Apparently the market feels hotter than it actually is. In January one of our clients missed out on 4 homes due to multiple offers (one went $30k over list price), and two of our listings went with multiple offers. It seems there are some hot spots, and some not so hot spots in Edmonton right now because the sales are lackluster at best. Considering the economic environment and the level of consumer confidence compared to last year I was expecting much higher sales this month.
Today we have our monthly report on Edmonton real estate sales, and in a few days we will post the numbers for the REALTORS® Association as a whole (we have to wait for them to be released). Although we have slightly higher sales this January compared to last year, the market has actually cooled since December. We typically see higher sales in January than in December, but this year there were actually fewer sales in January (377 single family home sales compared to 433 in December and 242 condo sales compared to 250 in December).
The average sale price of single family homes is down to $362k this month compared to $371k last month but is about equal with last January. Condos on the other had are about even with last month and last year at $238k:
Price per square foot tells a different story though… single family homes are selling for an average of $257/square foot (the same as last month) compared to $238 last January. So even though average prices are about the same as a year ago, buyers are not getting as much house for their money. Condos are selling for $229/square foot which is about the same as last month and last year.
The other big difference between now and this time last year is the listing to sale price ratio – it seems buyers are paying much closer to list price than they were last January, particularly when it comes to single family homes.
Our numbers will be coming out very soon and me for me persoonally January hasn’t felt as strong as December. December was absolutely nuts. We too have hot and cold spots and hot and cold products. In North Vancouver and the West Side of Vancouver houses in the first time buyer catergory are very hot while condos over 1 million located Downtown Vancouver seem to sit.
Would be interesting to know know which parts of the city are hot and which are cold. There are some multiple offer for which range of properties ?
Perfect posting. Really nice writing.
As constantly your posts are very helpful.
Good thing you have done here, Thanks! This is a pretty up beat post about real estate that I am quoted in.