Thursday, December 3, 2009
- Year-to-date sales in November surpass 2008 year end sales
posted in General
at Thu, 03 Dec 2009 14:23:21 -0700
Update from Edmonton Real Estate Board
Year-to-date sales in November surpass 2008 year end sales: Total sales through the Edmonton and area Multiple Listing Service® system to the end of November have surpassed total year end sales in 2008. The total value of all types of property sold to the end of November is $6.64 billion. The same figure at the end of December 2008 was $6.42 billion. There have been 20,355 property sales so far as compared to 19,448 at year-end 2008.
“Both sales and the value of sales have exceeded our expectations this year,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “We anticipated sales levels would be the same as last year but REALTORS® have already sold more property than last year with a month to go. This is a good indicator of the strength of our local market.”
In November, the average price of a single family dwelling went up 1.2% to $368,018, reversing a 2% drop in the previous month. Single family dwelling prices are 1.5% higher than the same month last year.
Although condominium prices are down 2.5% from last month they are just $50 higher than condo prices a year ago. The average price for a condo in November 2009 was $231,684. At $284,849, the duplex and rowhouse prices were down 4.7% from last month and down 9.5% from a year ago. Overall, the all-residential average price is down marginally from October and the previous November. It sits at $318,482.
There were 1,894 homes listed on the MLS® System in November with 1,261 sales for a sales-to-listing ratio of 67%. The total value of residential sales in November was $402 million and total available inventory was 5,226 homes which is a typical four month supply. Homes sold on average in 48 days which is up one from last month but much brighter than the 63 days it took to sell a home in November 2008.
“The market remains rock steady,” said Ponde. “Prices vary from month to month within a small range and with a slow gradual upward trend. Buyers have confidence in this market and REALTORS® are prepared to match their needs with the perfect housing option.”