1) INVENTORY: with many properties expiring between October and December, many sellers who tried to sell last year but didn't are now trying again. In many months last year, for every 5 listings on the market, only 1 sold!
Didn't have the right marketing working for you? Check out my sales plan, and the recent comment I received from some sellers who interviewed several agents: "I will absolutlely recommend you to any our friends who are buying or selling thier homes... You are definately a step ahead of everyone else we have worked with, thank you so much!"
2) INTEREST RATES: the New Year started out with a bang with many banks and lenders offering 2.99% financing. RBC announced they are increasing their rates this morning (to 3.39%), so there are many buyers out there who have the clock ticking on their 90-day approval at 2.99% who will be buying!
The full report from the REALTORS® Association of Edmonton is below.
Questions? Time to buy or sell? Call me direct at 780-710-7669
Price and sales stability maintained in local housing market
Edmonton, February 2, 2012: It was a typical January. 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.
In January, 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.
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). Average days-on-market in January was 65, the same as December.
“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.”
Activity (for all residential sales on Edmonton MLS® System)
||January 2012||M/M % Change||Y/Y % change|
|SFD2 average selling price - month||$362,926||-1.10%||2.50%|
|SFD median3 selling price||$352,000||0.00%||1.60%|
|Condominium average selling price||$215,407||-4.90%||-3.80%|
|Condominium median selling price||$205,000||-5.90%||-4.30%|
|All-residential¹ average selling price||$318,034||0.70%||2.60%|
|All-residential median selling price||$312,000||3.10%||1.90%|
|# residential listings this month||2,441||126.70%||15.20%|
|# residential sales this month||881||0.50%||7.10%|
|# residential inventory at month end||5,303||-0.80%||-5.90%|
|# Total4 MLS® System sales this month||1,004||-0.60%||12.30%|
|$ Value residential sales this month||$280 Million||7.10%||9.80%|
|$ Value of total MLS® System sales – month||$335 Million||19.50%||19.50%|
|$ Value of total MLS® System sales - YTD||$335 Million||19.50%||19.50%|
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
* 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.