The market is really heating up in Edmonton. Tonight I wrote an offer above asking price on a property that only been on the market for 2 days and we were not the successful bidder. You need to act fast and possible significantly above asking price.
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It hasn’t been the worst winter we’ve seen in Edmonton, but we’re all still anxiously waiting for spring to arrive. This year, the Real Estate market in the area decided not to wait, and began showing signs of spring in February. Sales and listings always heat up as the weather warms, but this year, buyers and sellers came out of hibernation just a little early. In February, we saw listing activity increase by 10% over January. Sales activity was even stronger, increasing 18.2% over the first month of the year. That puts our sales-to-listing ratio for the month at about 55%, 4% higher than the same time last year. While that means fewer properties were listed than sold, there’s still more than four months’ worth of supply available. With strong prices fueling activity, we can expect to see more sellers make the decision to enter the market in the coming months.
Things always tend to heat up in real estate as we hit spring. This year, spring sales activity seems to have arrived just a little ahead of spring weather. To get the best sense of which way the wind is blowing in real estate and what it could mean for you, talk to your local REALTOR® –here when life happens.
Source: Real Estate Association of Edmonton
Edmonton, March 4, 2013: The REALTORS® Association of Edmonton reports that the housing market in the Edmonton CMA1 remains active. Residential listing activity was up 10% as compared to January and sales increased by 18.2%. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 4.3% in a month.
While the average price for a single family detached home broke through a psychological barrier at $400,973 in February ($399,832 in January), it was up just 0.3%. Condo prices showed stronger gains, rising 7.3% from January to $231,866. Duplex and rowhouse prices were also up month-over-month at $332,285 on average. The all-residential average price was $342,735 (up 2.9% from February 2012).
“REALTORS® were busier last month than in January both listing and selling more homes,” said President Darrell Cook. “As usual, sales activity will continue to increase as we move into spring. The inventory of available homes has increased and we expect hesitant sellers to come onto the market in the face of continuing strong prices.”
The pattern of sales in various price ranges has changed this year. “Confidence in the strength of our local economy and a shortage of attractive properties at the lower end of the price range are both moving consumers to consider higher priced properties,” said Cook. Sales of properties priced $425,000 to $550,000 have increased 19% so far this year, whereas sales of properties in the $200,000 to $375,000 range are down 9.6% compared to the first two months of 2012.
As of February 28, 2013, there were 4,183 residential properties listed in the MLS® System which reflects a 4.14 month supply at current sales levels. The days-on-market was 57 as compared to 53 last year. With an estimated 1,089 (1,008 reported) homes sold and 1,995 homes listed in February, the sales-to-listing ratio was 55%, up 4% from a year ago. Total Board sales for February were $470,309,954.
The figures above represent the sales in the Edmonton CMA1 as defined by Statistics Canada and includes the City of Edmonton and all municipalities in the four surrounding counties of Parkland, Sturgeon, Leduc, and Strathcona. Sales figures for February 2013 have been adjusted to anticipate sales during the month which will be reported after the data cut-off so as to compare more accurately with prior period figures.
REALTORS® in the Edmonton CMA and surrounding areas (including St. Paul and Cold Lake) contribute actual negotiated list and sale prices on a daily basis and are the most reliable source of pricing data in each local area and the entire market.
I am please to announced my continued membership with the Institute for Luxury Home Marketing. This allows me additional resources to market homes for sale in the luxury home market. If you are thinking about selling you luxury or executive home here in Edmonton call me so that I can demonstrate how I can give you the most exposure possible to help get the best price possible for you.
If you’ve wanted to live in an executive condo overlooking the river value now is your chance! This 2 bedroom, 2 bathroom unit has been completely redone with over 60K in upgrades including slate & hardwood floors, custom maple cabinets with quiet close, quartz counter tops & eating bar, stainless appliances, & renovated bathrooms. Both bedrooms are large with California closets. Enjoy dinner parties with your friends & family with an open concept kitchen & living room. Building features indoor salt water swimming pool, sauna, fitness area, & underground heated parking. There is great access thethe river valley trail system, Located close to shopping, bistros, & easy access to Whyte avenue. What more could you want. Condo fees include heat, water, & power. 1 TITLED UNDERGROUND PARKING with possibility of renting SECOND PARKING STALL.
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The New Year has started strong for the Edmonton real estate market. On a regular basis I am seeing realtors promoting the sale of their new listings within days or even hours. So is this the beginning of another real estate boom in Edmonton? Everyone is commenting on the shortage of inventory. That is always a sign of things to come.
This morning I looked at how many single family homes were for sale in Edmonton proper. The number of homes at 1,776 is significantly lower than what we would normally see, which supports the claim that there is a shortage of inventory.
The other important fact is the number of sales that have occurred in the last 30 days. In Edmonton proper there were 549 single family homes sold. That in itself is a fairly normal number of homes sold for this time of year.
What makes these numbers important is the ratio that they generate for us. We know that in Edmonton to a stable or neutral market we need a listings to sales ratio of 4:1. Meaning there are 4 homes listed for every sale that occurs in the previous 30 days.
With the current market condition with 1,776 listings and 549 sales that would give us a listings to sales ratio of 3.23:1 far below the 4:1 that we need for a balance market. This indicates that we are going to have upward pressure on Edmonton real estate values in the incoming days.
So do expect house prices to start to rise. If you are thinking about buying this year, you may want to move your time table up now before prices rise too much, and while we have low rates like 2.89% for a 5 year term.
Call us today if you have been thinking of buying or need to get pre-approved for a mortgage. 780-634-8151.
Edmonton, February 4, 2013: Year-over-year average prices and sales were up for most types of residential property in the Edmonton Census Metropolitan Area (CMA) in January. Single Family Dwelling (SFD) average prices were down 1.93% from December but up 7.7% when compared to January 2012. Condominium prices were also down (-3.1%) month-over-month but up 1.7% year-over-year. The all-residential price was up year-over-year at $328,525 (up 2.5%). The average price for an SFD was $399,832. An average condo was priced at $216,139, while a duplex/row house was priced at $328,351 on average. The all-residential average price in the Edmonton CMA was $328,525 as compared to $320,482 in January 2012.
The 2013 year started off with a residential sales increase of 27 (25) units over the previous year. There were an estimated 921 (853 reported) residential sales in the Edmonton CMA and an estimated total of 1,084 (1,005 reported) sales of all types of property. SFD sales were down 1.4% from a year ago at 536 estimated (496 reported) sales. Condo and duplex/row house sales took up the slack with an estimated 286 (265 reported) condo sales (up 30.7%) and duplex/row house estimated sales of 64 (59 reported) units (up 24.9%).
“If there is an impending national housing crash, it is not evident in Edmonton,” said President Darrell Cook. “The number of price reductions is 4% lower than the same month last year.” The number of residential properties in the City of Edmonton that sold at or over list price rose from 9% in January 2012 to 12.6% this year. “This indicates that homes are appropriately priced for the market and that more home sellers are holding firm to their asking price,” said Cook.
The average days-on-market was 74 and the sales-to-listing ratio ended the month at 47%. There are currently 3,743 residential properties in inventory in the Edmonton CMA. This is lower than the five-year average for January (4,324) but still represents a 4.4 month supply at current sales levels.
REALTORS® changed their statistics reporting format this month. Sales and average price figures are given for the Edmonton CMA which includes the City of Edmonton and about 40 surrounding municipalities as defined by Statistics Canada. Then, because sales in the City of Edmonton account for about 75% of all sales, the figures are given for Edmonton only. Finally, communities and counties outside the CMA are not forgotten. The number of sales for each municipality along with average/median prices and total value of sales are provided in the Total Board section. All three reports are attached.
“All real estate is local,” said Cook. “It is important that we provide statistics that are relevant to each specific location. REALTORS® can provide their clients with more granularity or more specific details at the neighbourhood level.”
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Highlights of MLS® System activity
| January 2013 | January | M/M % Change | Y/Y % Change |
| SFD2 average3 selling price – month | $399,832 | -1.93% | 7.68% |
| SFD median4 selling price – month | $376,600 | 2.16% | 6.38% |
| Condominium average selling price | $216,139 | -3.11% | 1.71% |
| Condominium median selling price | $208,000 | 0.00% | 1.96% |
| All-residential5 average selling price | $328,525 | -3.50% | 2.51% |
| All-residential median selling price | $315,000 | -1.56% | 1.61% |
| # residential listings this month | 1,812 | 121.79% | -11.09% |
| # residential sales this month | 853 | 36.04% | 3.02% |
| # residential inventory at month end | 3,743 | 7.16% | -12.24% |
| # Total6 MLS® System sales this month | 1,128 | 34.77% | -0.53% |
| $ Value Total residential sales this month | $325 million | 33.29% | 3.98% |
| $ Value of total MLS® System sales – month | $374 million | 29.01% | -0.96% |
| $ Value of total MLS® System sales – YTD | $374 million | 29.01% | -0.96% |
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales
source: Realtors Association of Edmonton
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