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September Housing prices up 5.4% from last year!

Saturday, October 5th, 2013

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)

September 2013 M/M % Change Y/Y % Change
SFD2 average3 selling price – month $408,642 -1.90% 3.90%
SFD median4 selling price – month $380,000 0.00% 3.50%
Condominium average selling price $243,655 -0.40% 8.60%
Condominium median selling price $226,000 -1.70% 3.80%
All-residential5 average selling price $352,057 0.20% 5.40%
All-residential median selling price $336,000 1.80% 5.30%
# residential listings this month 2,089 -9.10% 1.70%
# residential sales this month (actual) 1,357 -8.90% 10.50%
# residential inventory at month end 5,111 -8.00% -9.80%
# Total6 MLS® System sales this month 1,882 -5.60% 9.42%
$ Value Total residential sales this month $562 million -6.50% 14.83%
$ Value of total MLS® System sales – month $657 million -7.80% 14.30%
$ Value of total MLS® System sales – YTD $6.463 billion 11.90% 7.71%

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®

Selling your home begins in the Kitchen

Monday, April 30th, 2012

The homeseller understands the way to any potential homebuyer’s heart is through the
kitchen. Over the years, the kitchen has shed its once humble beginnings as a
place to simply prepare and serve meals, to more of a place where friends can
socialize over a glass of wine or where children can do their homework. With
the kitchen becoming one of the most multi-dimensional and functional rooms in
the house, kitchen renovations have attracted the attention of many who are
looking to increase their home’s resale value or would simply just like to
enjoy the improvements to their home.

Nevertheless, many sellers would rather not deal with the expense and length of
the project before they sell their home. But for many, kitchen renovation can
mean top return for the prospective home sellers. According to the Appraisal
Institute of Canada, kitchen renovations represent a 75% – 100% return on
investment, which is the second highest return in the home, next to bathroom
renovations.
Fortunately, home renovation is not as difficult as one might expect; the
recent expansion of renovation centres across the country has led to a
burgeoning “do-it-yourself” project culture. The “do-it-yourself” renovation
can be a cost-effective way to increase the value of your home without the high
price of a trained professional.

Here are a few steps you can take to increase the equity in your home.
According to Rona.ca, kitchen cupboards are one of the best investments one can
make in terms of return on investment on the home. Many homebuyers’ first
impressions of the home take place in the kitchen, and much of that is
highlighted by the kitchen cupboards. By spending a few more dollars on high
quality cabinetry and hardware (knobs and handles on cabinets), you can expect
your investment to reward you handsomely.

By either painting the walls and/or cabinets, it will update the look of the
kitchen with minimal costs and make the room more spacious

Lighting is often one of the last fixtures to be considered, and often
forgotten when the kitchen is remodeled. But by adding new light sources to the
kitchen, it can be a great way to bring together architectural and decorative
balance to a room. Good lighting can highlight certain features of a kitchen
such as the backsplash to create a more colourful and robust look.

Every kitchen needs a sink and faucet. But when it comes to the resale of the
home, few home sellers see the value of replacing the sink. “The faucet and
sink are one of the most important features of a kitchen. When homebuyers enter
the room, they naturally gravitate toward the sink and test out the faucets”,
says Mike Mazza of Mazza Renovation Group Inc, “it provides a sense of hearth
for many buyers because they spend a majority of their time in the kitchen”.

Financing your “do-it-yourself” project can be quite overwhelming. Many
renovation centres offer financing options, but usually charge up to 18%
interest rate after the introductory “interest-free” period is over. For a more
prudent option to finance your project, visit your local financial institution.
By going to your local financial institution rather than the
renovation centre for your financing needs, you can save hundreds of dollars on
interest.

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