Home sales in the Edmonton area reached a record high in November – even while experiencing a seasonal slowdown, according to the Edmonton Real Estate Board (EREB).
The EREB said 1,155 homeowners sold their homes through the Multiple Listing Service (MLS), 15.2 per cent more than last year and a record high for the month.
The November sales were accomplished in record time, taking an average of just 37 days to sell.
The demand left a shrinking inventory of only 2,275 homes on the market at the end of November, 1,371 fewer than last year, said the EREB.
The brisk demand for housing in the greater Edmonton area throughout 2001 pushed activity to an all-time high of 15,157 sales to the end of November, a 12.5-per-cent increase from a year ago. Sales activity has reached a 79-per-cent sale-to-listing ration for the year.
Affordable borrowing costs combined with continuing migration to the city appear to be the major contributors to the strong Edmonton market, said EREB president Larry Aikens.
“Home buyers are determined to take advantage of mortgage rates at near 30-year lows,” Aikens said.
The average selling price of single-detached homes during November was $156,037, up 11.7 per cent from a year ago. Condos reached a record-high selling price during the month of $98,202, an increase of 14 per cent.
MLS figures show that nearly 4,000 homes priced over $160,000 have sold this year to date, 1,261 or seven per cent more than last year in the same period. “This increase in sales of upper-priced homes is part of the reason that selling prices are going up in the capital city area,” said Aikens. “The median price of all home sales in November reached a record high of $146,750, up from $142,000 last year, a good indication of buyers’ intentions.”
The number of total sales – a combination of residential, rural and commercial properties – through the MLS reached a new high of 1,345 sales for the month of November and a record high for the year to date of 17,571 sales. The figures represent increases of 16.6 per cent and 12.8 per cent respectively.