December 2011: There were no surprises in the month-end Multiple Listing Service® sales figures for the month of November released by the REALTORS® Association of Edmonton. The all-residential average* sales price of $321,135 was up less than one percent from last month and last November. Single family detached homes sold on average for $365,734 which is marginally higher than last November and last month. Condominium average price ($227,901) was up 2.3% month-over-month (from $222,778) but down 0.6% from a year ago (from $229,337).
Prices will vary from neighbourhood to neighbourhood and from property to property. But generally your home would have sold last month for about the same amount as it did last year. There was a slight decrease in sales activity compared to last year but listings also decreased reducing the inventory to the level it was at in February.
Residential listings = 1,800 with sales = 1,084
Total MLS® listings = 2,239 with sales = 1,236
Residential inventory = 6,588
Total MLS® inventory = 10,390
Sales-to-listing ratio (residential) = 60%, in 2010 = 64%
Days-on-market = 59 (same as October), last November = 64 days
I almost think that the market is resting after the maelstrom that has occurred in the past five years. Compared to other national and global markets this part of the world is a safe haven with stability right now and great prospects in the very near future. Total MLS® sales for the year-to-date were $5.96 billion compared to just $5.84 billion last November.