Average Days on Market
66 Days

As always, I appreciate your referrals and if I may of any service, please let me know.

Merry Christmas,

Chris

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This post was written by Cat and Chris