COMINGHOME REAL ESTATE

YOUR Edmonton, St. Albert, & area resource for real estate news, advice, & statistics.

January Numbers — A Typical January: Stable

Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s average price over the course of the calendar year. Click HERE for a graphical representation of Edmonton’s actual month-to-month price over the course of the calendar year.

It was a typical January. According to figures released by the REALTORS® Association of Edmonton the average*** price of a single family detached (SFD) home was $362,926, down just 1.1% from December 2011. A year ago the average price was $354,180. The condo market is still showing signs of distress. The average price of a condo in January was $215,407, down 4.9% from the December price. A year ago the average condo price was $223,807. Duplex and rowhouse properties sold on average for $304,590; an 8.3% improvement from last month and up 2.8% from a year ago. Days-on-market remained unchanged at 65-days.

The REALTORS® Association of Edmonton reports that housing prices in January softened and sales numbers were low as compared to the previous month. This January followed the usual trend with prices generally lower than the previous month and sales on par with December. However, except for the condo market, year-over-year prices and residential sales were up.

“We are predicting a slow but steady growth pattern for the market in 2012 and, as usual, this year started off slowly but is already showing signs of strength as we roll into spring,” said REALTORS® Association of Edmonton President (2012) Doug Singleton. “Listing and sales activity is up markedly as compared to a year ago. Listings in January as compared to December are up over 126%.” There were 5,303 residential properties in the local MLS® System at the end of January.

The average residential price (including all SFD, condo, duplex and townhouse properties sold in the Greater Edmonton Area) was $318,034: up 0.7% from December and up 2.6% from last January. Sales are not keeping pace with new listings and the sales-to-listing ratio was low at just 36%. There were 2,441 residential properties listed and 881 sold in January (up 7.1% from a year ago).

“Interest rates remain at a historic low point and are not expected to rise this year. Combined with an expected increase in listing activity, the low interest rates make this a great time to enter the real estate market,” said Singleton. “Buyers have increased choice and there is a massive amount of information in the real estate market. REALTORS® are uniquely qualified to sort through the data and help buyers and sellers to make informed decisions that support their hopes and dreams. REALTORS® are here when life happens.” 

The REALTORS® Association of Edmonton releases month-end and year-end results for sales through the local Multiple Listing Service® and includes all residential sales for the City of Edmonton and surrounding communities and counties. ***Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. Prior period 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. For information on a specific area, contact me directly***
Activity (for all residential sales on Edmonton MLS® System) January 2012 Change from
December		 Change from
January 2011
Total4 MLS® sales this month 1,004 -0.60% 12.3%
Value of total MLS® sales – month $335 million 19.5% 19.5
Value of total MLS® sales – year $335 million 19.5% 19.5%
Residential¹ sales this month 881 0.50% 7.10%
Residential¹ average price $318,034 0.70% 2.60%
SFD² average selling price – month $362,926 -1.10% 2.50%
SFD² median³ selling price $352,000 0.00% 1.60%
Condo average selling price $215,407 -4.90% -3.80
1. Residential includes SFD, condos and duplex/row houses.
2. Single Family Dwelling.
3. The middle figure in a list of all sales prices.
4. Includes residential, rural, and commercial sales.

///…CP

Come Home To: 307 Sussex House

http://www.307sussexhouse.com/

Located in Sussex House, this 1,000 square foot (approximately) Ramsay Heights condo is a west-facing, top floor, corner unit featuring two bedrooms, 1.5 bathrooms, and plenty of insuite storage.

The master bedroom has a large walk-in closet with a ‘his’ side and a ‘her’ side as well as a two-piece ensuite bathroom. Bedroom two is a generous 10′ x 12′ in size.

The galley-style kitchen is nicely appointed with three appliances, ample cupboard space, and features a tile back splash. The dining area is located next to the kitchen and features a large west-facing window.

The living room is bright and open and features patio doors to let in tons of natural light; while at the same time offering access to the 120 square foot balcony with west exposure.

This unit comes with an assigned, covered, and energized parking stall located at the rear of the building and additional stalls may be rented. Sussex House is well maintained with new windows and patio doors installed in 2007 and a new roof completed in 2009.

Condominium fees for Sussex House owners include everything but phone and cable; even your laundry is included in your monthly contributions. The location provides for great access to the Whitemud Freeway and many area amenities.

Come home!

///…CP

Gaaaaame Onnnnnnnn!

Be my guest… sort of… allow me to (indirectly) give you the opportunity to enjoy an Oil Kings game with 23 friends and/ or family members of your choosing…

All you have to do is enter the RE/MAX Home Team Contest — OFTEN!

Your local RE/MAX agents (i.e. me) want to send you and your group to enjoy some great local major junior hockey action. RE/MAX is proud to support the Western Hockey League and excited to offer fans a chance to win a group of 24 tickets to see your local WHL team in an upcoming game!  By offering this promotion we want you to know that we appreciate your business in the communities in which we live and work. 

To enter your group, click on the link below or image and fill out the form for your chance to be sitting in the RE/MAX Home Team Contest Winners Section!

Contest Rules (you knew there’d be a few):

  • Contestants may apply as many times as they like;
  • Must be 12 years or older to apply;
  • Winners will be chosen at random draw;
  • WHL will follow up with the winner directly; and
  • Tickets are only available in Canadian Markets.

CLICK HERE or the image above to enter!

Should you have any questions, please contact Alyson Chambers at chambersa@whl.ca

Compliments of your local RE/MAX agents. RE/MAX, Official REALTORS® of the WHL. RE/MAX is an Official Partner of the WHL. Each RE/MAX office is independently owned and operated.

Outstanding Agents. Outstanding Results.®

 

///…CP

 

Quest for Excellence 2012

Did you know RE/MAX is giving away $16,000 in bursaries to 16 lucky grade 12 students?

Who Can Participate

Grade 12 students attending high school from September, 2011 – June, 2012 and who have not participated in graduation commencement ceremonies in the past.
Applicants must be a resident of one of the following provinces/territory:

  • British Columbia
  • Alberta
  • Saskatchewan
  • Manitoba
  • Yukon

Prizes

  • 15 winning essays will receive $1,000 each
  • Grand Prize of one $1,000 bursary plus a flight for two in the RE/MAX Hot Air Balloon*

*NOTES: Bursary winners will be notified in May, 2012. All winners will be posted on www.remax-western.ca. Balloon flight will be from the closest major city.

What is Required?

Have you lead a group of volunteers, raised funds for a worthwhile cause, helped special needs children or cared for seniors?

Then we want to hear from you!

Submit your essay (max. 1,250 words) which coveys your motivation,
leadership and communication skills to us online.

Enter at RE/MAX Western Canada by visiting www.remax-western.ca. You can click the logo above to download the poster.

 

///…CP

2012 REALTORS® Housing Forecast Seminar

The following was written and published by the REALTORS® Association of Edmonton.

“REALTORS® anticipate stable real estate market in 2012… with prices and unit sales increasing slightly year-over-year and real estate transactions to follow typical month-to-month trends.”

Doug Singleton, President of the REALTORS® Association of Edmonton announced the real estate industry housing forecast for 2012 at an industry seminar on Wednesday. He expects that the current stable market will continue through 2012 with prices and unit sales increasing slightly year-over-year and real estate transactions to follow typical month-to-month trends.

“I do not see any external forces that will influence the normal operation of the real estate market locally in the year ahead,” said Singleton. “Mortgage interest rates are expected to remain stable through 2012 and there will be balanced demand on both the buyer and seller sides of the market.”

The REALTORS® Association is forecasting that the all residential price for housing in the Edmonton area will increase about 2% over the year ahead. Single family detached home prices will increase on average by 2% over the year and condominiums, which are oversupplied in the market, will have their prices increase just one percent. A single family detached home that sold for $372,000 in December 2011 will be priced at $380,500 at the same time this year. Condos are currently selling on average for $230,000 and will increase to $237,000 by next December.

Singleton expects that residential unit sales will increase slightly in 2012 as compared to similar unit sales in 2011. “This is a balanced market with great opportunities for both buyers and seller,” he said. “Inventory levels will be sufficient to provide choice to buyers and yet the rate of sales measured by Days-on-Market and sales-to-listing ratios will be sufficient to satisfy most sellers.” He pointed out that sellers can increase their chances of a successful sale by ensuring that their property presents well and is priced realistically for the neighbourhood and time of year. There are 3,200 REALTORS® available to advise potential buyers and sellers on price, marketing and contract details.

The continued growth of Edmonton and surrounding communities will also result in higher commercial real estate activity in 2012 as more small and medium businesses start-up and industrial development creates the demand for warehouse condo construction and business offices. In 2012 there was $240 million worth of commercial sales transacted through the local MLS® System.

As usual REALTORS® expect real estate activity to pick up in the spring and gradually fall off as the year progresses. However the industry is optimistic about the year ahead and expects good results for the industry, the members and the consumer. “I’m glad to be selling real estate in Edmonton,” concluded Singleton.

///…CP