News from The Dream Team

Newsletter Volume 7

April 6, 2014.

We are a bit late with our “monthly” newsletter. It is intentional though! With all the talk on the hot hot market, we wanted to give you our 2 cents, and share with you the Edmonton Real Estate Associations news release. Our initial intention of this monthly newsletter wasn’t to purely post about real estate stats, but we have to follow the rest of the media and give you our spin.

The beginning of this year has really started with a bang, there is no denying that! There seems to be a shortage of homes in the $300 000 - $400 000 range. We have a few buyer clients that will totally attest to that! We are looking at multiple offer situations arising when making offers on these properties. It does put more pressure on our buyer clients to make a decision soon if they “think” they might want the house. Prices are going up, which is a seasonal trend. Prices are always a bit higher in the spring market. Year over year a single family home is 5.5% higher than last year. This is a significant increase as previous years we were looking at 2-3% increase over the full year in past few years. We don’t believe we are in the panic scenario of 2007 where some consumers made some bad buying decisions just to get in the market. Obviously the media impacts our market too. Real Estate has gotten a lot of attention at the beginning of April. We think patience is a key these days for buyers, and if you are thinking of listing your home that is between $300 000- $400 000, now is the time to do it! The key to listing for a quick sell is listing at a reasonable price. That is our 2 cents! Be patient and reasonable when buying or selling!

And now from the President of the Edmonton Real Estate Board:

“Strong sales indicate consumer confidence in the Edmonton marketplace,” said Steele. “The high condo sales and low condo listings indicate the demand for lower priced properties and first time buyers are choosing condos as an option to lower-priced SFDs which are in high demand and short supply.” He pointed out that REALTOR® figures do not include the sale of many new homes and condos which are sold directly by builders and not through the Multiple Listing Service® (MLS®).

Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)

March

 

M/M % Change

Y/Y % Change

SFD2 average3 selling price – month

$432,458

-0.20%

3.00%

SFD median4 selling price – month

$399,900

1.90%

5.20%

Condominium average selling price

$247,005

3.60%

0.00%

Condominium median selling price

$230,000

2.30%

0.20%

If you know of someone who is thinking about buying or selling contact the Dream Team!

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