Changes Coming to Real Estate Market Stats in Edmonton
Every month the REALTORS® Association of Edmonton releases stats on MLS® listings and sales in Edmonton, that give us a snapshot of what is happening with the real estate market in Edmonton. These stats have always included anything listed by a member of the association and covered a very large geographical area spanning from Mayerthorpe to Smoky Lake to Wetaskiwin and beyond.
A number of years ago we started posting weekly and monthly stats of MLS® sales for the City of Edmonton only, which gave us a much clearer picture of the local market.
The good news is… the REALTORS® Association has decided to start breaking out the stats into categories: The City of Edmonton, Edmonton CMA and the entire Association sales. The Edmonton CMA (census metropolitan area) will match the boundaries used by CMHC in their reports and includes the City of Edmonton and the Counties of Leduc, Parkland, Strathcona, and Sturgeon and the municipalities therein.
Part of the reason for the change is that in November, the Northeastern Alberta REALTORS® Association joined the Edmonton Association. If the stats were left as is then all of a sudden there would be a big jump in sales, and inventory, and all the key indicators would be quite confusing and difficult to compare with previous years.
The bad news is… it appears as though the NE Association stats were added in for December’s report from the Edmonton Association, but the report is in the old format which makes it pretty much impossible for me to make any charts or comparisons based on their report (like I normally do).
So, I will paraphrase from the press release, but I can’t do any charts until next month. Please note, the numbers below include the NE Association, so they won’t match previous reports I’ve done this year.
The average all-residential price in December was $333,140, up 1.5% from the previous month and up from $316,020 last December. As I mentioned in our report on Tuesday, the average size of homes sold in the past few months has steadily been increasing.
Luxury sales are in the rise as well. In 2012, 403 properties sold for over $700,000, and 89 sold for over $1million. The press release did not include the total for last year, and I can’t look it up through our database so I ran the numbers for Edmonton only. In 2012, 366 homes and condos sold in Edmonton for over $700,000 and 84 sold over $1 million, compared to 260 & 60 in 2011 – a noticeable increase.
The most expensive property sold in 2012 was valued at $2.72 million. Six owners in total picked up properties located in Crestwood, Magrath Heights, Windsor Park, Hodgson, Twin Brooks and Westridge each valued at $2 million or more.
The price of an average single family detached home rose 6.8% during 2012 and the all-residential average price rose 5.4%. Sales were also higher in 2012 than the year previous with 18,020 residential sales and 20,393 total MLS® sales. Except for 2009 these were the highest sales numbers in five years. Listing activity, however, was lower than the previous three years. This dropped the available inventory of homes available on the local MLS® System to just 4,354 properties on December 31; the lowest level the inventory has been at since December 2009.
According to figures released from Statistics Canada today, a net of 56,000 people moved to Alberta in the first three quarters of 2012, which suggests that a new record could be set once the remaining numbers come in. The vacancy rate of rental properties in Edmonton dropped significantly during the year, and our agents have been much busier than usual since about mid-November. There is very little for buyers to choose from, and a number of our agents have even run into multiple offer situations over the holidays. We will have more of a forecast for 2013 soon, but so far things seem to be pointing towards a very busy spring, at least at our office.
About Sara MacLennan
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.