May 2, 2013 EREB Market Update.

Edmonton, May 2, 2013: With the a later than expected arrival of spring, average prices for housing in the Edmonton Census Metropolitan Area (CMA) decreased month-over-month in April after a surprising uptick in March. The REALTORS® Association of Edmonton reports that the all-residential price (including single family detached, condominiums, duplexes and row-houses) decreased 1.8% over March to $348,535. Compared to April 2012, the all-residential price was up 2.0%.

“The second quarter is the most active time of year for real estate sales,” said President Darrell Cook. “Both buyers and sellers want to complete the transaction before school starts in September and get settled into the new neighbourhood.” About 33% of annual sales happen in April, May, and June, while 25% occur in Q3 and 19% in the last three months of the year. In April, there were an estimated 1,645 (1,523 actual) total residential property sales through the Edmonton Multiple Listing Service® as compared to 1,656 (actual) in April 2012.

Estimated SFD sales of 1,037 units (960 actual) were down 4.4% from last year but condominium sales increased 4.1% year-over-year to 459 estimated sales (425 actual). There were 118 estimated sales of duplex/rowhouse properties (109 actual) in April (up 15.4% y/y). Sales numbers are estimated to account for late reported sales and provide meaningful comparison to previous year actual sales.

Market activity picked up in April according to both market activity indicators. The sales-to-listing ratio was up at 55% in April while days-on-market was down from 50 in March to 49 in April. Inventory continues to be relatively low with 5,294 residential properties of all types available on the MLS® System at the end of April. There were 2,769 residential properties listed for sale in April (up just 0.5% from April, 2012). “As many as 100 additional homes are listed everyday so motivated buyers need to maintain contact with their REALTOR® to ensure that they are notified the moment that a suitable property becomes available,” said Cook.

In April, the average price for a single family detached home was $402,270 (down 3.5% from March). The average priced condo sold for $243,503 (down 1.3% m/m) and duplex and rowhouses prices were up 2.8% to $324,975 on average. It is important to note that the average price encompasses all properties and can be driven upward by a higher than average number of expensive sales in any given month. Contact your REALTOR® to get an accurate evaluation of your home.

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 Fort Saskatchewan

 

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EREB April 3rd, 2013 Report Says:

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.

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