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Monday, April 13, 2015
Edmonton Real Estate Board News Release April 2015.
Edmonton, April 2, 2015: Despite a decline in all
residential sales over those reported in March of 2014, last month saw continued
growth of residential prices for the Edmonton Census Metropolitan Area CMA of
3%. The average sales price of a single family home was $438,880 - up 1.5% y/y;
condo was $249,841 - up 1.2% y/y; and duplex/rowhouse was $354,022 - up 6.9%
y/y.
Sales are down in all categories except duplex/rowhouse which are up over 6%. Single family sales were 876 down 4.5% over last March (917 reported). 416 condos sold last month compared to 474 in March 2014. All residential sales for March were reported as 1,453, down 6.5% from 1,554 reported last year.
“The fact that our prices did not have the dramatic increases seen over the past few years in other cities like Calgary, Toronto and Vancouver means we have not experienced the same overvaluation.” REALTORS® Association of Edmonton President Geneva Tetreault explains, “That is why our prices are not taking the same hit even though our inventory is way up and sales are slightly down. A more accurate valuation should keep our average prices more stable.”
March 2014 had 14 million-dollar plus sales (30 YTD), March 2015 had 8 million dollar plus sales (19 YTD). “Last year we saw a dramatic increase in sales of homes priced over a million. Even though the number of those high price sales are down this year, our average price is up. That is a good sign that we are not seeing our average prices inflated,” says Tetreault. “The big story continues to be the increase in inventory. We ended 2014 with a fairly low inventory. The influx of new listings means that buyers now have the opportunity to be a little more choosey. Having a REALTOR® help you navigate the market is always a wise decision, particularly in a complex market like ours.” Residential listings are up over 31% from last March with 3,152 new listings coming on to the MLS® System in the Edmonton CMA. That left us with an ample inventory of 5,944 properties for sale.
Rural areas seem to be seeing the same trends with total rural sales down 8% from 156 reported in March 2014 to 143 reported this year. Rural listings are also up, but only by 12%, a much smaller margin than the Edmonton CMA. Over 699 million dollars in residential sales through the REALTORS® Association of Edmonton occurred in March 2015.
Sales are down in all categories except duplex/rowhouse which are up over 6%. Single family sales were 876 down 4.5% over last March (917 reported). 416 condos sold last month compared to 474 in March 2014. All residential sales for March were reported as 1,453, down 6.5% from 1,554 reported last year.
“The fact that our prices did not have the dramatic increases seen over the past few years in other cities like Calgary, Toronto and Vancouver means we have not experienced the same overvaluation.” REALTORS® Association of Edmonton President Geneva Tetreault explains, “That is why our prices are not taking the same hit even though our inventory is way up and sales are slightly down. A more accurate valuation should keep our average prices more stable.”
March 2014 had 14 million-dollar plus sales (30 YTD), March 2015 had 8 million dollar plus sales (19 YTD). “Last year we saw a dramatic increase in sales of homes priced over a million. Even though the number of those high price sales are down this year, our average price is up. That is a good sign that we are not seeing our average prices inflated,” says Tetreault. “The big story continues to be the increase in inventory. We ended 2014 with a fairly low inventory. The influx of new listings means that buyers now have the opportunity to be a little more choosey. Having a REALTOR® help you navigate the market is always a wise decision, particularly in a complex market like ours.” Residential listings are up over 31% from last March with 3,152 new listings coming on to the MLS® System in the Edmonton CMA. That left us with an ample inventory of 5,944 properties for sale.
Rural areas seem to be seeing the same trends with total rural sales down 8% from 156 reported in March 2014 to 143 reported this year. Rural listings are also up, but only by 12%, a much smaller margin than the Edmonton CMA. Over 699 million dollars in residential sales through the REALTORS® Association of Edmonton occurred in March 2015.
Thursday, January 15, 2015
January 7th, 2015 - Stable Market for 2015
REALTORS® forecast stable market for 2015
Edmonton, January 7, 2015: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Geneva Tetreault forecast that sales of single family homes in the Edmonton Census Metropolitan Area will remain at the same level as 2014 around 11,500 sales.
Last year exceeded modest expectations with a growth of 11% in all residential sales. Tetreault expects another big year for sales of single family homes in Edmonton but little growth. “The cool down of employment growth and uncertainty of oil prices, may leave buyers more cautious in 2015. This is likely to be offset by the potential increase in mortgage rates in late 2015. Buyers will want to take advantage of the record low rates for the first half of the year,” explains Tetreault.
The number of sales of condo, duplex and rowhouse sales will increase by a modest 2.5% throughout the region as these properties offer affordability to new home owners and income potential for investors in a tight rental market.
Prices, as usual, will fluctuate through the year but the 12-month average price for a single family detached property is anticipated to increase about 3.5%. Condominium property average prices are projected to increase at a lower rate of about 2.5% over the year due to an influx of new condominiums hitting the market.
Tetreault’s forecast was supported by five other speakers at the seminar including Todd Hirsch, Chief Economist, ATB Financial; Nolan Crouse, Chair, Capital Region; Jason Sutton, President, Canadian Home Builders Association Edmonton; Christina Butchart, Senior Marketing Analyst, Canadian Mortgage and Housing Corporation; and Simon O’Byrne, VP, Stantec.
There are 3,200 REALTORS® operating in the greater Edmonton area which extends as far as Cold Lake, Wetaskiwin, Drayton Valley, Vegreville and Westlock.
Monday, July 21, 2014
16105 - 128 A Street - New Listing..$425,000
These original homeowners are finally ready to move on. Fabulous family home in
an established neighborhood with an open floor plan - great for entertaining!!!
This home is a perfect family home with spacious sunken foyer, double front
attached garage, cozy main floor family room with fireplace and TV niche,
kitchen island with eating bar, ample counter space, sunken area from the garage
has laundry area with a 2 piece main floor bath and access to the finished
basement, upper level family room, master suite with 4 pce ensuite and huge walk
in closet, 2 more bedrooms, 4 pce main upper bathroom, basement complete with a
family room, more storage than you will ever need and a 4th bedroom. Large
outdoor living space boasts a fire pit, garden shed a huge deck and trees. Easy
access to Anthony Henday drive, minutes from Albany shopping center. This home
is sure to be a treasure once you add your personal touch. Welcome Home.
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July 2014 Edmonton Real Estate Board Press Release
Mid-year housing sales up 9.8% over
last year
Edmonton, July 3, 2014: Sales of all types of residential property in the Edmonton Census Metropolitan Area (CMA) were up almost ten percent as compared to the same mid-year point in 2013. According to the REALTORS® Association of Edmonton there were 11,595 residential properties sold this year through the local Multiple Listing Service® (MLS®) compared to 10,556 sold by June 30, 2013. Prices also rose year-over-year; the value of sold property increased 15.3% from $3.6 billion to $4.2 billion.
In June, the average price of a single-family detached (SFD) property in the CMA dipped 0.7% to $435,534 month-to-month. The all-residential average price was $371,839; down 0.2% from May. Throughout the CMA, the average price for a condominium rose 0.6% from May to $254,182.
“The average price has been fairly stable this year with relatively small market fluctuations from month-to-month,” said REALTORS® Association President Greg Steele. “When compared to last year at the same time however, average prices are up and we have established new peak prices for single-family detached homes for the past five months.”
In June, the average price for a SFD home was $435,534, which is down marginally from the new historic peak set in May of $438,506. Condominium average prices were up 0.6% from May at $254,182 but did not hit the June 2013 peak of $258,383. Duplex/row house prices dipped 1.7% from May at $343,198 and the all-residential average price was down 0.2% to $371,839.
Overall, YTD residential listing activity was up 6.9% compared to last year at this time, with sales up 9.8%. The increased sales put downward pressure on the inventory, resulting in a month end inventory of 5,704 available homes (4.7 months of available inventory at current sales levels).
“The new higher pricing plateau that we have seen this year has motivated more homeowners to put their home on the market resulting in increased choice for home buyers,” said Steele. “But properties move quickly in this market and buyers must work closely with their REALTOR® to catch the ideal property when it comes into the market.”
The average days-on-market was just 41 days in June and the YTD average of 45 days, compared to 47 last June. The sales-to-listing ratio was 66%: slower than the 72% last June.
REALTORS® represent buyers and sellers of residential, commercial and industrial property throughout the greater Edmonton region and from Cold Lake to Drayton Valley, from Westlock to Wetaskiwin. There are just over 3,200 REALTOR® members of the association serving over 40,000 clients a year.
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