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December Market Summary: Softening Continues

Blog by Sara Kalke | January 3rd, 2011

A belated Happy New Year's to all!  After a lovely family vacation, I am back in Canada after many adventures, and bring you the latest market report from Edmonton.  Sales and prices softened again in December, with buyers still hunting for bargains. The New Year almost always brings a burst of sales activity though, so look for more exciting real estate news ahead!

Interested in buying or selling? Know someone who is? Call me anytime at 780-710-7669

Happy 2011!

Single Family and Condo Prices Slightly Lower in December

Edmonton, January 5, 2011: The average price for a single family detached home in December was $355,270, down about $10,000 as compared to the price in November. The average condo price dropped less than $6,000 to $223,454. The marginal price reduction (down 2.7%) continued a SFD slide that started in June when average prices were over $390,000. Condo prices peaked at $252,700 in April and have continued a relentless march downward since then.

The REALTORS® Association of Edmonton released 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.

As compared to December 2009, single family prices were down 2.7% and condo prices were off by 7.2%. The average price of all residential property sales in December was down 2.0% as compared to a year ago.

“Homebuyers are watching housing prices slide and may attempt to catch the market at the bottom by delaying their purchase but the low point is only evident about three months after it is reached,” said Larry Westergard, President of the REALTORS® Association of Edmonton. “Home sales are still happening each day and by waiting, the wary buyer may miss the ideal home.”

He urged home sellers to also watch the pricing trends to ensure that their home was appropriately priced relative to the market. “Market activity will pick up again in the spring as usual according to trends,” said Westergard, “Keep your REALTOR® on speed-dial to ensure you have access to the latest market figures.”

Residential sales activity in December was off 34% (784 sales) as compared to November but fewer homes (1,110) were listed and that reduced the available inventory by 18% to 5,721 residential properties on the Edmonton MLS® System. The average days on market rose from 59 to 66 days.

Year-over-year, the all-residential price (includes all single family, condominiums, duplex/rowhouses and mobile homes sold through the year in the Edmonton area) rose 2.6% from 2009. The SFD price rose 3.52% and condos rose 1.89% for the year. REALTORS® sold a total of 18,293 properties of all types in 2010 which was down 14% from 2009. They listed 40,597 properties which is up 7.6% from the previous year. Total Edmonton MLS® System sales were valued at $6.12 billion: a 12% drop from 2009.

The 2011 president of the REALTORS® Association of Edmonton, Chris Mooney, will release his forecast of housing sales and prices on Wednesday, January 12 at the 23rd Annual Housing Forecast Seminar for REALTORS® and their guests.


Highlights of MLS® System activity

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.