Posts by smaclenn:
- As single family home prices increase, condos become more attractive.
- Babyboomers trade in their large single family homes to free up some cash and enjoy maintenance free condos living.
- New immigrants choose to live close to jobs and cultural centres until they get established.
- New condo inventory is actually decreasing.
Edmonton Real Estate Market Weekly Update – May 18/12
May 18th, 2012
Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 551 (591, 596, 536)
# Sales: 331 (330, 336, 311)
Ratio: 60% (56%, 56%, 58%)
# Price changes: 313 (298, 262, 285)
# Expired/Off Market Listings: 130 (139, 277, 66)
Net loss/gain in listings this week: 90 (122, -17, 159)
Active single family home listings: 3017 (2963, 2895, 2924)
Active condo listings: 2017 (1962, 1882, 1887)
Homes 4-week running average: $400k ($399k, $395k, $393k)
Condos 4-week running average: $237k ($234k, $237k, $234k)
The REALTORS® Association of Edmonton is reporting 1110 sales for the Greater Edmonton area so far this month, which should put us around 2000 for the month (just ahead of last year). Single family home sales are still leading the way, especially homes under $400k. Recent articles show luxury home sales are taking off in some markets, including Calgary, but we are not seeing that trend in Edmonton right now. We are starting to see some sales in areas that were quite slow up to this point.
Edmonton housing prices
Edmonton real estate listings and sales
Edmonton Real Estate Market Weekly Update – May 11/12
May 11th, 2012
Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 591 (596, 536, 515)
# Sales: 330 (336, 311, 314)
Ratio: 56% (56%, 58%, 61%)
# Price changes: 298 (262, 285, 260)
# Expired/Off Market Listings: 139 (277, 66, 125)
Net loss/gain in listings this week: 122 (-17, 159, 76)
Active single family home listings: 2963 (2895, 2924, 2831)
Active condo listings: 1962 (1882, 1887, 1836)
Homes 4-week running average: $399k ($395k, $393k, $394k)
Condos 4-week running average: $234k ($237k, $234k, $232k)
The REALTORS® Association of Edmonton is reporting 617 sales so far this month, which should put us around 1900 for the month (similar to last year).
Edmonton real estate prices
Edmonton real estate listings and sales
Have a great weekend!
Canadian Condo Craze Skips Edmonton?
May 9th, 2012There is talk of a bubble in the Canadian real estate market. Analysts have pointed out some "hot spots" that are causing some worry and some to say the national market is over valued. When you dig a little deeper you learn the concern is mainly about two markets: Toronto and Vancouver.
“When we look at the overall marketplace, there might be pockets of vulnerability but we remain quite comfortable,” said Gordon Nixon, chief executive officer of Royal Bank of Canada “Frankly, I’d like to see the rhetoric come down a little bit.”
According to CMHC, April saw the highest number of new housing starts nationally since September 2007. Nearly two-thirds of new homes last month were multifamily units, which includes condominiums — a 27% increase year-over-year on a seasonally adjusted basis.
“Wow. This report reflects unbelievable strength in Canadian housing starts, and all of the gain was in multiples again which reflect the ongoing condo craze,” Scotia Capital economist Derek Holt said in a research note.
In Toronto, sales of new condominiums in Toronto reached 6,070 units in the first three months of the year, a record for the first quarter. As many as 40 new projects with more than 11,000 units could come on the market in the second quarter, a trend that may cause inventory of unsold units to approach a record set in 2008.
In Edmonton we've seen lower than normal sales of condos for some time, but builders are busily adding new condo inventory to the market. A report from CMHC released yesterday states:
[In Edmonton] Multi-family starts, which consist of semi-detached units, rows, and apartments, increased in April by 47 per cent year-over-year to 474 units. Gains were most notable among semi-detached units where
foundations were poured for 196 units in April, up from 124 a year earlier. Multi-family housing starts within Edmonton City totalled 256 units, up from 217 starts in April 2011. The remaining areas of the CMA saw strong growth with 218 multi-family units breaking ground, more than double the amount of activity of a year previous. “With 1,596 units to the end of April, multi-family starts across the Edmonton CMA were almost 50 per cent higher than the first four months of 2011, accounting for half of all housing starts so far this year,” added Butchart.
So why are there so many new condos going up in Edmonton? I'm not sure to be honest but I have a few ideas...
According to a report released by CMHC in March, Multiple unit inventories across
Greater Edmonton stood at 868 units in February, representing a 17 per cent decrease from the second month of last year and the lowest level since November 2010. Total new multi-family supply, which includes unabsorbed inventory plus units under construction, stood at 6,444 units in February compared with 5,533 units a year prior. Multiple unit supply hit a cyclical peak of 6,860 units in October of last year and has been moving downward in the past four months.
So... are new condos selling better than resale? Are new condo prices more attractive than resale condos? An answer to those questions would be purely subjective at this point.
Edmonton Real Estate Market Weekly Update – Star Wars Day
May 4th, 2012
Edmonton Real Estate Market Update
May the 4th be with you!!!
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 596 (536, 515, 493)
# Sales: 336 (311, 314, 245)
Ratio: 56% (58%, 61%, 50%)
# Price changes: 262 (285, 260, 267)
# Expired/Off Market Listings: 277 (66, 125, 82)
Net loss/gain in listings this week: -17 (159, 76, 166)
Active single family home listings: 2895 (2924, 2831, 2809)
Active condo listings: 1882 (1887, 1836, 1764)
Homes 4-week running average: $395k ($393k, $394k, $392k)
Condos 4-week running average: $237k ($234k, $232k, $230k)
When we found out we were expecting twins the spring, we really hoped Luke and Leia would be born today, then Sheldon could proudly proclaim: "Luke, I am your father!" Just kidding... they arrived early and we didn't name them Luke and Leia.
Anyway, sales continue to increase in Edmonton and this week set another weekly record for sales so far this year. We've talked a lot of stats this week so I'll leave it at that.
Edmonton real estate listings and sales
Edmonton housing prices
Have a great weekend!
Spring Real Estate Market Arrives in Greater Edmonton Area
May 2nd, 2012There were 1816* residential sales in the Greater Edmonton area in April according to a report released by the REALTORS® Association of Edmonton today. Up significantly from 1619 sales last year and 1625 last month, sales are right where we would expect to see them in April:
Edmonton MLS® Sales
While many buyers are finding that competition is high for properties in certain areas and certain price ranges, REALTORS® Association of Edmonton President Doug Singleton urged home buyers to remain calm, to confirm their financing arrangements and to study the market with their REALTOR®. I have to agree with him; remember, these market conditions won't last forever.
Prices were also on the rise in the Greater Edmonton area in April; the average residential sale price was $337,363 in April compared to $327k last year and $335k last month. The median sale price was $327,000 in April compared to $315k last year and $322k last month.
Edmonton housing prices
The inventory of properties on the market increased to 7,334 compared to 7,715 last year and 6,851 last month.
Edmonton homes for sale
There were 3,253 new listing in April similar to 3,225 last year and 3,271 last month:
Edmonton real estate listings
*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. 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 12 sales whereas the association is under reporting by 85 sales on average each month).
April brings a shower of sales to the Edmonton real estate market
May 1st, 2012Once again single family home sales were the real estate story in Edmonton in April. While residential sales for the region look like they were flat in April (we'll know for sure when the REALTORS® Association of Edmonton releases their official report in the next few days), single family home sales in Edmonton soared. 854 houses sold through the MLS® system in Edmonton in April following a similar track to 2005, and the most we've seen since the boom years in '06 and '07.
Unlike 2010 where sales quickly ran out of steam after March, and in 2011 where sales dropped in April, we are now seeing activity building and not dissipating. From the street level, we are seeing tons of activity and the market seems even busier than the sales would suggest, especially in terms of the number of offers written, and the number of multiple offers we are dealing with.
Edmonton single family home sales
Condo sales improved in Edmonton in April as well, eeking ahead of last year's total (397 sales in April '12 compared to 376 last year). When competition for single family homes increases, so do prices, and condo sales tend to improve as buyers see more bang for their buck in the condo market. So we do expect to see an improvement in condo sales and prices in the short term.
Edmonton condo sales
Prices were up across the board in Edmonton in April. The average price of single family homes was $394,673 in April compared to $389k last month and $381k last year. This is the highest average price since June of 2010 and the highest average for April since 2008. The median price for single family homes was $367k in April compared to $353k last month and $349k last year.
The average price for condos was $234,538 in Edmonton in April compared to $230k last month and $228k last year. The median sale price for condos was $223,500 compared to $214,800 last month and $215,500 last year.
Edmonton real estate prices
The average price per square foot has followed the same pattern as overall average prices so far this year.
Edmonton price per square foot
As always, this is our preliminary report on the Edmonton real estate market, and our final report will follow when the final numbers are released by the REALTORS® Association.
Edmonton Real Estate Market Weekly Update – April 20/12
April 20th, 2012
Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 515 (493, 515, 461)
# Sales: 314 (245, 273, 267)
Ratio: 61% (50%, 53%, 58%)
# Price changes: 260 (267, 197, 212)
# Expired/Off Market Listings: 125 (82, 237, 82)
Net loss/gain in listings this week: 76 (166, 5, 112)
Active single family home listings: 2831 (2809, 2714, 2685)
Active condo listings: 1836 (1764, 1696, 1713)
Homes 4-week running average: $394k ($392k, $389k, $388k)
Condos 4-week running average: $232k ($230k, $232k, $229k)
Notable stats this week: highest sales in a week so far this year by a significant margin (previous high was 273 two weeks ago). Highest ratio of listings to sales so far this year, which is significant since the number of listings was quite high as well. Inventory is on the rise - single family inventory is right in line with last year while condo inventory is gaining more quickly. Average prices for single family homes are well ahead of last year, while condos are about the same.
Edmonton home prices
Edmonton real estate listings and sales
The REALTORS® Association of Edmonton is reporting 1,008 sales for the Greater Edmonton area so far this month, which should put us around 1700 sales for this month (slightly ahead of least year).
Have a great weekend!
Edmonton Real Estate Market Weekly Update – Apr. 13/12
April 13th, 2012Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 493 (515, 461, 522)
# Sales: 245 (273, 267, 239)
Ratio: 50% (53%, 58%, 46%)
# Price changes: 267 (197, 212, 211)
# Expired/Off Market Listings: 82 (237, 82, 125)
Net loss/gain in listings this week: 166 (5, 112, 158)
Active single family home listings: 2809 (2714, 2685, 2631)
Active condo listings: 1764 (1696, 1713, 1649)
Homes 4-week running average: $392k ($389k, $388k, $384k)
Condos 4-week running average: $230k ($232k, $229k, $231k)
There is no comments this week due to the arrival of our new twins! Have a great weekend.
Fast Facts from EdmontonRealEstateMarket.com
April 10th, 2012As we have been entering in the information into our new site - www.EdmontonRealEstateMarket.com - a few things have stood out. Data for the site is pulled from the REALTORS® Association of Edmonton MLS® database. Currently there are over 100 communities profiled on the site and the number is growing daily.
The stats shown on the site are a snap shot of a 12 month period. The neighbourhood with the honor of having the lowest average days on market in Edmonton so far goes to Malmo Plains at 22 day on average. The largest discrepancy between the median price and average price for a community in Edmonton goes to Parkview.
Would you believe a property in Cromdale sold for 825,000?
The average list to sale price ratio for a neighborhood takes the sale price divided by the list price for each property and then calculates the average of all those averages. The highest list to sale price ratio we have seen for in Edmonton is 99% in Crestwood and the lowest average list to sale price ratio belongs so far to Central Mcdougall at 92%.
The most expensive sale on www.Edmontonrealestatemarket.com so far is 3.99million in Crestwood.
The most expensive home listed that sold was listed $4.4 million and $3.1 was the sale price. This is a bit of a joke when you think about it - many buyers would have dismissed even looking at it because of its high list price. Any guesses on who sold it?
There was only one neighborhood out of the 100 neighborhoods entered that had only 1 sale in its 12 month period. That area is actually the smallest neighbourhood in the city - Quesnell Heights.
Edmonton Real Estate Market Weekly Update – Apr. 6/12
April 6th, 2012
Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 515 (461, 522, 531)
# Sales: 273 (267, 239, 235)
Ratio: 53% (58%, 46%, 44%)
# Price changes: 197 (212, 211, 211)
# Expired/Off Market Listings: 237 (82, 125, 124)
Net loss/gain in listings this week: 5 (112, 158, 172)
Active single family home listings: 2714 (2685, 2631, 2525)
Active condo listings: 1696 (1713, 1649, 1569)
Homes 4-week running average: $389k ($388k, $384k, $379k)
Condos 4-week running average: $232k ($229k, $231k, $236k)
Edmonton real estate listings and sales
Edmonton real estate prices
Brand new this week: EdmontonRealEstateMarket.com - our newest site shows neighbourhood based real estate stats including listings, sales, average prices and more. We have done over 100 communities so far and we are adding more all the time. We will update each neighbourhood on a quarterly basis (or thereabouts). Plus - each neighbourhood page links to the current MLS listings for that neighbourhood. Check it out!
