This Christmas eve, we at Team Leading Edge are still keeping our eyes and ears open to gather information that may help you in your Edmonton real estate venture this coming 2016. Below is a condensed report that we made. We hope the figures and analysis can better guide you in making crucial investment making decisions.
The Alberta Real Estate Association (AREA) recently released its November report on the province's year over year home sales track record and as the title says, it's looking not so good.
The MLS® recorded a 21.1 % decline in home sales compared to November 2014's record, that translates to a mere 3,709 sold residential units. This was a stinging blow to all home sellers in Alberta as it chipped away their potential profit, going down to an average of $385,430. It's a 5.3% drop compared to last year.
The table below provides a grim picture of the Monthly Residential Average Price. The great city of Edmonton in particular took a direct hit of 3.7%, the same with it's neighbor Calgary, Fort McMurray really took a pounding.
|Board||Year-over-Year Change||Year-to-Date Change|
|Medicine Hat Region||-1.7 per cent||+4.2 per cent|
|Central Alberta||-3.1 per cent||+0.4 per cent|
|Calgary Region||-3.7 per cent||-1.5 per cent|
|Edmonton Region||-3.7 per cent||+1.2 per cent|
|Lethbridge Region||-9.8 per cent||+1.2 per cent|
|South Central Alberta||-12.7 per cent||+0.9 per cent|
|Lloydminster Region (AB only)||-14.5 per cent||+0.0 per cent|
|Fort McMurray Region||-19.1 per cent||-6.3 per cent|
Part to blame for the decline is the oil crisis. The falling oil prices affected almost all moving parts of the Canadian economy. The consolidated value of home sales across Alberta amounted to $1.43 billion, a 25.3% fallout compare to the November last year.
But all is not lost. Edmontonians, do not give up hope. AREA recorded 6.2 month of inventory last month, compared to only 3.9 months at the same time last year. This goes to show that people are still selling despite the challenging environment.
Lastly, the Alberta MLS® received 6,704 new listings in November 2015, increasing 11.6% compared to last year. Active Residential Listings also jumped 24.2% to 22,811 homes vs last year.
Things will even be tougher this coming 2016 but it doesn't mean it's going to be the end of the world. There's still money to be made, whether you're on the selling or buying side.
You can read the full report here.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge, subscribe via this RSS feed. Make sure to subscribe to Team Leading Edge daily newsletter on the Edmonton Real Estate market.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.