Edmonton Real Estate Blog

Just like I have been telling you would happen the market has changed from a buyer’s market to a seller’s market.

As of today there were 2,126 single family homes listed on the Multiple Listing System (MLS ®) in Edmonton proper. That is an increase of 92 listings from last weeks inventory level of 2,034

More importantly there was 535 homes sold on the Multiple Listing System (MLS ®) in Edmonton proper in the previous 30 days. That is an increase of  106 sales from last week’s number of 429 sales.

This gives us a listing to sales ratio of 3.97:1 which is a significant drop from las weeks and is now marginally below the 4:1 ratio that is the benchmark for a neutral and balanced market.

I say we are swinging over to a seller’s market beause I expect that ratio to continue to drop even lower in the next few weeks and we are going to see upward pressure on home valuations.

If you are thinking of buying then the sooner you make that move the better price that you will get.  With all that is driving the Edmonton economy at this time I continue to expect the Edmonton Real Estate market to continue to grow stronger.

I am currently working with a buyer wanting to purchase in the Magrath Heights or MacTaggart area.  If you live in those area or know someone living in those areas thinking of selling please call me 780-995-6520

Well folks I am back from my trip to China and I am here to let you know what is happening to the Edmonton real estate market.

As of today “Valentine’s Day” there are 2, 034 single family dwellings for sale in Edmonton proper. That is a much lower number of listings than we were seeing at the end of last year which I see as a positive sign.

However in the last 30 days there has been only 429 single family dwellings sold in Edmonton proper. This is also a drop from the volume of sales that we were seeing at the end of 2010.

This gives us a listing to sales ratio of 4.74:1.  That ratio is still a little bit high.  If you remember we need a ratio of 4:1 for a neutral or balanced market.  So based on this ratio in the short term I still expect that there will be some downward pressure on valuations and only those homes that are priced very competitively are going to be the ones that sell.

I think that we might see this change soon as we see the buyers come back to the market as we get deeper into this early spring market.

I mentioned in an earlier post that the mortgage rule changes were coming into effect in April.  Some of the changes do come into effect in April but there are also some changes that are coming into effect as early as mid-March.  I strongly recommend if you are thinking of buying that you get pre-approved and lock the interest rate in.

You can contact Souchita at Dominion Lending Centres and she can do that for you. Her contact number is 780-932-2225 or visit her at www.edmontonbestmortgagerates.com

Brand new 1640 sq.ft 3 bedroom bi-level home with a seperate entrance into the basement. Stucco exterior not done yet giving you the opportunity to choose your exterior color.  Home features marble tile entrance, kitchen and bath rooms. The formal dining room and family room have beautiful gleaming hardwood floors. There is a fireplace in the living room to keep the home nice and cozy.  The kitchen feature granite tops with eating bar, stainless appliances and 2 seperate pantries. The master bedroom has a large ensuite bath with a double corner jacuzzi tub and seperate shower. The master bedroom also has a double french door entry and walk-in closet.  The is already a deck built right of the eating nook.  The main floor features 9 foot ceilings and vaulted ceilings to make the home bright and open.  The basement is also developed with 9 foot ceilings.  All information and sizes to be confirmed by the purchasers. Size is according to builder’s plans.

For more information call us today at 780-643-8151

Interest rates are on the rise again.  I am also expecting rates to continue to increase slightly as we progress into our spring market place.  If you are thinking of buying this year you may want to move your time table to the next 60 days before we see any further increases in rates and before the new mortgage rules come into effect in April.

This has been a year of ups and downs as we saw house values increase in value from January until the beginning of June. We did however see valuations drop about 10% since that time giving back any gains that we might have made in the beginning of the New Year.

The good news is that the listing to sales ratio has drastically improved in the last month. As of today December 13th, 2010 there are 2265 single family homes for sale in Edmonton proper. In the past 30 days there have been 525 single family homes sold in Edmonton proper.

This would give us a listings to sales ratio of 4.31:1. That is a significant improvement over the ratio hovering around the 6:1 that we saw last month and is basically at the 4:1 ratio that we need for a balanced or neutral market.

The window of opportunity is closing for people thinking of buying. With the oil and gas industry going so strong right now I am fully expecting this ratio to drop over the next 3 months and we will start seeing valuations increase.

If you don’t buy now you will probably have to pay more money for your next home come the New Year.

That is my last two cents until the New Year. I would like to wish everyone a Happy Holidays and a prosperous New Year.

 Make sure to read our BLOG every week to see how the trend changes.

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

**Just Listed!**

Welcome to your new home in the family-oriented community of Rock Glen. Watch your kids play with their friends on the playground located in the centre of the complex from your kitchen window. Plenty of room for family dinners in the formal dining area. The living room features large windows and a beautiful floor-to ceiling slate faced wood burning fireplace (non functioning). Sliding glass patio doors lead out to the fenced back yard with interlocking brick patio and small garden with shrubs.  The second storey features a 4 piece bathroom and 3 bedrooms with large closets.  The fully finished basement would be great as a media room. Upgrades include new paint and carpet. Two assigned parking stalls directly in front of unit.  Steps away from public and Catholic schools, shopping, LRT, and the Harisien community hall is next door with an ice rink. Welcome home! Buyer to verify all information and measurements.

1061 SqFt                 Townhome

3 Bedrooms           1.5 Bathrooms

$209,900          MLS: E3219126

If you have any questions please call Team Leading Edge at (780) 634-8151