Cathy Currie, Realtor: April 2013

Edmonton, April 3, 2013:

The REALTORS® Association of Edmonton reports that residential property prices in the Edmonton CMA1 were up again in March. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%.

“The average price increases are influenced by the prices paid on particular properties as well as the product mix in the period,” said President Darrell Cook. “Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home. The increase in average price may not increase the market value of a particular property.” The relative number of homes sold in the $450-650k price range increased from 12.2% to 14.5% year-over-year while homes under $300,000 dropped from 40.7% of the market to 38.2%.

The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. SFD prices peaked in May of 2007 at $424,400.

The demand for homes in the Edmonton area continues to be driven by net job creation and low unemployment, economic stability and low rental vacancy rates. Sales were brisk with the sales-to-listing ratio up at 57% for March which indicates that almost six of the ten homes listed during the month were sold. Days-on-market was down from 57 in February to 50 in March.

The number of homes available for sale in the MLS® System inventory was up from 4,183 to 4,741 in March. While this is an increase of 558 properties from last month, it is down 15.4% from the same time last year. The lower inventory is exerting upward pressure on prices but has a dampening effect on sales. “When first time buyers cannot find a house that meets their needs or are forced into a multiple offer situation, they often remain on the sidelines,” said Cook. “Low interest rates and rising rental rates create the interest and desire but lack of suitable properties means they are not able to make the transition to home ownership at this time.”

REALTORS® are facing some multiple offer situations on lower-priced property but overall, the market remains in balance with neither buyers nor sellers having an advantage in most neighbourhoods.

Residential sales in the Edmonton CMA were up 1.14% in March as compared to March 2012. There were 1,497 estimated sales (1,386 reported) on listings of 2,422 during the month. SFD sales were down 6.63% from last year but condo sales more than compensated at 8.84% y/y increase. Note that sales numbers are estimated to reflect late reported sales and make a more accurate comparison with prior month actual sales.

**Fully Renovated and even has laundry in suite** Walk through the door into this fully renovated 2 bedroom condo and you will be amazed everything is new, new, new... The dark laminate floor greets you into the oversized livingroom with lit wall niche that will hold your TV and accent some of your favorite decor. There is a brand new stacker washer/dryer and room for all your storage. The dining/kitchen are complete with ceramic tile and a brand new kitchen. The new white kitchen is highlighted with lit glass doors, stainless hardware, glass backsplash and a large contemporary stainless steel hood fan. Follow the dark laminate flooring down the hall to the brand new bathroom with a beautiful dark wood vanity, all new fixtures and a tub surrounded by Ceramic tile. Down the hall you will find 2 generous bedrooms with lots of natural light. The master has an oversized closet complete with built in shelving/dresser. The building has a brand new elevator,common areas completley updated include rock walls Only $169000