Greater Edmonton real estate prices buoyed by satellite communities

There were 934 residential sales in the Greater Edmonton area in January compared to 820 last year and 881 last month.* We are seeing significant increases in the number of showings on our listings, and some of our buyer clients are running into multiple offers. The spring market may come a little early this  year due to historically low mortgage rates. 

JanMLSSales
 

The average residential sale price was $318,034 up from $311k last year and $316k last month. The median sale price was $312k up from $307k last year and $303k last month. Sales outside of Edmonton must have held prices up since we know from our preliminary report on Edmonton only, prices in most categories were down.

JanMLSAvg
 

There were 5,303 listings on the market at the end of the month compared to 5,633 last year and 5,316 last month. So we are starting the year off with a normal inventory level. Will inventory levels follow a normal pattern, or rise dramatically in the next few months? It remains to be seen whether or not the 5th anniversary of the boom will see investors dumping product on the market as their payout penalties are no longer a factor.

JanMLSInventory


2441 new listings came on the market in January, well ahead of last year and higher than average. This will definitely be something to keep an eye on.

JanMLSNewlistings
 

*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous months. For example, in December there were 829 reported sales which I adjusted to 879 sales, and the actual sales for December were 881 so I was only off by 2 sales whereas the Association was off by 52. So far our adjusted numbers have been far closer to the actual numbers than those reported by the Association each month (so far on average I am off by 1 sale whereas the association is under reporting by 77 sales on average each month).

About 

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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4 Responses to “Greater Edmonton real estate prices buoyed by satellite communities”

  1. MisqueNo Gravatar 02. Feb, 2012 at 3:25 pm #

    With your December example, wIll the Association tag those 52 sales that didn’t make the cut off for Dec and add them onto the number reported in Jan?

    Thank you.

  2. birdladyNo Gravatar 02. Feb, 2012 at 3:31 pm #

    Sara, would you say there was a larger than normal amount of expired/off market listings as well in January?

    If you look at the EREB #’s, 5316 residential listings as of December 31st + 2441 new listings in January – 881 sales = 6876. As there were 5303 residential listings end of January that would leave 1573 listings that expired or went off market?. All in all we ended up 13 listings less at the end of January than there were end of December based on the EREB #’s.

    I guess realistically those 1573 expired/off market listings could have shown back up in the new listing #’s if every one of those homeowners re-listed?

    • Sheldon JohnstonNo Gravatar 03. Feb, 2012 at 9:28 pm #

      No, there were a typical number of expired listings for the end of the year… There are always more at the end of the year than other month ends.

  3. MisqueNo Gravatar 02. Feb, 2012 at 3:33 pm #

    Ooops, I just needed to look a little closer.

    “The following month the numbers are updated to reflect the total sales during the previous month”

    ;)