Russian Edmonton Real Estate

Forecast for 2014:  value of MLS® sales in 2014 will increase by about 3% for the year after sales of $8 billion in 2013. This is based on an overall increase in the number of homes sold and increased prices.

The sale of single family homes in Edmonton will be static, at about 10,500. The number of sales of condo, duplex and rowhouse sales will increase by 2.5% throughout the region as these properties become the de facto entry point for first time buyers.

Prices, as usual, will fluctuate through the year but the 12-month average price for a single family detached property is anticipated to increase about 3%. Condominium property average prices are projected to increase about 2% over the year.

Market growth is always good for the seller who can expect to see a capital gain on their property. But it is also reassuring for the buyer who can expect steady growth upon entering the market.

The all-residential average price for the first three quarters of the year in the Edmonton CMA is $350,741 as compared to $340,090 in 2012. In September, the all-residential average was $352,057, up 5.4% from a year ago and inching up from $351,455 in the previous month.

Year-over-year sales were also up 19.4% with 1,466 (adjusted, 1,357 actual) all-residential sales in September. There were 13,691 residential sales in the Edmonton CMA in the first three quarters of 2013 as compared to just 12,876 sales at the same time last year.

The market is very active with many properties attracting multiple offers.The increases in the Alberta population are driving the market and because of the steady sales there are inventory shortages at the lower price ranges.

There were 926 (adjusted, actual 857) single-family detached sales in September at an average price of $408,642 (up 3.9% Y/Y) as compared to 773 sales a year ago at an average price of $393,374. Condos sold on average in September for $243,655 (438 adjusted sales, 406 actual), up from $224,330 last September (up 8.6%). Duplex/row house sales were up with 79 (adjusted ,73 actual) sales, valued on average at $338,250 ($316,973 last year).

Average sales prices are the highest they have been in five years,Combined with the highest sales numbers since 2012, we have year-to-date residential sales values totaling $4.8 million. Strong market fundamentals, increasing population and the persistence of low mortgage rates have convinced many buyers that an investment in real estate is secure.

The September sales-to-listing ratio of 65% was the result of 2,089 residential listings and 1,357 residential sales. The inventory of available homes on the Edmonton MLS® System was down from 5,557 units in August to 5,111 units in September. It took 54 days on average (up one) to sell a home in the Edmonton area. Irina Mierzewski has access to all the latest market data and effective marketing tools and is the best source of real estate advice for both buyers and sellers.

MLS® System Activity (for all-residential sales in Edmonton CMA1)

1 Census Metropolitan Area (Edmonton and municipalities in the four surrounding counties)
2 Single Family Dwelling
3 Average: The total value of sales in a category divided by the number of properties sold
4 Median: The middle figure in an ordered list of all sales prices
5 Residential includes SFD, condos and duplex/row houses
6 Includes residential, rural and commercial sales

3 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact Irina Mierzewski – your local REALTOR®

Edmonton, June 4, 2013: Housing sales activity in the Edmonton Census Metropolitan Area (CMA) slowed in May. Housing sales dropped 10% when compared to May 2012. Sales of single family detached homes (SFD) were down 14.4% Y/Y and duplex/rowhouse sales were down 20.3%. In contrast, during the same period, condo sales were up 4.9% compared to May 2012.
There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home. While inventory levels are rising they are still below traditional norms and there is a shortage of attractive SFD inventory available at the lower priced end of the market. That has held some buyers back. First time buyers may have had to buy in the condo market where they can still find a home in their price range.
There were an estimated 1,169 SFD sales in May (based on 1,082 reported sales) through the MLS® System with 512 estimated sales of condos (474 reported) for total residential sales of 1,824 units (on reported sales of 1,689). Sales figures in the month are estimated to account for late reported sales and to ensure accurate comparison to prior period sales figures.
Listing activity picked up in May with 1,969 SFDs listed (up 1.3% Y/Y) and 963 condos (up 0.3% Y/Y) for an overall total of 3,188 residential properties coming into the MLS® System in May. At the end of May there were 6,028 residential properties available; up from 5,294 from last month. There were an additional 1,569 rural properties in the MLS® System inventory.
The demand for housing has buoyed up prices in the Edmonton area. The all-residential average price was up 2.4% from April and up 1.3% from a year ago at $356,807. The average price of SFDs was up 3.9% to $418,110 in May but condo prices dropped 2.4% from a month ago to $237,664. The condo average price is down 3.97% in May compared to last year.
Increased activity at the higher end of the market drove up the average price of SFDs. At the same time, the wide variety and number of options in the condominium sector continued to exert downward pressure on the average price of condominiums. There is housing available for everyone at every price point but buyers may have to adjust their expectations to be able to buy right now. T
The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53% in May.
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MLS® System Activity (for all-residential sales in Edmonton CMA1)
May 2013 M/M % Change Y/Y % Change
SFD2 average3 selling price – month $418,110 3.94% 5.35%
SFD median4 selling price – month $387,750 2.31% 3.40%
Condominium average selling price $237,664 -2.40% -3.97%
Condominium median selling price $228,000 0.00% -0.87%
All-residential5 average selling price $356,807 2.37% 1.32%
All-residential median selling price $339,500 1.34% 2.11%
# residential listings this month 3,188 15.13% 1.59%
# residential sales this month 1,689 10.90% -9.97%
# residential inventory at month end 6,028 13.86% -6.67%
# Total6 MLS® System sales this month 2,365 17.43% -8.83%
$ Value Total residential sales this month $719 million 16.88% -7.62%
$ Value of total MLS® System sales – month $837 million 17.91% -8.95%
$ Value of total MLS® System sales – YTD $3.2 billion 14.13% -10.67%
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales

With the a later than expected arrival of spring, average prices for housing in the Edmonton Census Metropolitan Area (CMA) decreased month-over-month in April after a surprising uptick in March. The REALTORS® Association of Edmonton reports that the all-residential price (including single family detached, condominiums, duplexes and row-houses) decreased 1.8% over March to $348,535. Compared to April 2012, the all-residential price was up 2.0%.

“The second quarter is the most active time of year for real estate sales,” said President Darrell Cook. “Both buyers and sellers want to complete the transaction before school starts in September and get settled into the new neighbourhood.” About 33% of annual sales happen in April, May, and June, while 25% occur in Q3 and 19% in the last three months of the year. In April, there were an estimated 1,645 (1,523 actual) total residential property sales through the Edmonton Multiple Listing Service® as compared to 1,656 (actual) in April 2012.

Estimated SFD sales of 1,037 units (960 actual) were down 4.4% from last year but condominium sales increased 4.1% year-over-year to 459 estimated sales (425 actual). There were 118 estimated sales of duplex/rowhouse properties (109 actual) in April (up 15.4% y/y). Sales numbers are estimated to account for late reported sales and provide meaningful comparison to previous year actual sales.

Market activity picked up in April according to both market activity indicators. The sales-to-listing ratio was up at 55% in April while days-on-market was down from 50 in March to 49 in April. Inventory continues to be relatively low with 5,294 residential properties of all types available on the MLS® System at the end of April. There were 2,769 residential properties listed for sale in April (up just 0.5% from April, 2012). “As many as 100 additional homes are listed everyday so motivated buyers need to maintain contact with their REALTOR® to ensure that they are notified the moment that a suitable property becomes available,” said Cook.

In April, the average price for a single family detached home was $402,270 (down 3.5% from March). The average priced condo sold for $243,503 (down 1.3% m/m) and duplex and rowhouses prices were up 2.8% to $324,975 on average. It is important to note that the average price encompasses all properties and can be driven upward by a higher than average number of expensive sales in any given month. Contact your REALTOR® to get an accurate evaluation of your home.

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MLS® System Activity (for all-residential sales in Edmonton CMA1)

April 2013 M/M % Change Y/Y % Change
SFD2 average3 selling price – month $402,270 -3.47% 2.88%
SFD median4 selling price – month $379,000 -0.26% 2.99%
Condominium average selling price $243,503 -1.25% 3.45%
Condominium median selling price $228,000 -0.65% 1.38%
All-residential5 average selling price $348,535 -1.75% 2.03%
All-residential median selling price $335,000 1.61% 2.29%
# residential listings this month 2,769 14.33% 0.47%
# residential sales this month 1,523 9.88% -8.03%
# residential inventory at month end 5,294 11.66% -12.35%
# Total6 MLS® System sales this month 2,014 10.54% -9.16%
$ Value Total residential sales this month $616 million 8.08% -6.20%
$ Value of total MLS® System sales – month $710 million 10.37% -7.06%
$ Value of total MLS® System sales – YTD $2.3 billion 10.24% -7.35%
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales

The REALTORS® Association of Edmonton reports that residential property prices in the Edmonton CMA1 were up again in March. The all-residential price (includes single family detached, condominiums, duplexes and row-houses) rose 3.5% in a month and single family detached prices were up 3.9%. Compared to March 2012, the all residential price was up 4.3% and the SFD price was up 7.0%.

Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home. The increase in average price may not increase the market value of a particular property. The relative number of homes sold in the $450-650k price range increased from 12.2% to 14.5% year-over-year while homes under $300,000 dropped from 40.7% of the market to 38.2%.

The average price for a single family detached home was $416,739 in March, condos were priced at $246,574 (up 6.3% m/m), duplex and rowhouses at $316,110 (down 4.9% m/m) and the all-residential average price was $354,759. SFD prices peaked in May of 2007 at $424,400.

The demand for homes in the Edmonton area continues to be driven by net job creation and low unemployment, economic stability and low rental vacancy rates. Sales were brisk with the sales-to-listing ratio up at 57% for March which indicates that almost six of the ten homes listed during the month were sold. Days-on-market was down from 57 in February to 50 in March.

The number of homes available for sale in the MLS® System inventory was up from 4,183 to 4,741 in March. While this is an increase of 558 properties from last month, it is down 15.4% from the same time last year. The lower inventory is exerting upward pressure on prices but has a dampening effect on sales. “When first time buyers cannot find a house that meets their needs or are forced into a multiple offer situation, they often remain on the sidelines. Low interest rates and rising rental rates create the interest and desire but lack of suitable properties means they are not able to make the transition to home ownership at this time.

REALTORS® are facing some multiple offer situations on lower-priced property but overall, the market remains in balance with neither buyers nor sellers having an advantage in most neighbourhoods.

Residential sales in the Edmonton CMA were up 1.14% in March as compared to March 2012. There were 1,497 estimated sales (1,386 reported) on listings of 2,422 during the month. SFD sales were down 6.63% from last year but condo sales more than compensated at 8.84% y/y increase. Note that sales numbers are estimated to reflect late reported sales and make a more accurate comparison with prior month actual sales.

MLS® System Activity (for all-residential sales in Edmonton CMA1)

http://www.edmontonjournal.com/business/Calgary+real+estate+investment+market+Canada/7535200/story.html

Edmonton, November 2, 2012: Even with ghosts, ghouls, and goblins running through the streets, homeowners could find refuge in the local housing market. The REALTORS® Association of Edmonton reports that housing prices in October were up compared to a year ago and are the highest in October in the past five years. The all residential average price for the Edmonton Multiple Listing Service® was up 0.6% at $324,924 when compared to October 2011. The average price of a single family detached home was $372,061 up 2.1% over a year ago. Condos were priced on average at $234,177 which was an uptick of 1.8% from a month ago and up 5.4% from last October. Duplex/row house prices were down 1.1% Y/Y at $305,777.

Homesellers are pleased that their property may be worth more than it has been in the past five years but homebuyers can plan their financing in an environment of small, steady price increases. The housing market is be-deviled in other centres but here in Edmonton both buyers and sellers find it heavenly. The pace of sales is steady, prices increase year-over-year, there is sufficient inventory and average days-on-market is reasonable.

REALTORS® listed an average of 72 homes each day in October and sold an average of 44 per day. There were a total of 2,228 residential listings in October, with sales of 1,375 properties. As a result of lower listings and larger sales volumes, the month end residential inventory was down (-7.9%) from last month with 6,406 properties available. Days-on-market was an average of 61 and the sales to listing ratio was 62%. There was $447 million worth of residential property, $53 million of rural and $23 million of commercial property sold through the Edmonton MLS® in October.

Life happens to us all, unless you are an investor, the best time to buy or sell your home is when your lifestyle changes. No matter what your personal circumstances, Irina Mierzewski – your REALTOR® is here when life happens.

Edmonton, October 2, 2012: The REALTORS® Association of Edmonton reports that residential listings and sales have trended lower in the third quarter after an active start to the year. In September, there were 1,269 residential sales in the greater Edmonton market as compared to 1,442 in September 2011. Despite the recent cooling trend, residential sales year-to-date are still up 7.2% as compared to last year at this time. There have been 14,565 residential sales to the end of the third quarter as compared to just 13,729 last year.

“There were changes to the mortgage qualification rules in March,” said REALTORS® Association of Edmonton President Doug Singleton. “We did not see an effect on the local market at that time but it seems to have had a cooling effect in the past quarter.”

The average1 price for a single family dwelling (SFD) has remained higher than last year for each of the past nine months. In September, the SFD average price of $376,678 was up just 0.23% from the previous year and is up 2.78% from the January 1 price. The all-residential average price is down 2.6% from last year at $323,369. This is the first month this year that the all-res price has dipped below the 2011 figure for the same month.

Condominium and duplex/rowhouse prices are more volatile and vary widely from month to month. In September average condo prices were down 3.1% ($229,246) while duplex/townhouse prices on average were up 2.75% ($307,739). Still, after nine months both current prices are up from the January 1, 2012 prices for the category.

Total MLS® System listings this year are up 104 units as compared to last year at 33,295 properties but Total MLS® System year-to-date sales are 16,487 units as compared to 15,378 at the end of the third quarter in 2011. There are 6,956 residential properties in the inventory compared to the 8,062 last year at this time. Rural and commercial property sales are both up marginally compared to last year although listings have dropped. The residential sales-to-listing ratio was down from 56.7% to 52.3% and residential days-on-market was up to 59 in September from 54 in August.

“Sales always fall month-to-month at the end of the year; that’s just normal market fluctuation,” said Singleton. “But overall, the market has been stable with little market advantage for either buyers or sellers. Edmonton is still one of the best places in North America to own property and I urge consumers to talk to their local REALTOR® when they are in a position to buy or sell property.”

Edmonton, September 5, 2012: Residential property sales in August slowed both month-to-month and year-to-year, mirroring a trend that has evolved nationally all summer. Sales of all types of residential properties in August (1,430) were down 17.4% from July and down 10.7% from a year ago. The number of people offering their properties for sale also slowed but not as sharply as sales. There were 2,732 residential properties listed on the Multiple Listing Service® in August; down 2.2% from a month ago and down just 5.6% from a year ago. The available inventory was reduced 2.9% to 7,458 properties.

“Housing sales across Canada have dropped slightly since May,” said REALTORS® Association of Edmonton President Doug Singleton. “The sales activity varies from market to market and it appears, when compared to last year that Edmonton is slowing faster than the national trend after a very active spring. Never-the-less, housing prices are still up from a year ago and consumer confidence is high.”

Despite the slowdown in sales, prices were up as compared to August 2011. The average* selling price of a single family detached home (SFD) was down marginally (-0.15%) at $384,477 from last month but up 3.8% from a year ago. Condo prices were also down marginally (-0.9%) from last month at $237,042 but up from last year. The all residential average price was $334,395 (down 0.5% m/m) which is up 3.2% from August 2011.

Average prices are affected by the difference in price of similar properties as well as the market composition or mix of homes sold. Compared to a year ago, a typical bungalow in August sold for 2.2% more while a typical 2-story home sold for about 3.2% more. While the price of an individual home was rising, the market composition was also changing. In August 2012, 53% of SFDs sold were priced below $375,000 as compared to 59% in 2011. In addition, the number of sales of homes over $500,000 was up from 11% in 2011 to almost 15% this year.

“August sales illustrate the changes in the composition of the market,” said Singleton. “More consumers are purchasing homes at the higher end of the market. This is an indicator of consumer confidence and a long term view that this market is stable. ”

The average days-on-market in August was up two at 54 days. The sales-to-listing ratio was down, moving down from 62.0% in July to 52.3%.

Edmonton, August 2, 2012: The average* price of resale residential property softened in July according to figures released by the REALTORS® Association of Edmonton today. The all-residential average price dropped from $342,014 in June to $335,501 in July (down 1.9%). The average single family detached price in the service area of the Edmonton Multiple Listing Service® was down 2.3%, the average condominium price was down 2.1% and the duplex/row house price was off 3.25%.

“Housing prices continue to follow seasonal patterns but residential unit sales are 3.6% higher than last July,” said REALTORS® Association of Edmonton President Doug Singleton. “That being said, the price drops are minimal and still about 5% higher than they were at the beginning of the year.”

There were 2,801 residential properties listed in July with 1,624 sales and the average days-on-market was up one at 52 days. The sales-to-listing ratio was stable, moving slightly from 58.4% in June to 58.0%. Eager first-time buyers are snapping up homes listed below the median price of $325,000 and reducing the inventory of lower-priced homes. A steady stream of new listings helped the residential inventory remain solid with 7,684 properties available, especially at the higher-priced end of the market.

The number of single family homes sold in the $450,000 or higher range is up about 26% in 2012 as compared to the past five years. This trend is expected to continue for the rest of the year. Homes in this range also sold faster this year than in previous years. Days-on-market was the lowest it has been in five years at just 40 days in 2012 and the spread between the list and sold prices was lower at 2.3%.

“Persistent low mortgage rates, job stability and higher average incomes in Edmonton result in consumer confidence which has opened up the higher end of the market,” said Singleton. “Many of these sellers are moving up and do not want to carry two properties. They need to sell so that they can close on the new property; so they are doing all they can to ensure a reasonable but quicker sale. The increased inventory at the higher end is creating some pressure on sellers to keep their list prices reasonable. Once again, consumer confidence and access to low cost financing is driving the upper end of the market even while providing buying opportunities for first-time buyers.”

There have been 64 sales of properties over $1 million so far this year as compared to 66 in all of 2011. Those top end properties sometimes take over a year to sell but the average DOM is just 72 days; down from 78 last year.