Home sale prices climb steeply in November

Posted by Ambergate Realty Advisors on Tuesday, December 6th, 2016 at 10:33am.

Summary:

Home sales prices have defied the predictions of the forecasters all year.

For most of the year, homes sales values have remained stable and in November they took a marked upward swing, increasing by 4% over the same last year. Was this because of the impending mortgage rules tightening, with perhaps more of an emphasis on more expensive home purchases?

Sales Values

A climb in value of 4% is the big news this month. This should serve to convince many reluctant home sellers to stay the course through the winter and keep their homes on the market.

Numbers Sold:

166 fewer homes sold in November compared to the same time last year. This has been the general pattern all year.

Days on Market

Replicating the general slower pace of the market this year compared to last year, it took 5 days longer to sell a home this year compared to last year.

Outlook:

Buyers have lots of homes and condos to choose from, many of which are available with immediate possession, for those that want to be home before Christmas.

With 4841 homes and condos for sale, there is currently a 6-month supply in the Edmonton area market.

Serious home sellers should stay the course and keep their homes on the market. We know that demand stays strong right through January and February.

Want more information about our discounted flat fee home selling and purchase programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.

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Superior Realty Services from $1999 

All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their own due diligence and should not take action based on the information contained herein.

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