The Edmonton Real Estate Blog

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Monday, December 05, 2005

Edmonton real estate - News Release

Alrighty then. This is hot off the press. This gives you a sense of the stable growth this market is undergoing.

Edmonton Real Estate Board


December 2, 2005

Strong Sales in November send MLS over $4 Billion

Edmonton , December 2, 2005: Record setting November sales sent year to date Multiple Listing Service total sales over the $4 billion mark for the first time in Edmonton Real Estate Board history. Total property sales in November were 1,647 – up 261 over the same month sales in 2004. Total year to date sales have already surpassed last year’s record number: 20,252 as compared to 20,110 total sales at December 31, 2004.

“This has been a remarkable year,” said Jim Kulak, EREB President. “Five years ago total MLS sales topped out at just over $2 billion. We cruised past $4 billion on November 28 – just eleven days later than the day we hit $3 billion last year.” He explained that the new record was a combination of increased number of sales and increased prices. For example, the average price of all residential property in November 2000 was $127,069 and today it is $198,267 – a 56% increase.

Separating home sales from industrial and commercial sales: there were 1,445 homes (including single family, condos, duplexes) through the MLS in November, 2005 as compared to 1,214 in November 2004. Total Year to date residential sales are up 6% at 17,726 in 2005 (16,726 last year).

Single family homes sold on average for $226,110 in November up marginally (0.1%) from last month but 10.55% higher than a year ago when single family homes sold for $204,535.

Condominium prices inched up 3.7% in November to $146,337. The average price last month was $141,106. Condominium sales are up over last year with 391 sales in November as compared to 308 in 2004.

Duplex and row house average sale prices dropped back to the same level they were at in August. After two months were average prices were over $190,000, the average price in November was $176,615, up 3% from November 2004.

Although listings in November were up (1,653) over the same month last year (1,455) the number of listings for the year has fallen slightly causing the inventory to shrink. “The strength of the local economy is attracting new workers to this area putting some pressure on resale inventory,” said Kulak. “However, the inventory continues to revolve with the new listings coming into the market each day.“ There were 3,334 homes in the MLS inventory as of November 30. The average days on market in November was 39 days – down three from last month.

The average housing price has also been pushed up by the steady increase in demand at the high end of the market. The number of homes sold for greater than $300,000 is up 48% from a year ago. The MLS recorded 1,521 sales to November 30, 2005 compared to just 1,024 in the same period of 2004. There have been 173 homes sold for $500,000 or more compared to 126 in the same period last year.


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