Edmonton, August 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing increased through July as compared to the previous month. The all-residential average price increased 1.1% to $334,054; up from $330,298 in June. Single family home prices increased 1.3% while condo prices rose 4.3% during the month.

Residential sales in July were 1,441 up 3.6% compared to the same time last year. Residential listing activity dropped slightly in July to 3,038 units; down 210 units from June but up 193 units from the same time last year. The inventory of homes on the Multiple Listing Service® is quickly approaching par from last year at 8,421 properties available as of July 31.

“Our local housing market is quite healthy with affordable prices, a good inventory and strong sales,” said REALTORS® Association of Edmonton President Chris Mooney. “The selection of properties on the market for buyers is excellent. With employment opportunities popping up throughout the region and interest rates being very attractive, now is a good time to purchase a property in Edmonton.”

The average* price of a single family detached home in July was $384,656 with a median price of $360,000. Condo average price was $244,225 with a median of $223,000. Duplex and rowhouse prices rose on average from $296,969 to $309,816, a 4.3% increase.

“The increase in housing prices is on track with our January forecast and as we move into fall, we don’t see prices increasing substantially,” said Mooney.

The average days-on-market in July was 51 days: the same as in July 2010. The residential sales-to-listing ratio was 47% in July and total MLS® System sales were over $3.887 billion for the year so far.

Highlights of MLS® System activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Check this out:

http://www.prnewswire.com/news-releases/jd-power-and-associates-reports-despite-buyers-market-conditions-real-estate-company-satisfaction-improves-among-sellers-but-declines-among-buyers-126241498.html

Further reason to go with RE/MAX associates when choosing who to work with for your Real Estate needs. I love working with the best! 

Good news ahead on the Alberta Real Estate markets, according to RBC:

http://www.rbc.com/economics/market/pdf/houseupdate.pdf

Check out page 2 for the Alberta news.... 

July residential unit sales seem to be holding up nicely as well; we've sold almost 1,000 units thus far whereas July 2010 had 1,294 unit sales total. We'll see where we end up!

A quick review of the first 14 days of sales for July 2011 in good old Edmonton yields some pleasant results. 387 single family homes at an average selling price of $389,514 is a solid start with the overall residential unit sales at 641. Extrapolating these figures ( never wise but used as a projection tool ) to the end of the month would yield total unit sales of 1419 which is down slightly from June 2011 unit sales of 1,768 but up over July 2010 total residential sales of 1,294.... a welcome development. Let's hope the good times continue to roll!

                                      $ of Solds   Sold Units   Avg Sold Price   New Listings   

Single Family(House)    50,754,802      127                399,644              419            

Single Family(Condo)    15,060,370       65                231,698              163            

Duplex/Rowhouse           3,366,718         11               306,065                25             

Residential(Other)              291,900          4                 72,975                 15              

TOTAL                          69,473,790      207                335,622              622            

Unit Sales look a bit sluggish to start the month off, but we'll see if the unit sales start to pick up on a daily basis as we move on after the Canada day long weekend. Nice to see the average single family home price at $399,644, significantly more than the year to date average sale price of $374,133 and the June 2011 average sales price of $379,409.... hopefully that keeps up!

Edmonton, July 5, 2011: Economic and other external indicators point to a strengthening of the local real estate market according to the REALTORS® Association of Edmonton.

• Statistics Canada reported that Alberta boasted the highest spike in population in the first quarter with a 0.4% increase.
• The Conference Board of Canada predicts that housing prices in Edmonton will increase from five to seven percent in the short term although local prices are currently down when compared to last year.
• Although the Bank of Canada seems reluctant to raise interest rates because of the negative impact on exports, CMHC reports that Canadians are budgeting for an interest rate hike.
• While housing prices nationally are up by 8.6% (May figures) Edmonton prices are tracking predictably in a stable market.
• CIBC is of the opinion that Alberta home prices are over-valued by 17% yet RBC names Edmonton amongst the most affordable major metro markets in Canada.
• A report by Peters and Co. forecast that $180 billion will be spent on new oilsands projects in the next decade with current oilsands operations and maintenance adding another $30 billion a year.

“The various reports and indicators can be confusing and contradictory,” said REALTORS® Association of Edmonton President Chris Mooney. “Alberta and Edmonton are often moving in a different direction than the rest of the country and a national statistic or trend may not apply here. REALTORS® are very optimistic about the current market and are prepared to help home buyers and sellers sort through the figures to determine the best housing strategy for each individual or family.”

In the first half of the year the average* price of a single family detached home has risen from $357,540 to $379,409 while the all-residential price has risen from $308,497 to $330,297. However compared to the same-month year-over-year, prices have risen consistently between the levels set in the past two years.

In the short term, when compared to the previous month, prices in June were generally stable. Single family homes were up 0.31% from $378,239 to $379,409. Condo prices dropped from $239,782 to $231,852 (down 3.3% after rising 3.1% in May). Duplex and row house prices climbed slightly from $295,334 to $296,689. The all-residential average price dipped 0.5% during the month of June.

There were 1,768 residential sales in June with 3,260 listings resulting in a sales-to-listing ratio of 54%. This is compared to 53% in May. There are currently 8,432 residential properties in the MLS® System inventory and days-on-market is slower at 53 days (up from 50 in May).

“We know that all real estate is local and homeowners and buyers should focus on local data and local expertise to guide their decisions,” said Mooney. “Is it a good time to buy a home in Edmonton? If your domestic needs have changed and you need to move, then seek professional advice and start the process.”

Highlights of MLS® System activity:

June 2011 activity                                                Record for the Month                         % Change from June 2010

Total MLS® System Sales This Month                                  2,011                                                9.40% 

Value of Total MLS® System Sales - Month             $668 Million                                                 7.10%

Value of Total MLS® System Sales - Year             $3.286 Billion                                               -5.20%

Residential¹ Sales this Month                                     $584 Million                                                7.60%

Residential Average Price                                                $330,297                                               -0.51%

SFD² Average Selling Price - Month                                $379,409                                               -2.86%

SFD Median³ Selling Price                                                $361,888                                                1.09%

Condo Average Selling Price                                            $231,852                                               -5.15%

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only

Well a quick analysis of the June 2011 Edmonton Real Estate Board's Month to Date figures shows that as of June 15, 2011 804 residential ( single family homes, single family condo's, duplex / row house / and other residential ) units had sold and the average sales price was $331,492. If this pace were to continue, we would to break the 1,600 unit mark for the entire month and thereby exceed June 2010's 1,539 units sold although we would still be below the June 2010 residential average sale price of $335,397. Not too bad when you also consider our January residential average selling price was $310,766 therefore the Edmonton residential average selling price has increased 7.9% since the beginning of the year and the unit sales have nicely increased month over month. Good news for Edmonton Real Estate!!

Edmonton, June 2, 2011: The local real estate market is looking up according to the current statistics released by the REALTORS® Association of Edmonton. The average residential sales price is up, the price of a single family detached home or a condo is up, number of sales is up and inventory is up over the previous month.

“Local market housing sales this year are tracking as we forecast in January,” explained REALTORS® Association of Edmonton President Chris Mooney. “Historically for the month of May, the days-on-market (50 days) is at the second lowest point in four years while the sales-to-listing ratio at 53% is at the second highest point in the same period. Both metrics are a good indication of market optimism.”

The average* price of a single family detached home in May was $380,545, up a quarter of a percent from last month. An average priced condo sold for $241,079, up an amazing 3.65% from April. Duplex and row house prices declined 2.96% month-over-month but the average residential price (including all types of residential properties) was up 1.39% from a month ago.

Median prices in most housing categories were up: SFD up 1.13%, condo up 3.64%, Duplex/row house down 2% and all residential up 0.8%. There were 1,857 residential sales in May (up 24.9% from April) with listings of 3,525 properties (up from 3,278 in April). As a result, inventory increased from 7,715 properties to 8,180.

“There is a wide range of property on the market right now but it is turning over quicker than in recent months,” said Mooney. “The local economy is picking up, the demand for labour is increasing but the national situation is keeping interest rates low. We anticipate increasing prices and sales through the summer ahead as we originally forecast.”

Total Edmonton and area MLS® System sales in May were $701 million for an annual total-to-date of $2.574 billion.

May 2011 activity                                                                    Record for the month*          % change from May 2010

Total MLS® System sales this month 2,0803.27%

Value of total MLS® System sales - month$701 Million1.53%

Value of total MLS® System sales - year$2.57 Billion       -9.40%

Residential 1 sales this month$616 Million1.23%

Residential average price$331,974       -2.42%

Single Family Dwelling average selling price - month$380,545       -2.48%

Single Family Dwelling median selling price - month$357,000       -2.19%

Condo average selling price$241,079       -2.96%

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Edmonton, May 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing remained relatively stable through April as compared to the previous month. The all-residential average price decreased $310 to $327,415; down from $327,725 in March. Single family home prices decreased $425 while condo prices rose $1,305 (0.6%) during the month. Despite the activity the market is balanced without a distinct advantage for either buyer or seller.

“Prices and sales usually increase in the second quarter and REALTORS® are busy serving new and repeat customers,” explained REALTORS® Association of Edmonton President Chris Mooney. “The increase in new listings means that there is a good selection of homes to choose from. However, the market is still price sensitive and sellers will have to have a realistic pricing strategy if they are expecting a quick sale.”

Residential sales were 1,487 down 7.8%; compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30.

The average* price of a single family detached home in April was $379,075 with a median price of $357,000. Condo average price was $234,220 with a median of $220,000. Duplex and rowhouse prices rose on average from $294,585 to $300,906, a 2.1% increase. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

“There is a lot of activity in the local market and the situation changes every day and from neighbourhood to neighbourhood,” said Mooney. “Only your REALTOR® has access to the most up-to-date sales activity and sold prices. He or she is prepared to work closely with you to locate your next dream home or sell the property that no longer meets your lifestyle needs.”

The average days-on-market in April was 49 days. The residential sales-to-listing ratio was 45% in April and total MLS® System sales were over $1.822 billion for the year so far

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Edmonton, April 5, 2011: REALTORS® expect the local real estate market to follow a well-worn annual sales track. However, like the stock market, large external forces can skew the market. In 2010, the threat of increased mortgage rates and a change to mortgage qualification rules accelerated sales in the first quarter and caused a sales slump in the following months that took all summer to work through. This year there are no external influences on the market and it is operating normally again.

According to the REALTORS® Association of Edmonton, residential sales in the first quarter are normal for this time of year although lower than 2010 numbers because of the abnormalities imposed on the previous market. There were 3,479 residential sales in the first quarter, which is down from 3,890 last year.

“We will see sales number bounce back as we move into the spring market period,” said REALTORS® Association of Edmonton President Chris Mooney. “All the fundamentals for this market are positive. There is job stability, low unemployment, income growth and in-migration. New home builders are busy and I expect buyers to be looking at the housing options which match their lifestyle changes.”

At the end of March, the average* residential price (includes all types of housing including condos) was down 4.6% from a year ago at $327,725. The average price of a single family detached home was down to $378,912 compared to 2010 (a -2.6% change) and condos were priced down 7.5% year-over-year at $232,706.

As the market picks up momentum, prices inch up each month with the average residential price up 4.8% from a month ago. Compared to February, prices for SFDs were up 5.8% and condos up 0.8%.

“REALTORS® expect that prices will continue to climb slowly through the next quarter as usual,” said Mooney. “We are already seeing strong sales in the lower end of the market but tighter mortgage qualification rules have slowed sales in the upper end. Sellers should review their asking prices or consider minor home improvements that will appeal to the potential buyer.” Mooney urged both buyers and sellers to contact their REALTOR® to get assistance and advice on home selection and pricing strategy.

REALTORS® listed 2,960 residential properties in March and sold a total of 1,503 properties. Current residential inventory is 6,885 up 7.8% from last month. The residential sales-to-listing ratio in March was 45% with days on market down from 58 to 50 days. Total MLS® System sales this year are $1.235 billion.

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

Well, I was checking out the MLS Month To Date Activity ( MTD ) for March 2011, as provided by the REALTORS Association of Edmonton, and, thus far, residential and rural sales seem to be trending slightly below the March 2010 figures but commercial numbers are on par, something I've heard from some of my commercial specialist brethren... but we've still got a few days of activity left. Hopefully two days of semi-decent, sun-laden weather could spike the residential numbers!?

In a nutshell,  here's how the residential activity numbers break out:

                                                       March 2011 MTD         March 2010 Totals

Residential ( units )                                         1,382                                 1,571

Rural ( units )                                                       101                                    129

Residential ( Total $ Volume )        $451,335,435                 $539,807,343

Rural ( Total $ Volume )                     $38,112,388                    $43,905,433

Single Family Avg. Selling Price             $377,081                         $388,473

Condo Avg. Selling Price                         $231,751                         $252,416

Duplex / Rowhouse Avg. Selling Price  $291,745                        $313,836

Rural Avg. Selling Price                           $377,350                         $340,352

There we have it! Slight decreases in avg. selling prices across the residential board, but slightly up for our rural figures. No Days on the Market date from the MTD figures... more analysis after the March 2011 month end figures come out. That said, I'm a numbers nerd and couldn't help but to get an idea of where we are at.

There are some new Canada wide stats released today by 'The Teranet-National Bank Composite House Price Index' stating that across the board, January 2011 Canadian home prices increased by 0.4%. Good news, but maybe not pertain to our locale. 

Even better news: "Edmonton breaks into Canada's top 10 liveable cities", Edmonton Journal, March 30,2011

http://www.edmontonjournal.com/business/fp/Edmonton+breaks+into+Canada+liveable+cities/4522696/story.html

Excellent news - Congratulations Edmonton!

Hello! Learned more than I can almost handle yesterday at the uber-informative "Staying Relevant Online" session presented by the Edmonton Real Estate Board ( EREB ). It was presented by the eloquent master of social media, Kathy Hogeveen of Touch Marketing. Search her online, she can't be missed as she has definitely mastered the art of SEO'ing ( search engine optimizing... I now know ); she was awesome. The importance of this Social Media medium cannot be denied and it's time to get this real estate professional right on board, although the task at hand is rather daunting. Hopefully an increased and more effective web-presence shall be observed by all as I attempt to embark on this pursuit. More later...

FYI - This is now old news: "The Canadian Real Estate Association releases REALTOR.ca mobile application for Apple iPhone", Ottawa, ON - December 21, 2010.

However, for anyone remotely interested in real estate and having an iPhone should check this out. I think it's pretty cool and it has come in very useful when I am out and about with or without clients. Check it out!

 

Let's launch this blog entry with the announcement we've just listed a beautiful condo unit on the 6th floor of The Athabascan on Jasper Avenue NW, MLS #E3254452. Check it out, it's beautifully renovated and upgraded from what it used to be. I used to live in a condo overlooking the River Valley and you cannot beat it; in fact, I miss it.

I'm going to utilize this space to provide Edmonton Real Estate stat's, articles, information, and whole lot more... Stay tuned!