As we move deeper into November, the Edmonton real estate market has experienced some notable shifts. For buyers and sellers alike, these weekly statistics offer valuable insights into the current landscape and potential future trends.
Key Market Stats for the Week:
1. Sales Activity:
There were 436 unit sales this week, representing a 17% decrease compared to the previous week. This drop in sales could indicate a seasonal slowdown as we approach the winter months, a trend often observed this time of year as activity naturally tapers.
2. New Listings:
The number of new listings decreased by 10%, with 535 new properties hitting the market this week. This reduction aligns with the drop in sales activity, potentially reflecting a more cautious approach by sellers as winter sets in.
3. Average Price:
Despite the dip in sales and new listings, the average price rose by 7% this week to $459,000. This increase may reflect demand within certain price brackets or property types, particularly as buyers compete for limited inventory.
4. Median Price:
Similarly, the median price saw a 6% increase, reaching $425,000. This rise alongside the average price suggests robust market interest and competition in mid-priced homes, indicating a stable demand from buyers looking for well-priced properties.
Market Insights
The Edmonton market's shifts this week could signal the beginning of a traditional winter lull, where both buyers and sellers may adopt a more cautious approach. However, with prices trending upward, there remains active interest from buyers committed to finding the right property. This trend could indicate a tightening of supply, which often helps sustain or boost home prices as buyers compete for fewer options.
As the season progresses, sellers may want to keep an eye on these weekly shifts to strategically time their listings, while buyers may find opportunities as fewer competitors remain in the market.
Note: These statistics are sourced from the Realtors Association of Alberta.
