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Alberta reported 4,040 units sold through the MLS® systems of real estate Boards in Alberta in November; an increase of 16% from a year earlier. Sales activity was in line with the five and 10-year averages for the month, and continued the trend of year-over-year increases in residential sales in Alberta in each month this year, excepting October.
On a year-to-date basis, home sales totaled 54,041 units over the 11 months of the year combined, up 9.1% from the same period in 2016. Nationally, home sales activity was up 2.6% overall from last year’s activity in November.
The value of all home sales in Alberta totalled $1.6 billion in November, rising 12.8% from November 2016. The dollar volume of total home sales nationally increased by 5.6% on a year-over-year basis.
Sales volume of all property types were up in Alberta (including commercial and agricultural properties), increasing 12.8% to 4,744 total units from this time last year. The total value of all property types amounted to $1.67 billion, which was an increase of 9.4% from November 2016.
The average price of homes sold across Alberta in November was $385,030, down 2.7% from a year earlier. The year-to-date average price of residential properties was up 1.2% over the first 11 months of 2016 however, settling at $399,171. The national average for home prices by comparison for November, which is often inflated by larger real estate markets such as Toronto and Vancouver, was $503,852. This marked a 2.9% increase nationally on a year-over-year basis.
Regionally, monthly residential average price increases in Alberta were led by the Brooks (South Central Alberta +40.7) and Lethbridge (+8.3%) regions on a year-over-year basis. The Medicine Hat (-6.4%) and Fort McMurray (-18.8%) regions had the largest year-over-year decline in Alberta for the month of November.
There were 6,698 new listings on the MLS® systems of real estate Boards in Alberta in November, rising 3.4% from a year earlier. This was the highest number of new listings for the month of November in nine years. Active listings were also up from this time last year, rising 12.6% to 30,466 units at the end of November.The months of inventory ratio (total inventory / monthly sales activity) continues to be an important market indicator, comparing the number of months it would take to sell current inventories at the current rate of sales activity. This ratio can suggest if the market is moving quickly or slowly, and how long the average property may stay on the active market. The November months of inventory ratio was at 6.9. A score of 6.4 is still generally thought of as a “balance market,” not favouring either the buyer or seller.
Last month’s Market Report is also available online.
The data provided herein is national data and may not perfectly reflect the data reported by a Board/Association. For more specific information, please contact the local Board/Association representing your area of interest. Click here for a guideline of Board/Association boundaries.
AREA represents more than 10,000 REALTORS® and 10 real estate Boards/Associations province-wide and provides world-class leadership that positively shapes the Alberta real estate profession, enhances member professionalism, and reinforces the critical value REALTORS® deliver to both buyers and sellers.
For more information on market reporting, please contact AREA Communications or 1.800.661.02