Here are a few tips for buying or selling in 2013:
- If you are thinking of selling, now is the time to get started with preparing your home for sale. Homeowners who have well staged and professionally marketed homes sell faster and for more money. Check out my Top 10 Things to do Before You List Your Home.
- A lot of homeowners wait until spring to put their homes on the market so that their grass is green... which seems like a good idea, except that a lot of buyers are already out shopping when there is still snow on the ground, plus you will be competing with a lot more homes if you wait until late in the spring.
- For buyers, now is also a great time to start looking, as the savvy homeowner will be putting their home up for sale ahead of the big spring rush. Like always, it is extra important to work with an agent (like me!) who will stay on top of new listings as they come up on the market, as new inventory will be coming up for sale every day now.
- Either side, don't be afraid to act! It's never too late to take care of yourself financially, and home ownership can be an awesome way to build up an investment over time, with the right advice of course.
Questions? Comments? Contact me anytime!
*As usual, these are just my personal opinions. I am not a lawyer,
accountant, economist or fortune teller. Any real estate transaction is
a huge decision and requires specific advice for your situation. I
always recommend consulting professionals before making any significant
Solid Growth of Local Real Estate Market in 2012 reported by REALTORS®
Edmonton, January 3, 2013: The local housing market in 2012 ended as it began, with robust sales, slowly increasing prices, stability and an optimistic swagger. The average all-residential price in December was $333,140, up 1.5% from the previous month. The price in December 2011 was $316,020. Sales during December were 31.0% down from November and 16.8% down from last December. Note: for comparison purposes current month sales figures have been adjusted to account for late reported sales and terminations; actual reported numbers as of month end are in square brackets.
The average price for a single family detached property on the Edmonton Multiple Listing Service® in December was $391,427, up 2.5% month/month and 6.8% year/year. Condominium prices were up marginally (0.02%) from last month and sold on average for $225,143 in December. Duplex/row houses were priced at $297,753 on average (down 4.3% m/m). REALTORS® listed 1,026  residential properties in December and sold 789  properties. This resulted in a sales-to-listing ratio of 77% as compared to 73% in November. At month-end there were 4,354 residential properties in the inventory which is down 18.6% from a year ago. Sales were slower in December with average days-on-market up two to 66 days.
“Although sales and listing activity were slower this December than in previous years, prices continued their slow steady rise,” said President Doug Singleton. “Total sales for the year were up. The Finance Minister toyed with the mortgage qualification rules at the beginning of the year but otherwise this market operated in a smooth and stable manner. REALTORS® and their clients could trade in real estate with confidence and certainty.”
The price of an average single family detached home rose 6.8% during 2012 and the all-residential average price rose 5.4%. Sales were also higher in 2012 than the year previous with 18,020 residential sales and 20,393 total MLS® sales. Except for 2009 these were the highest sales numbers in five years. Listing activity, however, was lower than the previous three years. This dropped the available inventory of homes available on the local MLS® System to just 4,354 properties on December 31; the lowest level the inventory has been at since December 2009.
The highest average price for a single family detached home in the Edmonton area in 2012 was in June at $393,471 with the lowest price point being January at $364,106. The all-residential average price followed a similar pattern with the highest average price in May at $348,196 and the lowest point in January at $318,906. Condo prices peaked in May at $248,846 after rising from the January low point at $216,622.
The growth of the Edmonton market is also reflected in the increased number of higher priced properties sold. There were 403 residential properties sold for over $700,000 in 2012, including 89 priced at one million or more. In 2008, just 1.63% of homes were in the $700,000 or above category. Last year 2.23% of the sold properties were at that level. The most expensive property sold in 2012 was valued at $2.72 million. Six owners in total picked up properties located in Crestwood, Magrath Heights, Windsor Park, Hodgson, Twin Brooks and Westridge each valued at $2 million or more.
Activity (for all residential sales on Edmonton MLS® System)
|December 2012||M/M % Change||Y/Y % Change|
|SFD2 average selling price - month||$391,427||2.48%||6.81%|
|SFD median3 selling price||$365,700||0.74%||4.49%|
|Condominium average1 selling price||$225,143||0.02%||-0.63%|
|Condominium median selling price||$211,000||-5.17%||-1.86%|
|All-residential4 average selling price||$333,140||1.52%||5.42%|
|All-residential median selling price||$320,000||1.59%||5.79%|
|# residential listings this month||950||-39.95%||-11.05%|
|# residential sales this month||731||-36.76%||-16.84%|
|# residential inventory at month end||4354||-23.36%||-18.60%|
|# Total5 MLS® System sales this month||837||-36.16%||-16.80%|
|$ Value residential sales this month||$244 million||-30.83%||-12.33%|
|$ Value of total MLS® System sales - month||$289 million||4.77%||6.76%|
|$ Value of total MLS® System sales - YTD||$7.0 billion||4.75%||5.92%|
1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales
1 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. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.