CENTURY 21 Vantage Realty Ltd. - Blog

Month-over-month price drop brings properties to 2009 housing price levels

geneva.tetreault@century21.ca — Wed, 03 Nov 2010 00:00:00 GMT

Edmonton, November 2, 2010: Although the all-residential average price dropped 3% in October, average prices are almost exactly what they were a year ago. Single family dwellings were sold on average for $365,691 which is just $1,434 less (-0.39%) than October 2009. Condos sold in October for about $2,000 less (-0.9%) than a year earlier at an average price of $235,893.

“Stability is the key word for the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6% in October, and as it returns to a more normal level, prices will start to move.”

The average* all residential price in October was $317,422 as compared to $327,235 in September. It was less than one percent lower than the October 2009 price of $320,184. Listing activity continued to slow with just 2,269 residential properties added in October. There were 1,077 residential sales for a sales-to-listing ratio of 44.5%. Total residential inventory was 7,689 properties at the end of October as compared to 8,602 the month prior. The average days-on-market went up to 60 days from 56 last month.

The all-residential median price rose from $306,500 in October 2009 to $308,000 last month. “This rise in the median price stretched the range of the lower end of the market,” said Westergard. “Yet REALTORS® still found 529 properties priced under $300,000 for buyers with smaller budgets or modest housing needs in October. There is still a home suitable for every buyer in this market.” There were 32 sales of residential properties priced at over $750,000 during the same month.

Info Sorce: www.ereb.com

REALTORS® face relaxed housing market with stable pricing

geneva.tetreault@century21.ca — Wed, 02 Jun 2010 00:00:00 GMT

Edmonton, June 2, 2010: The housing market was relaxed in May with slightly lower sales than last year and prices generally stable. Despite the sales drop, the current sales figures compare favourably with levels set in 2008.

“Financial incentives, changes to mortgage qualifying rules and the threat of increasing mortgage rates caused the local market to peak a little earlier this year,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Many buyers exercised their options in April leaving the customer base a little leaner in May.”

Single family residences in the Edmonton area rose in price by less than one percent and sold on average* for $390,583 in May. Condominium prices dipped just two percent to an average of $248,526. Duplex and rowhouse prices of $320,204 were down 2.3% from last month. Overall, the average residential price was up a quarter of a percent to $340,192.

There were 3,670 residential listings in May with residential sales of 1,682 properties resulting in a sales-to-listing ratio of 46%. The average time to sell a home was 44 days (the same as April) and inventory at month end was 8,780 residential units (as compared to 8,056 in April). At current sales levels the inventory will last for over five months.

“Buyers, sellers and REALTORS® can all relax and enter a sales transaction without pressure,” said Westergard. “That does not mean that you can delay making or accepting an attractive offer because 50-60 homes sell each day and you would hate to see your dream home snapped up by someone just a little more eager to live there.” He emphasized that the REALTOR® can be a calming influence in a sale but can also be relied upon to provide expert advice and coaching.

There were 3,174 REALTORS® operating in the Edmonton area at the end of May.

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Taken from www.ereb.com

Mortgage changes do not dramatically affect local housing market

geneva.tetreault@century21.ca — Tue, 11 May 2010 00:00:00 GMT

Edmonton, May 4, 2010: April is the start of the busy second quarter for real estate, and resale housing sales were down over the same month last year according to a report issued by the REALTORS® Association of Edmonton. Average* prices of single family houses moved down compared to a month ago but were up by 8.2% from last year. Condominium average prices moved up from last month and were up 7.0% from April 2009.

“There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Despite the upward movement, mortgage rates are still close to the 10-year average and not out of reach of most homebuyers. In many cases it is a matter of the REALTOR® lowering expectations rather than crushing hopes and dreams.”

Single family residences in the Edmonton area sold on average for $385,359 in April and condominium prices rose to $253,788. Duplex and rowhouse prices of $322,127 were up from last month and the average residential price remained stable at $374,085.

There were 3,884 residential listings in April with residential sales of 1,740 properties resulting in a sales-to-listing ratio of 45%. Days-on-market rang-in at 40 days and inventory at month end was 8,056 residential units.

“It is pretty clear that the costs of home ownership will increase as our economy improves relative to the US and other world economies,” said Westergard. “Only a REALTOR® has access to the latest and most detailed market figures and their experience and objective viewpoint will help the buyer and seller come to realistic expectations in their home search or sale.”

At the end of the annual membership renewal period there were 3,133 REALTORS® on the Association rolls as compared to 3,027 at the same time in 2009.

From: www.ereb.com

Edmonton buyers and sellers remain optimistic

geneva.tetreault@century21.ca — Sat, 01 May 2010 00:00:00 GMT

Edmonton, April 6, 2010: Housing figures released by the REALTORS® Association of Edmonton for March and the first quarter of 2010 show that resale housing prices are up; listings and sales are up.

“There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices are up about 10% from a year ago and sellers are eager to take advantage. Buyers are aware of higher mortgage rates ahead and are getting into the market before the rates rise.”

Single family residences in the Edmonton area sold on average* for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March. Duplex and rowhouse prices (at $313,836) dropped a third of a percent in March but were up 10.4% from a year ago. The average residential price was $343,607 (up month-over-month by 8.5%).

Sales also demonstrated the optimism of the marketplace. 3,728 residential listings in March were up over 30% from a year ago and up 246% in the first quarter. Residential sales of 1,571 properties in March were up 15.1% from a year ago and 77.3% in the first quarter. Sales were up from 1,307 in February: a 20.2% increase. The March sales-to-listing ratio was 42%; down from 52% in February.

“Seller activity has boosted the inventory to 6,770 residential properties,” said Westergard. “I am less concerned about available inventory now than I was at the beginning of the year. I think the market has reached a balance between buyers and sellers.”

All major banks raised their fixed mortgage rates in late March and the Bank of Canada has warned that interest rates will rise again after the second quarter. Many buyers are hurrying to lock in rates and find a home before the more stringent qualification requirements for mortgages come into effect on April 19. Alberta will not be influenced by the GST harmonization taking place in Ontario and BC so we may not see the sales slump in the second quarter that is expected in those two provinces.

The average days-on-market in March was 41 as compared to 47 in February.

Taken from www.ereb.com