MARKET STATS - December 2, 2010

* The average price of a single family detached property in the Edmonton area, compared to a year ago, was down significantly by 2.5%. November condo prices also took one of the biggest drops this year with the average price down 2% to $229,603. Average duplex/rowhouse prices of $318,605 went up over the previous month (6%).
*  Multiple Listing Service® Listings were down from 2,267 in October to 1,860 in November resulting in less inventory.
* Larry Westergard, president of the REALTORS® Association of Edmonton. “Housing affordability in Edmonton is lower than the national average and economic growth in Alberta is expected to exceed other parts of the country.”
* The sales-to-listing ratio in Edmonton and area was 66% and the average days-on-market is 59 days.
(Contact Amber Prue at 780-906-0693 for your free real estate consultation.)

REAL ESTATE STATS - October

Edmonton: The average* price of a single family property sold for $370,653 in September. Condominiums, which have dropped in price for four consecutive months, rallied and sold on average for $238,822 last month. The slightly less than 1% price increase did not reverse drops from a high of $252,728 in April. The duplex/rowhouse average price was down 11% to $313,462 but tends to vary widely from month to month. The residential sale price (which includes all types of residential property) was $326,499; down less than a quarter of a percent from last month.

IT'S A GREAT TIME TO BUY!

“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “There may be bargains in the condominium market as prices are about $10,000 less than a year ago, on average.”

The average priced single family property was down 1.96% and sold for $372,253 in August. Condominiums dropped in price for the fourth consecutive month and sold on average for $232,230 in August. The duplex/rowhouse average price was up 16.7% to $352,662 but based on just 56 sales so the average may be skewed by the selection of properties sold. The average residential sale price (which includes all types of residential property) was $325,588; down just 1.3% from last month.

Residential sales in August were down from the previous month at 1,195 as were listings at 2,700. This sales-to-listing ratio of 44% increased the available inventory to 8,822 units at the end of the month. Sales were slower as the average days-on-market was up six at 57 days.

Call 780-906-0693 for more details or if you are in the market to buy!!

WHY BUY REAL ESTATE?

Markets go up, markets go down and even the smartest experts can’t accurately predict when a market will peak or bottom out. The good news is if you’re buying a home as a long-term investment (and for long-term enjoyment), you’re protected from short-term changes in the market. Over time, real estate has almost always increased in value. Real estate is the #1 investment choice in Canada.www.PropertiesByAmber.com

REAL ESTATE STATS - Aug 21, 2010:

• EDMONTON - Residential real estate prices in Edmonton had an average listing price of $380,314.
• SPRUCE GROVE  - Residential real estate prices in Spruce Grove had an average listing price of $364,595. 
• RURAL PARKLAND COUNTY  - Residential real estate prices in Rural Parkland County had an average listing price of $401,500.
• SHERWOOD PARK - Residential real estate prices in Sherwood Park had an average listing price of $448,667.
• ST.ALBERT - Residential real estate prices in St. Albert had an average listing price of $438,761.
• FORT SASKATCHEWAN - Residential real estate prices in Fort Saskatchewan had an average listing price of $348,867.

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Latest Market Analysis

"The number of homes in the inventory is giving buyers' choice," said Larry Westergard, president of the REALTORS® Association of Edmonton. "As a result many buyers are taking their time and prices are beginning to soften slightly. At the same time, some sellers who have been standing firm have been pushed to discount their initial list price." Less than half of the active listings over 30 days have had a price reduction. However, 93% of July sales sold below the list with about 40% having already taken a price reduction.

Edmonton Real Estate Stats - August 19, 2010:

Active, residential real estate prices in Edmonton had an average listing price of $376,609. Currently the most expensive listing in the area is $4,800,000, while the lowest priced property can be purchased for only $24,999. An excellent way to compare real estate prices is by using price per square foot of living space. Edmonton has a current average price of $276 per square foot. This is for homes that are averaging 3 beds, 2 bathrooms and 1,364 sqft.