Vital Home Realty Blog

November Single Family Market Report

Single family home prices stay higher in November.

Sales Prices

Sales prices continue to climb. In November 2023, average sales prices settled at almost $458,000 down slightly on the month before, but up by $8,000 compared to November 2022. For the last 5 months, sales values have equaled or exceeded values for the same time last year. The single-family home market is trending up. When compared to 2022, average prices are 3% up based on average sales value.

Sales Volume

Around 770 homes sold in November 2023 compared to 570 homes in November 2022. For the last 6 months sales volume has easily matched or exceeded volume for 2022.

Days on Market

Average days on market in November 2023 was 45 days. This is 5 days faster than last year and speaks to the confidence that buyers are demonstrating in the Edmonton market.

Supply

In November 2023, there was around 3.5 months of supply, confirming that for the last 10 months, we have been in a seller’s market.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is a balanced and anything above six months of supply is considered a buyers’ market.

Round Up

The bank of Canada met on December 7^th. They decided to keep interest rates at 5% for now. They were also careful to stress that interest rate increases WOULD be applied if inflation was a concern once again.

This was great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.

Sellers should consider listing their homes for sale now. There will be many active buyers looking over the Christmas period and its likely your home never looks better than during the holiday season.

Look for my December 2023 report during the first week of January 2024. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR^®.

Our proven & affordable FIXED FEE home selling system gives clients the best combination of price & value for home selling services. To learn more, call our Team Lead Stuart Neal at: 780-760-2014 or visit our program selling system page www.FixedFeeRealty.ca

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.

Stuart Neal is a licensed Associate Broker & Team Lead of Vital Home Realty / Exp Realty.