Homes in the lower price ranges in Edmonton seem to be selling quite quickly, so I wanted to see if that is actually the case or not. I had a look at sales of homes and condos in different price ranges, and as you can see, more homes are selling between $200k-$400k and they are selling faster, and for closer to list price:
("DOM" is the number of days on market).
As you can see, the absorption rate is significantly higher in the more expensive price ranges with over 2 years of supply in the $700k and up category. So far this year 10 single family homes and 1 condo have sold for over $1million.
Looking at condos the the highest volume of condo sales are in the lower price ranges, but the other stats don't show clear trends.
I also had a look at sales so far this year:
Thanks for the stats, Sara.
Two observations from tracking individual houses above 700K:
“Days on Market” appear much lower than they really are, since many houses in that price range get relisted multiple times, which resets the clock.
Many houses also come down in price multiple times, as they are being relisted. Therefore, the 94% “List to sale price ratio” applies to the last asking price prior to accepting an offer, and not to the starting price, which might have been SIGNIFICANTLY higher.
I still think the blog header needs an overhaul. Anyone agree?
What’s confusing about this is that is April 75% of all SFH sales were below 400k and in March 37% of Sales were below 400K (Feb 36% and Jan 34%). That doesn’t seem to align with the monthly price numbers as we should then be seeing a dramatic decrease in price from March to April due to the “cheaper” homes selling at twice the rate. Unless the few over 700K listings were dramatically over 700K to offset.
If I assumed all homes sold at the top of their price range that would mean the average house price dropped from 492K to 406K from March to April, which we know isn’t true but goes to my premise.
I suppose the other scenario is that alot of homes in the low 300 and 400s were repriced to the upper 200 and 300s which would explain why the sales in the lower two sections has doubled. On the MLS I also see some SFHs listed for below 200, were these not counted or do they simply not sell? That could also contribute to the seeming anomaly in the data
We’re in possibly the most exciting and unpredictable real estate scenario in Edmonton history and you’re worried about the header??
You’re right it sucks. I liked the orange one but the green one is far more seasonal. Or if you want to be UBER TRENDY… Beige background, Dark brown letters, with a red underscore. The header would then look like a typical showhome with builders beige walls, dark wood cabinets and trim, and those nasty red curtains! HA!
Cheers,
E-town
Maybe it’s because I don’t consider this said scenario THAT unpredictable.
Earlier I suggested losing the orange, but what I kind of had in mind was something a bit more ‘graphical’. I think it still screams “hey everyone, I just learned html from a book 10 years old!”. No offense…
“Maybe it’s because I don’t consider this said scenario THAT unpredictable.”
Jeez. Mild sarcasm is totally lost on you programmer types.
Cheers,
E-town
I agree – I bet there’s a typo or data shift with april. It doesn’t make sense otherwise.
Here’s a good programmer joke.
How many programmers does it take to screw in a light bulb?
None…. That’s a hardware problem!!!
LMAO…..
Nice catch guys! Looks like I had a copy and paste error… I have corrected it but you’ll have to refresh to see it. Sorry.
Not to play doom and gloom, but I wonder how many of the low end increases are due to mortgage rates which could screw over a lot of people when they come to renew and find the prime rate is no longer zero.
Agree with the comment about higher end re-listing.. my favorite one I’ve been following which started at 900k a year ago is down to 600k.
Looking at all this, in some ways I’m almost glad that our house in Ontario still hasn’t sold, which takes some of the anxiety away about jumping into the market here. Ok, I said “almost”.
No actually you made me laugh!
How many Albertans does it take to screw in a light bulb?
One, to hold it still while the world revolves around them!
(Gotta mention something real estate related to keep this from being removed… WOOOOO 96% List to Sale ratio!!)
How many Realtors does it take to screw in a lightbulb?
Two: One to hold it in place and the other to put a positive spin on it!
(Right. Gotta post something real estate related: um, hey! Did you see how 2009 listings have shot up but 2009 sales seem to be waning? I thought sales were on the up and up? What gives?)
Cheers,
E-town
My bad. I mixed up 2008 and 2009 sales… Still looks like sales are “levelling off” though, no? And listings are shooting up. Maybe there is as much hidden inventory as there is pent up demand… Hmmmm… Interesting.
Cheers,
E-town
How do you like this for a price reduction?
2300 sqft bungalow on 5 acres within city limits came on the market in November 2007 at $2,100,000 and can now be had for $776,226
I agree with you that a lot of people are going to get burned when rates reset; however, rents are still too high relative to what the payments are for a purchase. If you have a sizeable down payment it’s basically a wash between purchasing/renting if you are careful and know the market.
That said, rents may be starting to come down as well, our landlord called and offered us a 10% reduction in our rent if we would be willing to renew our lease for a one year term. (We didn’t ask for a reduction and actually thought we had a good deal this past year)
I’m looking to buy in that 700k-1.4m price range…not a whole lot of quality properties that meet our criteria are available right now.
Here’s a very nice home for under a million. ($999,999 to be exact).
http://www.realtor.ca/propertyDetails.aspx?propertyId=7859730
Is this what you’re expecting for a cool million? I was in this area the other day picking up a friend. Pretty nice homes and good seclusion factor but it’s still fast to get up 111st to the greater south side. You can get smaller versions in this neighbourhood in the 600′s but I am not sure they would meet your requirements.
By the way: If renting and buying are a wash for you and you’re looking at a 700K-1.4M home then what the heck are you renting? The whole top floor of the Telus tower? Must be a nice place!
Cheers,
E-town