Market Updates | Paul Zieba | 13 Nov

Greater Edmonton Area Real Estate Market Report by Paul Zieba, Mortgage Broker

• New listings: 566 (-23% from last week)
• Sales: 369 (-16% from last week)
• Average price: $459K (+3% from last week)
• Median price: $425K (-2% from last week)

Activity Dropped Sharply – But Prices Held Steady

Last week both metrics declined modestly: sales down 17% and new listings down 11%. This week? The slowdown accelerated: sales fell another 16% while new listings plunged 23%.

However, here’s the story in the price data: average price climbed from $455K to $459K (+$4K) while median price dipped from $430K to $425K (-$5K). As a result, this tells us market activity cooled significantly, but pricing fundamentals remained stable heading into mid-November.

Listings Dried Up Faster Than Sales

New listings crashed 23% while sales only dropped 16%. Therefore, the decline in activity was more seller-driven than buyer-driven. In fact, with just 566 new properties entering the market – the lowest weekly figure in recent months – inventory tightened despite fewer sales.

Nevertheless, the 7-percentage-point gap suggests sellers are holding back more aggressively than buyers are exiting. Consequently, this creates typical November seasonality as the market transitions into winter.

Average Up, Median Down: What This Means

Average price increased 3% to $459K while median price declined 2% to $425K. Consequently, this divergence indicates higher-priced properties performed well while mid-range homes softened slightly.

Furthermore, when average rises while median falls, it typically signals upper-tier properties ($500K+) maintained strong pricing power while mid-market buyers ($350K-$450K) became more selective. Therefore, the $5K median decline suggests mid-market buyers gained slightly more negotiating leverage this week.

What This Means for Buyers

With sales down 16% and new listings plummeting 23%, you’re facing less choice but also less competition. Additionally, inventory remains tight heading into November’s traditionally quieter period.

However, median price dropping to $425K shows mid-market sellers are becoming slightly more flexible. Therefore, this isn’t a market where inventory floods in – it’s a market where strategic buyers who move decisively on well-priced properties can succeed.

What This Means for Sellers

New listings dropped 23% to just 566 – dramatically less competition than recent weeks. Nevertheless, sales also declined 16%, meaning fewer active buyers are in the market right now.

As a result, pricing accuracy matters more. Furthermore, average price climbing 3% suggests premium properties are still achieving strong values – but median dropping 2% indicates mid-market buyers are being more selective about pricing.

The Bigger Picture

This week’s data shows a market entering its traditional winter slowdown. In fact, both buyers and sellers pulled back as expected for mid-November.

Nevertheless, price stability remained intact at the upper end. Consequently, this isn’t a correction – it’s a healthy seasonal transition with underlying demand still present, just at lower volumes.

Questions About Your Mortgage Options in This Market?

Market conditions change week to week. Therefore, let’s discuss how these numbers impact your specific mortgage situation.

Paul Zieba – Edmonton Mortgage Broker
📞 780-619-4901
📧 pzieba@mortgageconnection.ca
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