MARKET NEWS

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.” 

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.

©2009 REALTORS® Association of Edmonton 14220 112 Avenue, Edmonton, Alberta T5M 2T8 Tel: 780-451-6666 Fax: 780-452-1135 * 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.³. The middle figure in a list of all sales prices ². Single Family Dwelling¹. Residential includes SFD, condos and duplex/row houses.0.9%$227,679Condo average selling price3.8%$352,000SFD median³ selling price2.0%$364,803SFD² average selling price - month1.7%$316,415Residential average price1.5%$262 millionResidential¹ sales this month2.4%$6.29 billionValue of total MLS® System sales - year3.6%$312 millionValue of total MLS® System sales - month2.8%949Total MLS® System sales this monthDecember 2010% change fromthe month*Record forDecember activityHighlights of MLS® System activity-30- 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.ge