Greater Edmonton real estate prices buoyed by satellite communities
There were 934 residential sales in the Greater Edmonton area in January compared to 820 last year and 881 last month.* We are seeing significant increases in the number of showings on our listings, and some of our buyer clients are running into multiple offers. The spring market may come a little early this year due to historically low mortgage rates.
The average residential sale price was $318,034 up from $311k last year and $316k last month. The median sale price was $312k up from $307k last year and $303k last month. Sales outside of Edmonton must have held prices up since we know from our preliminary report on Edmonton only, prices in most categories were down.
There were 5,303 listings on the market at the end of the month compared to 5,633 last year and 5,316 last month. So we are starting the year off with a normal inventory level. Will inventory levels follow a normal pattern, or rise dramatically in the next few months? It remains to be seen whether or not the 5th anniversary of the boom will see investors dumping product on the market as their payout penalties are no longer a factor.
2441 new listings came on the market in January, well ahead of last year and higher than average. This will definitely be something to keep an eye on.
*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. For example, in December there were 829 reported sales which I adjusted to 879 sales, and the actual sales for December were 881 so I was only off by 2 sales whereas the Association was off by 52. 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 1 sale whereas the association is under reporting by 77 sales on average each month).
Single Family Homes Sales Still Strong in Edmonton
In January there were 450 single family home sales in Edmonton - up significantly from 382 last year and 358 last month. It looks like this may be the one bright spot in the real estate market as prices and sales are down in most other categories.
Condo sales improved slightly from last year, but were down from last month - there were 184 condo sales in January in Edmonton compared to 225 last month and 169 last year.
Single family homes sold for $361,644 on average in Edmonton in January which was unchanged from last year and down from $367k last month. The median sale price for single family homes was $340k compared to $348k last month and $339k last year. Meanwhile, condos sold on average for $210,034, down from $216k last year and $229k last month. The median sale price for condos was $200k compared to $215k last month and $210k.
The average price per square foot for single for single family homes was $249 compared to $255 last month and $248. The average price per square foot for condos was $210 compared to $223 last month and $215 last year.
As always, this is our preliminary report on the real estate market in January, and our final report will follow when the final numbers are released by the REALTORS® Association.
Greater Edmonton’s Real Estate Market Steady In December
Residential real estate sales were right in the normal range in the greater Edmonton area in December. There were 878* residential sales compared to 784 last December and 1133 last month. We certainly noticed higher than normal activity on our listings with many showings over the holiday season. So it feels like 2012 will start off strong in the sales department, but you never really know...
Edmonton MLS® sales
The average sale price for residential homes on the MLS® system was $316,415 compared to $308k last December (up 1.7%) and $321 last month. The median sale price was $303k compared to $300k last year and $310 last month.
“With economic uncertainty impacting Europe and depressed housing markets in parts of the United States, it is a relief to report on the stability and health of the local real estate market,” said REALTORS® Association of Edmonton President (2011) Chris Mooney. “With prices and sales varying within a small range there is a solid base going forward into the 2012 market.”
Edmonton average real estate sale price
The inventory dropped to 5316 at the end of December which is in the "new" normal range (in the past this would have been considered quite high, but when you include the past few years it is in the normal range):
Edmonton MLS® Inventory
The number of new listings also followed a seasonal pattern, dropping to 1088 in December; the number of new listings coming on the market should increase quite a bit over the next few weeks:
Edmonton MLS® Listings
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*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. For example, in October 2011 the reported sales totalled 1170 which we adjusted to 1240 for comparison purposes and the actual number fo sales were 1253. In November there were 1084 reported sales which we adjusted to 1149 and the actual number was 1133. 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 1 sale whereas the association is under reporting by 77 sales on average each month).
Edmonton Real Estate Prices Rise in December Despite Lack Lustre Sales
Sales of single family homes were about the same as last year and within the normal range for December in Edmonton. There were 382 sales of single family homes, compared to 380 last year and 557 last month:
Edmonton Single Family Home Sales
After three months of lower sales than the previous year, condo sales in Edmonton improved slightly to 225 compared to 206 last year and 242 last month:
Edmonton Condo Sales
In atypical fashion, the average sale price for both condos and single both increased in December compared to the previous month, and were also both up from last year. The average sale price for single family homes was $367,391 compared to $358k last year and $362k last month. The median sale price for single family homes was $348k compared to $336,500 last year and $340k last month.
The average sale price for condos was $229,197 compared to $220,365 last year and $222k last month. The median sale price for condos was $215k in December compared to $217k last year and $208k last month.
Edmonton real estate prices
The price per square foot followed a similar pattern: single family homes sold on average for $255/square foot compared to $253 last year and $249 month. Condos sold on average for $223/square foot compared to $218 last year and $219 last month.
Edmonton real estate price per square foot
We tend not to put too much stock in the stats for December, since there are fewer sales and therefore less data to work with. As always, this is our preliminary report on the real estate market in December, and our final report will follow when the final numbers are released by the REALTORS® Association next week.
Edmonton real estate market normal in November
Residental MLS® sales were right where we expected them to be in November - about average for this time of year. There were 1149* residential sales in Edmonton:
Edmonton real estate sales
The average MLS® sale price was $321,135 in November, compared to $319,479 last year and $319,985 last month. The median sale price was $310,000 compared to $308,000 last year and $313,000 last month:
Edmonton real estate prices
The inventory followed to normal seasonal pattern, falling to 6,588 in November:
Edmonton homes for sale
The number of new listings was also normal in November at 1800:
*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. For example, in October 2011 the reported sales totalled 1170 which we adjusted to 1240 for comparison purposes. This month the final number for October sales was 1253 - much closer to my adjustment than what was reported at the time.
Confused about the weather in Edmoton? Wait ’til you read about the real estate market!
No surprises for single family home sales this November - 557 single family homes traded hands through the MLS® system in Edmonton. This is up slightly from 539 last November and down from 611 last month (normal for this time of the year). We expect December to look much like it has for the past several years as well.
Edmonton single family home sales
Condo sales in Edmonton on the other hand, are a different story. Condo sales were below the average in November - 242 condos sold compared to 285 last year and 255 last month. Given the amount of "shadow" inventory, our suspicion is there are a lot of condo sales occurring directly through builders that are not appearing on the MLS®. For example, we have a number of condo projects listed, and for every unit that sells that was listed on the MLS® system, 3 or more units sell that were not on the MLS®. So, although the buyer or buyer's agent may have found the project on the MLS®, the actual unit they buy might not be the one listed, and therefore it wouldn't be counted as a sale in the MLS® sales stats. However, this has always been the case, and we don't know if this is actually occurring more now or not, we do know that there are a lot more new condos available now than there have been in the past.
Edmonton condo sales
Pricing is where it gets a little interesting. Based on sales you would expect single family homes prices to have stayed stable or decrease slightly, but we saw a pretty significant drop in November to $351,611 compared to $366k last year (5%) and $373k last month. The median price on the other hand was $340k in November both this year and last year, and was $345k last month. Like we said, very interesting...
Meanwhile, the average price of condos sold in Edmonton in November was $221,510, down from $227k last year and up from $219k last month. The median sale price for condos was $208,250, down from $212k last year and up from $205k last month.
Edmonton real estate prices
The average sale price/square foot for single family homes was $249 and $219 for condos (both followed a similar pattern to the average sale price).
Edmonton price per square foot
All I can say is that for each property we evaluate, we are doing a significant amount of analysis to determine a market value. In some cases it turns out better than we expected and in others it doesn't look that good.
As always, this is our preliminary report on the real estate market in Edmonton in November. Our final report, based on the greater Edmonton area will be posted as soon as the numbers are released from the REALTORS® Association of Edmonton.
Edmonton real estate prices and sales still ahead of last year
The REALTORS® Association of Edmonton released the monthly sales stats today stating: "Average prices for all types of residential property softened in October as part of the seasonal trend." And I would have to agree that what we are seeing right now is typical for October.
Residential sales followed the normal seasonal trend dropping from 1435 sales in September to 1240* in October but well ahead of last October's 1077 sales:
Edmonton real estate sales
The overall residential average sale price was $319,985 in October, compared to $317,422 last year and $332,82 last month. The median sale price was $312,500 in October compared to $308,000 last year and $321,500 last last month:
Edmonton real estate prices
The inventory of homes for sale fell to 7,296, compared to 7,698 last year and 8,062 last month. The inventory is still above historical norms:
Edmonton homes for sale
The number of new listings fell into the normal range at 2,166 listings, compared to 2,269 last year and 2,585 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. For example, in September 2011 the reported sales totalled 1345 which we adjusted to 1426 for comparison purposes. This month the final number for September sales was 1435 - much closer to my adjustment than what was reported at the time.
Edmonton Real Estate Prices Drop in October; Still up from last year
The Edmonton real estate market did what it typically does in October - prices dropped compared to September. Interestingly, single family home sales and prices are up from last October, while condo sales and prices both dropped.
Sales of single family homes were strong in Edmonton in September; there were 611 sales of single family homes in September, compared to 554 last September. This was the highest number of sales for the last 5 years:
Edmonton single family home sales
Condo sales on the other hand, were the lowest we've seen in over 5 years. There were 255 condo sales in October, compared to 267 last year and 277 last month.
Edmonton Condo Sales
The average sale price of single family homes was $372,911, up from $368,404 last October and down from $386,567 last month. The median sale price for single family homes was $345k in October, up from $340k last October and down from $355k last month.
The average sale price for condos dropped to $218,541 in October from $233k last year and $230 last month. The median sale price for condos in October was $205k compared to $217,500 last year and $220k last month.
Edmonton real estate prices
The average price per square foot followed a similar pattern to the overall average prices. Single family homes sold on average for $253/square foot - equal to last year and down from $259 last month. Condos sold on average for $214/square foot compared to $225 last year and $227 last month.
Edmonton real estate prices/square foot
As always, this is our preliminary report on the Edmonton real estate market. Our final report for the great Edmonton area will be posted as soon as the REALTORS® Association of Edmonton releases the final numbers in the next few days.
Edmonton Real Estate Sales and Prices Ahead of Last Year in September
The biggest debate on the blog last month was about my new method of reporting sales:
Last year the REALTORS® Association of Edmonton started adjusting past reported numbers each month. This is because REALTORS® have a number of days to report a sale, so when the numbers are released by the board, many of the sales are not yet reported and therefore not counted in the monthly report. Then when the next month's numbers are tallied, they re-tally the previous months and adjust them to reflect the correct numbers. This does not take into account that the same thing is going to happen in the current month, and therefore the sales reported for the current month are always lower now than they will be next month and makes it impossible to compare this month to previous ones.
Here is the result... the Association reported 1507 sales, which I adjusted up 6% to 1603. Today the Association is reporting 1593 sales for August, so I was off by 10 sales. Not bad. This month they are reporting 1345 residential sales, which I am adjusting up to 1426, putting us significantly ahead of last September's 1187:
Edmonton real estate sales
The big news thought is that prices were on the rise in September, which is unusual for this time of year. The average residential sale price was $332,782 in September up from $324k last month and last year. The median sale price was $321,500 up from $315k last month and $308k last year:
Edmonton real estate prices
The inventory of homes for sale on the market is still relatively high at 8062 listings:
Edmonton homes for sale
Meanwhile the number of new listings is in the normal range:
Edmonton real estate listings
The end of the world continues to be delayed, even amidst turbulent financial markets and a downward trending loonie, as evidenced by strong sales and rising prices at a time of year when we normally see the opposite. Seriously though, sales in September 2010 were so bad just about anything would look like Cinderella next to them, so lets not get too far ahead of ourselves.
Single Family Home Market Remains Strong in Edmonton in September
Sales of single family homes held strong in Edmonton in September; 691 single family homes sold in September compared to 716 last month and 554 last year.
Edmonton Single family home sales
Condo sales on the other hand took a significant drop; 277 condos sold in September compared to 398 last month and 286 last year. Although the number of condo sales were similar to 2010 and 2007, they were the lowest we've seen in at least six years.
Edmonton condo sales
The average sale price for single family homes was $386,567 in September, up from $381k last month and $378k last year. The median sale price for single family homes was $355,500, and $348,000 last year. The average sale price for condos was $229,873 in September, about the sale as last month but down from $241k last year. The median sale price for condos was $220,000 - equal to last month and down $1500 from last year.
Edmonton real estate average sale prices
The average price/square foot was $259 for single family homes (up $2 from last month) and $226 for condos (down $2 from last month).
Edmonton price/square foot
As always this is our preliminary report based on the sales reported for the city of Edmonton only. We will publish the final numbers in a few days when the are released by the REALTORS® Association of Edmonton.