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Solid Winter Market Ahead?


Blog by Sara Kalke | November 3rd, 2012


Strong October Sales, Reduced Inventory Points to a Solid Winter Market

REALTORS® Association of Edmonton has just released their latest sales numbers (full news release below).  Two numbers pop out at me in particular:
  1. Residential sales this month were up 9.40% from the same month last yar
  2. Listing inventory has dropped to 6,406 from the steady 7,000 - 8,000 numbers we have been seeing throughout the year.  
Doubtless most of the inventory drop comes from the many sellers who were unsuccessful at selling over the summer taking their homes off the market (I have noticed a large volume of expired listings as usual at this time of year).  That being said, I did notice that October was particularly busy, especially for buyers, and with many listings coming off the market, sellers just might have a better chance of selling now than they did a few months ago when there was much greater competition.  That said, correct pricing and professional marketing can make all the difference in actually selling your home, not just letting it sit on the market through endless showings and frustrations.

I suspect that these numbers are pointing to a stable, solid winter market in Edmonton.  Winter can be an awesome time to buy and sell, with more motivated players in the market.  As our Association president said, the best time to make a move is when your life calls for it, so if it has, let me help you!

Questions, comments?  Reach me here or via social media - just follow the links at the top of the page!

Sara





Nothing Scary in Halloween Housing Market

Edmonton, November 2, 2012: Even with ghosts, ghouls, and goblins running through the streets, homeowners could find refuge in the local housing market. The REALTORS® Association of Edmonton reports that housing prices in October were up compared to a year ago and are the highest in October in the past five years. The all residential average price for the Edmonton Multiple Listing Service® was up 0.6% at $324,924 when compared to October 2011. The average price of a single family detached home was $372,061 up 2.1% over a year ago. Condos were priced on average at $234,177 which was an uptick of 1.8% from a month ago and up 5.4% from last October. Duplex/row house prices were down 1.1% Y/Y at $305,777.

“Homesellers are pleased that their property may be worth more than it has been in the past five years but homebuyers can plan their financing in an environment of small, steady price increases,” said REALTORS® Association of Edmonton President Doug Singleton. “The housing market is be-deviled in other centres but here in Edmonton both buyers and sellers find it heavenly. The pace of sales is steady, prices increase year-over-year, there is sufficient inventory and average days-on-market is reasonable.”

REALTORS® listed an average of 72 homes each day in October and sold an average of 44 per day. There were a total of 2,228 residential listings in October, with sales of 1,375 properties. As a result of lower listings and larger sales volumes, the month end residential inventory was down (-7.9%) from last month with 6,406 properties available. Days-on-market was an average of 61 and the sales to listing ratio was 62%. There was $447 million worth of residential property, $53 million of rural and $23 million of commercial property sold through the Edmonton MLS® in October.  

“Life happens to us all,” said Singleton. “Unless you are an investor, the best time to buy or sell your home is when your lifestyle changes. No matter what your personal circumstances, your REALTOR® is here when life happens.”

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Activity (for all residential sales on Edmonton MLS® System)

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®.