Market Updates | Paul Zieba | 26 Nov

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

• New listings: 486 (-23% from last week)
• Sales: 425 (-4% from last week)
• Average price: $437K (-5% from last week)
• Median price: $420K (-6% from last week)

The Market Pulled Back Hard – Listings Led the Decline

Last week showed solid momentum with sales up 20% and new listings up 12%. This week? Both metrics reversed sharply: new listings crashed 23% while sales declined 4%.

However, here’s the critical shift in the price data: average price dropped from $459K to $437K (-$22K) while median price fell from $444K to $420K (-$24K). As a result, this represents the sharpest weekly price decline observed in months and signals a meaningful market recalibration heading into December.

Listings Collapsed While Sales Held Better

New listings plunged 23% while sales only dropped 4%. Therefore, the decline in activity was overwhelmingly seller-driven rather than buyer-driven. In fact, with just 486 new properties entering the market compared to 425 sales, inventory tightened despite the dramatic listing pullback.

Nevertheless, the 19-percentage-point gap between listing decline and sales decline suggests sellers are exiting the market faster than buyers. Consequently, this creates typical late-November seasonality as the market transitions into the holiday period and year-end.

Both Average and Median Dropped Significantly: What This Means

Average price decreased 5% to $437K while median price fell 6% to $420K. Consequently, this parallel decline indicates pricing pressure across all segments rather than isolated weakness in one price range.

Furthermore, when both average and median fall together by similar percentages, it typically signals broad market softening rather than specific segment challenges. Therefore, the $22K average decline and $24K median decline suggest sellers who remained active this week adjusted pricing to attract year-end buyers.

What This Means for Buyers

With sales down only 4% but new listings crashing 23%, you’re facing dramatically reduced inventory but also reduced competition. Additionally, both average and median prices dropping 5-6% shows sellers who stayed in the market are pricing more aggressively than they were last week.

However, this isn’t a market where inventory floods in – it’s a market where the remaining active sellers are motivated to close before year-end. Therefore, strategic buyers who move decisively on well-priced properties can find value in this window.

What This Means for Sellers

New listings dropped 23% to just 486 – creating significantly less competition than recent weeks. Nevertheless, sales declined 4%, meaning buyer activity remained relatively stable despite the season.

As a result, pricing strategy matters more than ever. Furthermore, both average and median prices dropping 5-6% indicates the remaining active buyers expect value for year-end purchases. Consequently, sellers who price realistically from day one will capture the available demand while overpriced listings will sit through the holidays.

The Bigger Picture

This week’s data shows a market entering its deepest seasonal slowdown of the year. In fact, both buyers and sellers pulled back as expected for late November heading into December holidays.

Nevertheless, the magnitude of the listing decline (23%) compared to the sales decline (4%) suggests underlying buyer demand remains present at the right price points. Consequently, this isn’t a market collapse – it’s a seasonal transition where sellers pulled back more aggressively than buyers, creating opportunity for motivated participants on both sides.

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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