Steady and stable was predicted, and that's exactly what we got in 2011 for real estate in Edmonton. (Full news release from the REALTORS® Association of Edmonton is below.) Prices and sales volume remained virtually on par with the year before. The average price for a single family dwelling was up 1.7%, and the average price for condos was up 0.9%. Remember that is the average price - which can be somewhat skewed by a large number of sales in the high or low end, but tends to give a fairly good impression of the general trend for the year.
Stay tuned for predictions for 2012. I will be attending the REALTORS® Association of Edmonton's market forecast next week (January 11), and will be tweeting and blogging about the information provided by various presenters, usually including representatives from CMHC, banks and the Association. My early bets are on a stable year, with higher sales volumes and lower inventory than last year.
Thinking of buying or selling? Have questions? Call me direct: (780) 710-7669.
2011 Edmonton real estate market provides stable and healthy base for 2012
Edmonton, January 4, 2012: The REALTORS® Association of Edmonton reported that the all-residential average price for real estate sales through the Multiple Listing Service® (MLS®) in December was up 1.7% ($316,415) from a year ago. The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well. As typical for December when sales usually fall off, month over month sales were down 27% and prices dipped 1.5% as compared to the November figures.
“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.”
In November the average price of a single family detached home was $364,924 and dipped just 0.3% in December. A year ago the average price was $357,636. That stability was reflected in condo pricing as well. In November the average price of a condo was $228,689 and the December price of $227,679 was down just 0.4%. A year ago the average condo price was $225,641. Duplex and rowhouse properties sold on average for $282,620, a 9.7% drop from a year ago.
The average residential price (including all SFD, condo, duplex, townhouse properties sold in the Greater Edmonton Area) was $316,415: down from November by 1.5%. There were 1,085 properties listed and 827 sold in December. There were 1,088 listings and 829 sales in December 2010. With slower sales the Days-on-market was 65 and the sales-to-listing ratio was a high for the year of 76.2%.
Looking back over the year, Mooney was content. “Last January, I forecast a 3% increase in single family prices and no movement in condo prices when comparing December to December. We ended up with a change of about half that overall and condo prices up. Homeowners generally saw an equity increase in the value of their homes in 2011.”
The all-residential average price for the entire year was $325,457 as
compared to $329,019 in 2010. There were 10,962 SFD sales (up 5.5%) in 2011 and
4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up
3.8%) on listings of 30,906 units (down 2.0%).
Total MLS® sales (including residential, rural, recreational and commercial properties) were valued at $6.29 billion and represented 39,350 listings and 18,986 sales transactions. “REALTORS® were involved in almost 60,000 real estate transactions in 2011 and advised on thousands more that never materialized. There were tens of thousands of business people, families and individuals who met with one of our 3,200 REALTOR® members this year, and I am proud of their service to the community and the local economy,” said Mooney.
REALTORS® also provided funding of $300,000 to 44 community groups this year through the REALTORS® Community Foundation and supported arts, heritage and community events through marketing and individual contributions. The REALTORS® Association of Edmonton printed over 2.5 million copies of the Real Estate Weekly in 51 issues and 1,061 members participated in professional development courses including 225 new members and 20 new broker/managers.
Highlights of MLS® System activity
|December activity||Record for
|% change from
|Total MLS® System sales this month||949||2.8%|
|Value of total MLS® System sales - month||$312 million||3.6%|
|Value of total MLS® System sales - year||$6.29 billion||2.4%|
|Residential¹ sales this month||$262 million||1.5%|
|Residential average price||$316,415||1.7%|
|SFD² average selling price - month||$364,803||2.0%|
|SFD median³ selling price||$352,000||3.8%|
|Condo average selling price||$227,679||0.9%|
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 changes for a particular property, which may 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 your local REALTOR®.