The November market performed strongly. A massive 29% more homes sold than last year. Average days on market was only 51days and average prices approached $387,000.
In November 2021, average sales prices were $386,716 which is about $7,000 more when compared to November 2020. In most years we see a value spike during the last 3 months of the year. This might be it. Sales prices are tracking 6% UP when compared to 2020 as across the entire year.
Last November there were 876 total Edmonton sales registered. This year 1127 sales were registered. This is an incredible increase of 29% over the year before. This demand is driven largely by demand for single family homes and especially those available for pre Christmas occupancy.
Days on Market
Buyers continued to boldly snap up homes in November after only 51 days on the market, compared to 55 days last year.
Average days on market for the entire year is tracking at 41 days. This is impressive compared to last year when average days on market for the entire crazy Covid year of 2020 was at 58 days.
At month end, total available inventory was 4569 homes & condos for sale, equal to an decrease of 3% compared to November 2020 and a 5% down from October 2021.
Single family inventory numbers are now at 2370 equal to 259 fewer homes for sale compared to last year. Condos are still over supplied at 2199 units for sale, equal to 120 units UP over November 2020, but importantly way down from May 2021 when excess inventory peaked at 814 units above May 2020.
The Condo Market continues to carry excess inventory but it is reducing. I expect that the market for condos will achieve balance early next year and values will start to harden perhaps by the second half of the year.
Buyers can still pick up bargains in the single family market particularly in the ‘hidden’ market and by selecting a listing that has been on the market for a while.
Cream puff homes that are priced correctly are selling quickly and often with multiple offers.
Look for our December 2021 report during the first week of January 2022. Thank you.
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