'Tis the season where housing markets cool and more people stay home rather than search for a new one, the Realtors Association of Edmonton announced in its monthly housing bulletin.
Sales for single-family homes in St. Albert dropped in November, by almost six per cent compared to October, but increased by about four per cent year-over-year.
Forty-eight homes sold last month, compared to 51 in October. Forty-six homes sold in Nov. 2013. The average price for singles last month was $498,875 (up $83,810 year-over-year).
Condominium sales decreased from 19 sales in October to 10 in November. In November 2013, 17 condos sold. The average selling price for a condo last month was $451,500 (down $18,091 year-over-year).
Edmonton region
In the Edmonton census metropolitan area, average residential prices were up almost 10 per cent year-over-year (4.3 per cent compared to October).
Single family home prices were up 3.76 per cent from October at an average cost of $442,884. The average price for condominium sales dropped by two per cent this year, to $255,167. They were up 5.3 per cent from a year ago, however.
The average days on market were 54 in November, with sales taking longer in the single family and row house categories. Sales were faster in the condominium market, at an average of 12 days.
Homes are selling about five days faster this year than last.
"The housing market has been very strong and robust this year. We are expecting to see continued growth in housing sales for some time, but at a slower and more stable pace," said Greg Steele, president of the Realtors Association.
In total, 1,137 homes sold in November, 368 fewer than in October. Inventory is now down 12 per cent compared to last month.
"As we do every year, we expect things to cool off as the temperature drops, but we always have new homes listed and sold over the winter months," said Steele. "People move when life happens, which does not necessarily correlate with warm weather."
