Edmonton Real Estate Blog

Edmonton, April 2, 2012: At the end of the first quarter, the REALTORS® Association of Edmonton reports that the average residential price in the Edmonton area is up 2.2% when compared to a year ago.
The all-residential average1 price, at $335,187 compared to $328,094 in March of last year. Single family detached (SFD) and condominium average prices were stable year-over-year with SFD prices up 0.2% and condos down 0.7%.

“Other markets, such as Toronto, are reporting feverish real estate activity involving multiple offers and unconditional offers but our market is calm, orderly and slowly evolving,” said REALTORS® Association of Edmonton President Doug Singleton. “Listing activity is up when compared to last year but sales
and inventory are down which could indicate that market activity will pick up markedly as the summer progresses.”

On the Multiple Listing Service® System, sales and listings by REALTORS® in March were up, with 3,271 residential listings (up 23.5% from February) and sales of 1,533 (up 24.5% from the previous month). As a result, the inventory of residential properties available for sale was up 14.6% at 6,851 properties. At the current sales level, there are four and half months of inventory available. In total, there are 10,640 properties of all types (commercial, rural and residential) on the Edmonton and Area Multiple Listing Service®.

Market stability is reflected in the sales-to-listing ratio which is unchanged from month-to-month. The average days-on-market dropped in March byone day from 54 to 53 and residential properties are selling at about the same pace as this time last year on a year-to-date basis (46%).

In March, the average price of a single family detached home was $380,083, up 1.3% from the previous month. The average price of a condominium in March was $231,629, down 1.4% from the February price (last month the price of condos advanced over 8% in a month). Duplex and rowhouse properties sold on average for $319,020; a 4.1% improvement from the previous month.

“April is the start of the real estate season when people who want to buy and sell real estate are most active,” said Singleton. “There is speculation that mortgage rates will start to rise which makes it more difficult for first time buyers. However, there is lots of choice in our market with new properties
coming available daily. Whatever your housing situation you can trust the advice of your local REALTOR® who is here when life happens.”

* 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.

It is amazing what can happen in just a few weeks. We have had a complete turnaround in the real estate market here in Edmonton. Just a few short weeks ago we were in a buyer’s market and now we are in a seller’s market.

As of today April 04^th there are 2,673 actives single family homes for sale in Edmonton proper. That is a healthy level but I expect it to rise as we get deeper into this spring marketplace.

In the last 30 days there has been 849 single family homes sold in Edmonton proper. This would give us a listing to sales ration of 3.14:1 much lower than the 4:1 that we need here in Edmonton for a balanced market.

With this low of a ratio I will be expecting home valuations to start rising. If you have been thinking about buying you should do it now before valuations and interest rates rise any further.

To get pre-approved for a mortgage visit www.edmontonmortgagesource.com

I have other buyers looking to buy in the Kiniski Gardens area. Are you thinking of selling?

So, today is the official first day of Spring!!!! The real estate market is very brisk these days and prices are on the rise.

There is a great mortgage rates out there right now. 3 year and 4 year fixed promotion: 2.79% (3y) and 2.99% (4y) It’s an amazing rate, no restriction on amortization or prepayment privileges. It is a PROMOTION so will disappear at anytime.

For more information visit www.edmontonmortgagesource.com

To view and search all MLS listed homes visit us at http://www.edmontonhomesforsale.biz

Appraised for $420,000… listed for $399,888 Great 3 bedroom 2 storey home in Macewan backing onto green space. Open concept designed, hardwood floors, partially finished basement, and a large master bedroom a must see for more information call Serge at 780-995-6520 or look at the feature properties at www.edmontonhomesforsale.biz to see all the pictures.

To view and search all MLS listed homes visit us at http://www.edmontonhomesforsale.biz

Serge Bourgoin
Re/Max Elite
780-634-8151

Lenders and policy makers are currently in discussions to change the mortgage rules again!! They are currently debating reducing the maximum amortization period back down to 25 years. This will make mortgage payments higher and will reduce the overall amount of a mortgage you will be able to qualify for.

They are also having discussions about increasing the amount of down payment required to buy.

Both of these will have a huge impact on your ability to buy, and how much you will be paying monthly. If you are thinking of buying you should consider buying right now before these changes come into being.

Search all MLS listed homes on our website www.edmontonhomesforsale.biz or call me today 780-995-6520

This has been one of the most strangest years that I can remember since I started real estate back in 1985. I say strange because it was the busiest January and February that I can ever remember having but by looking at the sales statistics it would appear not everyone was having the same success.

As of today March 03, 2012 there are 2,318 single family homes listed in Edmonton proper on the Multiple Listing System.  That is a reasonable listing level.

In the previous 30 days there were 604 single family homes sold in Edmonton proper through the Multiple Listing System. That is a significant increase over last months sales level.

This would give us a listings to sales ratio of 3.84:1 which is below the 4:1 we need in Edmonton for a neutral or balance market. This tells me that we are starting to see some increased pressure for valuations to start to rise.

If you are a buyer you better buy now before prices go up and interest rates go up. Call me today to help you find your dream home now. Serge 780 – 995 – 6520

Whether you are thinking about buying or selling it always pays to have the best working for you.

Have you seen the television show where the host –an experienced contractor – comes to a home to fix a bad renovation? Episodes typically feature leaking bathroom showers, fallen decks, creaky flooring, and other examples of shoddy workmanship. For the homeowners, it’s a nightmare. That’s why it’s so important to select a reputable renovator – one who has the experience and track record to do the job right.

How do you do that? Here are a few tips:

Make sure the contractor can give you the full name, address and phone number of his company. If he only has a truck and a cell phone, that’s a red flag.

Ask him to provide you with the names of at least three customers he’s done work for in the area.
(Then phone those references!)

Some specialty contractors, such as kitchen and bath renovators, are certified or licensed by a professional trade association. Ask the contractor for credentials.

Beware of contractors who offer you a lower price if you pay cash. They’re probably trying to avoid taxes, which suggests that they’re not entirely honest.

Make sure the renovator has experience with your specific type of project.

Search for the company on Google.com. If there are any customer complaints online, you’ll find them in the search results.

Don’t hire the first contractor you meet, regardless of how impressed you are. Speak to at least three. Ask lots of questions. Take your time. Finally, use your common sense. If you don’t have a good feeling about the contractor or if they don’t give you clear answers to basic questions about pricing, schedule, and warranty, then move on.