Stability in Edmonton Housing Market continues through February
Edmonton, March 2, 2010: Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.
The average* single family dwelling price was $369,573 for February up just 1.4% from January; 5.6% from a year ago. Condominium prices dipped 3.8% in the month from $240,686 to $231,530. Duplex and rowhouse prices were up 3.3% to $315,390.
“While prices remained stable through February the increase in sales activity indicates that there is a demand for housing in the Edmonton area,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Listings also increased in February leading to a bigger month end inventory of homes and relaxing concerns that inventory may be too low to handle the spring buying season.”
In February, housing sales were up 33.9% compared to January with 1,184 residential sales. Total residential sales were also up 7.6% from last February. There were 2,505 residential listings added during the month resulting in a 47% sales-to-listing ratio and a month-end inventory of 5,449 homes. The average days-on-market was down 10 to just 47 days. Total sales through the Edmonton MLS® System (including residential, commercial and rural properties) in February were valued at $416 million (up 10.5% from last year).
“The upcoming changes to mortgage qualification rules and impending mortgage rate increases may prompt some buyers to enter the market earlier and cause some additional slowdown in the third quarter,” said Westergard. “As usual, REALTORS® will be challenged to be a voice of reason in the real estate transaction and work to meet the needs of their eager clients without putting their financial health at risk.”
A new and improved MLS® System statistics package is available to consumers at ereb.com with year-to-year comparisons and expanded reporting of the condominium market and new sub-market reports. The public will also find median prices in addition to the typical average price statistics.
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Highlights of MLS® activity
| February 2010 activity | Record for the month* |
% change from February 2009 |
| Total MLS® System sales this month | 1,312 | 10.30% |
| Value of total MLS® System sales - month | $417 million | 10.50% |
| Value of total MLS® System sales - year | $750 million | 14.10% |
| Residential¹ sales this month | 1,184 | 7.60% |
| Residential average price | $316,765 | 2.00% |
| SFD² average selling price - month | $369,573 | 5.60% |
| SFD median³ selling price | $355,000 | 5.90% |
| Condo average selling price | $231,530 | 0.80% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
Housing prices remain stable in January: listing activity doubles
Edmonton, February 2, 2010: Single family homes sold through the Edmonton Multiple Listing Service® System sold on average for the same amount in January as at year-end while condominium prices dipped 2%. Month-to-month sales slowed by 6.8% as compared to December but the number of new listings in January doubled the December numbers.
The average* residential price was $314,783 for January, down 1.4% from last month and down just 0.7% from a year ago. Single family home prices on average were stable increasing minutely from $366,761 in December to $367,747 in January. Condominium prices dipped just 2% in the month from $244,174 to $239,006. Duplex and rowhouse prices were up 1.5% to $300,563.
“There will be month-to-month fluctuations in prices for all types of properties,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “We expect that the local market will continue to be robust and prices will trend upwards through the year.”
Compared to December, housing sales were down in January with 524 single family sales and 288 condominium sales. Total residential sales were 884 units – 154 ahead of last January. There were 2,199 residential listings added during January resulting in a 40% sales-to-listing ratio and a month-end inventory of 4,864 homes. The average days-on-market was 57 days. Total sales (including residential, commercial and rural properties) in January were valued at $315 million (up 19% from last year).
“While the low prices may have motivated some buyers, the continuing low interest rates are probably a bigger factor for first time and repeat buyers,” said Westergard. “The inventory increase shows that current owners are poised to enter the market and to offer their homes for sale. Buyers and sellers should consult their REALTOR® to work out an appropriate strategy for their situation.”
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Highlights of MLS® activity
| January 2010 activity |
Record for the month* |
% change from January 2009 |
| Total MLS® System sales this month | 990 | 24.20% |
| Value of total MLS® System sales - month | $315 million | 18.70% |
| Value of total MLS® System sales - year | $315 million | 18.70% |
| Residential¹ sales this month | 884 | 21.10% |
| Residential average price | $314,783 | -1.40% |
| SFD² average selling price - month | $367,747 | 4.20% |
| SFD median³ selling price | $356,000 | 1.30% |
| Condo average selling price | $239,006 | 0.10% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
REALTORS® predict stable housing market in 2010
Edmonton, January 13, 2010: Larry Westergard, President of the REALTORS® Association of Edmonton predicted a stable year ahead for the local housing market. He was addressing 1,000 REALTORS® and their guests at the annual Housing Forecast Seminar at the Shaw Conference Centre today.
REALTORS® expect that sales figures, which have drooped in the last two years, will follow the trend established in the last half of 2009 and continue to climb. “Edmonton has a robust economy and consumer confidence is high,” said Westergard. “We anticipate sales of about 21,000 units in 2010 which is up 10.5% from the 19,000 residential properties sold in 2009.”
Prices for single family homes and condominiums will remain stable. Average prices for single family homes will vary through the year within a small range. “Prices in the spring are always higher than January or December,” explained Westergard. “Month-to-month variations, both up and down, can be expected, but overall we expect prices to rise about five percent.” The average price in December 2010 is expected to be $385,000 as compared to $367,000 today.
The resale condo market is feeling pressure from the new condos being built and that will keep prices in check for the next year. Condo prices are expected to remain flat with no significant increase in the year-long average price. Buyers can expect to pay $244,000 (on average) for a condominium next year – about what they would have paid in 2009.
There were just 4,037 residential properties available for sale through the MLS® System at year end and Westergard warned that if inventory figures remain low it could tilt the market in favour of sellers and cause prices to rise higher than expected. On the other hand, if mortgage rates go up it could prevent some potential buyers from entering the market and put downward pressure on prices.
“REALTORS®, homeowners and sailors all want calm seas and smooth sailing,” said Westergard. “It appears to be a stable market ahead with strong sales prospects will make the ride comfortable for everyone.”
December Results Create Positive Year-end
Edmonton, January 5, 2010: Residential sales through the Edmonton Multiple Listing Service® were at the second highest level ever for December (after a record number of sales in 2006 of 1,074). Sales of single family homes, condominiums, duplexes and other residential property totalled 948 units for the month. Total sales of all types of real estate for December was 1,066, also a second place finish for monthly sales.
The price of residential property remained stable in December with single family homes dropping just one third of a percent and condos increasing 5.4% to reverse the 2.5% drop in November. An average* priced single family property in the Edmonton area sold for $366,761 in December; down from $368,018 in November. The average price for a condo was $244,174; up from $231,684 the previous month. The all-residential average price at the end of December was $319,201.
“Strong year-end sales put a crown on a year that started slow but ended big,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “We entered 2009 with a global recession at our backs and a real estate meltdown to the south. However consumer confidence in Alberta started to return in the second quarter and the real estate market in Edmonton was the first place in the country to show signs of the recovery.”
There were 19,139 residential sales in 2009 with record setting sales in June and July after the slowest start since 1996. From September to December residential sales were just below record sales set in 2006.
Throughout the year the average single family sale prices varied from a low of $347,000 in February to $373,000 in July; a $26,000 or 7.5% spread. The average year-to-date value was $364,032. Condo prices varied within a 9% range from $227,000 in February to $247,000 in June. The average year-to-date price was $240,322.
There were 1,118 homes listed in December resulting in a sales-to-listing ratio of 85%. The average days-on-market was 50 days and total residential sales were valued at $302 million for the month. Overall, the MLS® System had total sales of all types of property of just under $7 billion in 2009 as compared to $6.6 billion in 2008.
“We predicted residential sales of 15,550 this year and exceeded it in early October,” said Ponde. “We anticipated that single family prices would end the year at $352,000 and condos would be at $222,500. We are pleased that the year ended up better than we had anticipated and look forward to the stable market continuing into the next decade.”
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Highlights of MLS® activity
| December 2009 activity |
Record for the month* |
% change from December 2008 |
| Total MLS® System sales this month | 1,066 | 53.80% |
| Value of total MLS® System sales - month | $341 million | 57.30% |
| Value of total MLS® System sales - year | $6.98 billion | 5.52% |
| Residential¹ sales this month | 948 | 55.90% |
| Residential average price | $319,201 | 2.65% |
| SFD² average selling price - month | $366,761 | 4.23% |
| SFD median³ selling price | $351,350 | 6.47% |
| Condo average selling price | $244,174 | 4.22% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
Year-to-date sales in November surpass 2008 year end sales
Edmonton, December 2, 2009: Total sales through the Edmonton and area Multiple Listing Service® system to the end of November have surpassed total year end sales in 2008. The total value of all types of property sold to the end of November is $6.64 billion. The same figure at the end of December 2008 was $6.42 billion. There have been 20,355 property sales so far as compared to 19,448 at year-end 2008.
“Both sales and the value of sales have exceeded our expectations this year,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “We anticipated sales levels would be the same as last year but REALTORS® have already sold more property than last year with a month to go. This is a good indicator of the strength of our local market.”
In November, the average price of a single family dwelling went up 1.2% to $368,018, reversing a 2% drop in the previous month. Single family dwelling prices are 1.5% higher than the same month last year.
Although condominium prices are down 2.5% from last month they are just $50 higher than condo prices a year ago. The average price for a condo in November 2009 was $231,684. At $284,849, the duplex and rowhouse prices were down 4.7% from last month and down 9.5% from a year ago. Overall, the all-residential average price is down marginally from October and the previous November. It sits at $318,482.
There were 1,894 homes listed on the MLS® System in November with 1,261 sales for a sales-to-listing ratio of 67%. The total value of residential sales in November was $402 million and total available inventory was 5,226 homes which is a typical four month supply. Homes sold on average in 48 days which is up one from last month but much brighter than the 63 days it took to sell a home in November 2008.
“The market remains rock steady,” said Ponde. “Prices vary from month to month within a small range and with a slow gradual upward trend. Buyers have confidence in this market and REALTORS® are prepared to match their needs with the perfect housing option.”
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Highlights of MLS® System activity
November 2009 activity Record for the month* % change from
November 2008
Total MLS® System sales this month 1,421 42.50%
Value of total MLS® System sales - month $461 million 44.70%
Value of total MLS® System sales - year $6.64 billion 3.76%
Residential¹ sales this month 1,261 41.50%
Residential average price $318,482 -0.03%
SFD² average selling price - month $368,018 1.45%
SFD median³ selling price $350,000 3.85%
Condo average selling price $231,684 0.07%
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
Resale Housing Sales Trend Remains Strong through October
Edmonton, November 3, 2009: Resale housing sales continued their strong trend through October with sales of all housing types through the Multiple Listing Service® in October at the second highest level on record (after October 2006). There were 1,535 residential properties sold in October; up 23% from 2008 but down almost 10% from last month which follows the normal seasonal trend of month to month sales dropping through the fall.
“The housing market in Edmonton and area is still robust,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Homebuyers are confident about their future prospects and keeping an eye on the possibility that mortgage rates will rise. They can lock-in their housing costs for five years while rates are at historic lows if they buy in this market.”
Residential housing prices remained stable within typical ranges for seasonal fluctuations. Prices for single family dwellings were down 2.2%, on average* from last month but up marginally (0.12%) from last year. Condominiums were priced down 3.2% from September but the same price ($11 difference) as a year ago. Overall, the average residential price in October was $318,969, down 2.5% from last month but up a third of a percent from 2008. Single family dwellings sold for $363,694 and condos sold, on average, for $237,601.
There were 2,205 homes listed on the MLS® System in October with 1,535 sales for a sales-to-listing ratio of 70%. The total value of residential sales in October was $490 million and total MLS® System sales (including rural and commercial properties) is up over last year for the year-to-date to over $6.18 billion. Total available inventory was 5,530 homes which is a typical 3.5 month supply. Homes sold on average in 47 days (44 in September but 58 in October 2008).
“Good looking homes in the average price range always sell quickly,” said Ponde. “Less desirable homes may take a little longer to find a buyer and home sales at the upper price ranges are steady. It is important to consult your REALTOR® to devise a strategy for buying or selling a home to ensure you get the latest market and neighbourhood information.”
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October 2009 activity Record for
the month* % change from
October 2008
Total MLS® System sales this month 1,747 24.00%
Value of total MLS® System sales - month $575 million 26.20%
Value of total MLS® System sales - year $6.18 billion 1.60%
Residential¹ sales this month 1,535 22.70%
Residential average price $318,969 0.37%
SFD² average selling price - month $363,694 0.10%
SFD median³ selling price $346,000 1.00%
Condo average selling price $237,601 0.00%
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
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Tuesday, March 9, 2010 - New Listing - E3213997
Monday, March 1, 2010 - New Listing - E3213059
Monday, March 1, 2010 - Just Sold - E3210967
Thursday, February 25, 2010 - Just Sold - E3211830
Tuesday, February 23, 2010 - New Listing - E3212162
Tuesday, February 23, 2010 - New Listing - E3212199
Friday, February 19, 2010 - New Listing - E3211830
Thursday, February 11, 2010 - New Listing - E3210967
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