Edmonton Real Estate Blog

Wow is all I can say about last week.  I was really busy all week listing, showing and selling homes.  However the statistics would be a little different then what I experienced last week.

One of the things that I did notice last week was the number of homes that were taken off the market where their listing contracts had expired.  Even with the new listings coming to the market I noticed that the amount of listings available is down with 2, 095 single family dwellings available for sale in Edmonton proper.

In the last 30 days there were 678 single family dwellings sold in Edmonton proper.  Also a drop from the previous few weeks.  With the listings and sales we are experiencing that would give us a listing to sales ratio of 3.1:1 which to me indicates that the market values are starting to stabilize.

The next few weeks are going to be critical to determine is we area going to remain stable or if we are going to see a decline in house valuations.  It is apparent to see that the local and global economies are still not recovering to the levels and that is making people concerned and hesitant in moving forward with large purchases such as home.

There has been some strengthening in Alberta’s resale market, said Lai Sing Louie, regional economist for CMHC in Calgary. “We’re expecting that the second half (of the year) will be much stronger than the first half,” he said. Most markets in Alberta have turned into balanced ones, added Louie. In the first quarter, they were generally buyers’ markets. Louie said low mortgage rates have been a big factor in spurring residential sales. “Affordability has improved quite significantly,” he said. “We’ve also seen some government incentives to encourage first-time homebuyers and that’s helped. And I also believe that people who have been waiting to see how the markets move finally have the confidence now to go into the marketplace and buy.”
2010 average price forecast for Alberta $343,200.

Source: Calgary Herald – Friday, August, 28 2009

Just Listed in North-West Edmonton!!

First time home owner? This house is for you!  Have peace of mind knowing your children are attending the elementry school across the street or the Catholic school around the corner.  Entertain downstairs in the family room with wet bar!  The bright open kitchen gives you lots of room to cook at the same time as providing the feature of an eat-in kitchen.  Keep cool upstairs in the bright living room with the ceiling fan, or enjoy the sun either on the front balcony or back deck.  Your kids will play in safety in your fenced front and back yard. 

896 Sq Ft                                                 Bungalow

2 + 1 Bedrooms                                             1.5 Bathrooms

$244,900

For more pictures view at www.FindMyHouse.ca

Call Serge or Kate at (780) 634-8151

Just Listed South-East Edmonton!!

First time home owner? This family home is for you!  Located in a quiet cul-de-sac this 3 bedroom 2.5 bathroom home has lots of character.  Renovations and upgrades include: new lighting and plumbing fixtures, interior and exterior paint, linoleum flooring, shingles on the house and garage, and the renovated deck.  Enjoy the remaining days of summer in your shaded fenced yard, relaxing on your deck.  Throw dinner parties everyone will enjoy with your dining area that has an elegant chandelier and great natural lighting.  Cozy up on those cold night in the family room in front of the wood burning fireplace.  There is also another fireplace loacted in the master bedroom for those romantic evenings.  The basement is waiting for your creative touch and already has roughed in double plumbing to help you get a head start.  The heated double detached garage makes winter driving preperation a breeze.  Seller is also interested in selling furniture in the house. 

1581 Sq Ft                                                 2 Storey

3 Bedrooms                                             2.5 Bathrooms

$342,900

For more pictures view at www.FindMyHouse.ca

Call Serge or Kate at (780) 634-8151

Just Listed in North Edmonton!!

Opportunity for retired living! 45+ Adult community.  This 3 bedroom 2.5 bathroom bungalow is in the quiet location of Amberwood Castlebrook in the Elsinore community.  You will enjoy the remaining days of summer on the fully covered deck.  The fully finished basement provides lots of room as well as a beautiful gas fireplace in the family room that gives it character and a little extra heat on those chilly nights that are sure to come.  Main floor laundry means never again carrying pesky laundry baskets up and down stairs.  The double attached oversized garage is heated and insulated providing hassle free preperation for winter driving (think not having to clear off your car in blistering cold temperatures or waiting for your car to heat up) and also features hot and cold water taps.  Newer stove and fridge (1 year old) and new linoleum provide assurance of easy upkeep. 

This won’t last! 

1130 Sq Ft                                                 Bungalow Townhouse

3 Bedrooms                                             2.5 Bathrooms

$349,900

For more pictures view at www.FindMyHouse.ca

Call Serge or Kate at (780) 634-8151

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/

Well summer holidays are over and the kids are now back in school and it is now time to get back to the regular routine.  Now is also the time we see the market to re-stabilize after the summer holiday break.

I expect that over the next few weeks we will start to see the number of sales to start to increase slightly over the next few weeks and stabilize until November and December when we will see things slow down again.

As of this morning there were 2,122 single family listings in Edmonton proper, which about where we have been hovering of the last few weeks.  However the number of sales in the last 30 slipped slightly to 693 which was to be expected since it represent for the sales for the last half of August in the first two weeks of September when people are resettling back to the regular routines.

That does however raise the listings to sales ratio to 3.06:1, which is an indicator that valuations are stabilizing as we get closer to that 4:1 ratio.  So let us see what the next few weeks will bring us.

Prestigious Whitemud Creek home that is steps away from the ravine.  This 2021 square foot home was built by Carriage Custom Home Builders and features an open floor plan and vaulted ceilings.  Enjoy the rest of summer in the large terraced backyard with mature landscaping, trees, and interlocking stone patio – or relax inside with full air conditioning.  Let the stress of the day melt away in the large ensuite soaker tub.  This lovely home has imported cork, laminate, and hardwood flooring, and a fully finished basement that would be perfect for that big screen TV.  Must be seen!

2021sqft                                              2 Storey

4 Bedrooms                                   3.5 Bathrooms

$549,900

Call Serge Bourgoin of Re/Max for more info or to book a showing

 (780) 995-6520

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/

Edmonton, September 2, 2009: Residential sales through the Edmonton and Area Multiple Listing Service® in August were lower than the number posted in July but higher than sales the previous August. There were a total of 1,673 sales last month as compared to 2,277 in July (a monthly record) and 1,541 in August 2008.

“Although sales numbers cooled a bit after record sales in June and July, we are still experiencing the strength of the market in Edmonton,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Our members continue to report high buyer interest. Although sales in the fall are slower than the spring, buyers are looking for a home and sellers can reach them through the MLS® System.”

Prices for Single Family Dwellings climbed steadily all year and peaked in July at $372,741. The average* SFD sold for $366,788 in August, down 1.6 percent from the previous month. The current price is just $2,400 lower than average prices in August 2008.

Condominium prices were also down in August; dropping less than one percent to $242,035 on average in August from $244,265 in July. By comparison, the average price for a condo in August 2008 was $251,048. The average price has come down because of the increased amount of lower priced product that has entered the market rather than the value of a particular property being marked down.

Duplex and row house properties sold on average for $294,007 and the combined Average Residential Price was $318,321 in August; down 3.3% from $329,207 in August 2008.

“Our market is operating normally,” said Ponde. “There is a balance between buyers’ and sellers’ expectations and, while prices fluctuate seasonally, there are no major price swings. The strong inventory and activity levels result in moderation and stability.”

The average days-on-market was 48 in August; up two days from July. At the end of August there were 6,445 residential properties active on the MLS® System.

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 prices, which may vary