Edmonton Listing Inventory Update

As of today, December 21/2007 there are 7382 active listings in the Edmonton area. This is down substantially from the end of November when our inventory was sitting at 8667 properties. The sales are sitting at 614 for this month. We are on pace to sell close to 800 properties for the month of December. When you look at previous years, the unit sales volume is pretty close to our historical sales volume for the month. 1,074 properties in 2006, 908 in 2005, 926 in 2004, 922 in 2003 and 837 for 2002.
For year to date numbers, up to the end of November we have sold 19,687 properties versus 20,910 by end of November 2006. So sales are fairly consistent over last year. The difference in the two years has been on the supply side with the abundance of inventory we saw in the second half of 2007.
By the end of December, our inventory should slip well under 7000, possibly closer to 6000 properties for sale. This won't be from sales outnumbering new listings, it will be the historical trend of sellers that failed to sell taking their homes off the market at the end of December. Some may try to sell again in the spring, the big question is how many will be relisting. Obviously a flood of relists in the spring pushes our market back into a buyer's market with a supply problem. My gut feel is that this won't happen, from my experience people may consider relisting, but then life happens and selling the home is put off until another year.
2008 is going to be an interesting year. My personal thoughts are that it will be a balanced market with our inventory hovering around the 5000-7000 mark. That should stabilize prices from the downward trend of the last 3 to 4 months, while not allowing prices to climb much either. Most forecasts are predicting a 1% to 5% increase in prices over the next year.

Home Selling Tips Marketing Plan

This video goes over the marketing plan that ensures your home gets the maximum exposure.

Home Selling Tips Video

This video goes over the listing process. I hope you find it helpful.

Making a small room look bigger

How to Make a Small Room Appear Bigger

Small rooms are the bane of the home decorator. How do you achieve a pleasing look that doesn't feel cramped and claustrophobic? Short of building an addition or knocking down walls, you are limited to a few, but effective, decorating tricks that create the illusion of space.

The strategic use of colour and light is the best way to achieve this. Choose light shades of paint or wallpaper for the walls. Lighter colours reflect light making for a brighter room. Use an even lighter shade of the same colour or white for ceilings and floors. A darker colour on the ceiling will make the ceiling look lower and tends to make the walls look as though they are closing in.

Avoid harshly contrasting colours. In fact, a monochromatic colour scheme that carries throughout the room into fabrics and accessories is very effective. Steer away from too many patterned items. The goal here is to blur perspective.

Anything you can do to bring light into the room will also give the effect of increased space. A corner wall sconce that casts light up onto the wall works well. Try to vary lighting effects for interest. A skylight is a great way to add light to a room, but isn't always practical or affordable. Mirrors are a great solution for small rooms. Place mirrors directly across from another for maximum impact. A mirror placed across from a window is also effective. Place a lamp in front of a mirror to add more light to your room.

If you have wood or patterned flooring, have it installed so that the lines run diagonally across the room. This makes for longer lines, which give the appearance of a larger space. When furnishing the room, pick objects that are proportioned to the size of the room. For example, opt for a loveseat over a full-sized sofa. Lastly, keep the clutter to a minimum. Avoid using a lot of knick-knacks and keep the room tidy and well organized.

Stainless Steel Appliances?

The Appeal Of Stainless Steel

How did a material once relegated to the cold confines of commercial kitchens become the hottest trend in kitchen decorating? By getting the word out that it is extremely durable, hygienic, and water and heat resistant. Not to mention that it possesses eye-grabbing appeal.

First introduced to the residential market ten years ago, stainless steel has gained remarkable popularity in a relatively short period of time. Rarely is a new house complete or a kitchen renovation concluded without the addition of distinctive stainless steel appliances. The fridge, stove and dishwasher are the most traditional of stainless steel offerings, but recently the surge for steel has resulted in stainless countertops, cabinet faces and backsplashes. Although first depicted as a decorating trend, it is quickly becoming clear that stainless steel is a mainstream style that is here to stay.

Some homeowners are hesitant to decorate with the glossy steel for fear it will give off a cold feeling, not suited for a family kitchen. This is hardly the case if the material is mixed and matched with common kitchen materials. For instance, blending warm traditional kitchen finishes like maple or cherry cabinets with stainless steel will result in a fantastic, unique contrast. Stainless is also versatile enough to be partnered in a kitchen with black, white or bisque appliances.

The durability of stainless is another element of great appeal. The material is highly resistant to rust, discolouration and corrosion, easily maintaining its professional appearance for years. Perhaps the only drawback stainless possesses is its tendency to scratch easily, although some find the occasional mark adds character and substance. It also has an inclination to attract fingerprints, which can be a concern if children roam your home.

Fortunately, stainless steel is not a difficult material to maintain. Cleaning involves a wash down with a mild detergent, a rinse and then a polish with a dry cloth. Of course, before outfitting your kitchen with stainless steel style, be sure you have a proper bulletin board, as the non-magnetic tendencies of stainless make hanging your families' schedules on the fridge next to impossible. Depending on your perspective, this may be stainless steel's greatest quality of all!

Winter safety hanging the lights

Light Bright

Consider these safety tips when hanging your outdoor seasonal lighting:

- Power down: Before working with outdoor wiring, turn off the electricity to the supply outlet and unplug the connection.

- Look for the CSA International certification mark: Ensure that light strings, cords, spotlights and floodlights are certified by CSA International and marked for outdoor use or wet locations.

- Hang 'em high: When hanging lights outdoors, keep electrical connectors above ground, out of puddles and snow, and away from metal eaves troughs.

- Don't nail it: Use insulated fasteners rather than metal nails or tacks to hold light strings in place.

- Be weather wise: Remove outdoor lights promptly after the holiday season to avoid damage caused by extended exposure to harsh weather conditions.

- Time it: Use an outdoor timer certified by CSA International to switch lights on and off. Lights should be turned on after 7 p.m. to avoid the electricity rush hour.

- The right receptacles: Whenever possible, connect all outdoor lighting into receptacles protected by weatherproof ground fault circuit interrupters (GFCI). These can provide protection from electric shock by sensing ground leakage and cutting electrical power.

~News Canada

Edmonton Real Estate Board News Release

I've included part of the news release from our Real Estate Board, including a quote from our President.

“As the current listings become sold or are withdrawn the current inventory will drop. As we move into the spring with a more normal inventory, we expect that prices will again begin to rise slowly," said Carolyn Pratt.

Typically, homes sold more slowly with the average days-on-market up a week to 51 days. The sales-to-listing ratio was higher than October at 45% and total residential volume for November was $397 million; down 10.6% from the same month last year. The total MLS® sales figure for the year to date was $7.9 billion and will be a record setting $8 billion by the end of the year.

Highlights of MLS® activity

November 2007 activity Record for the month* (% change from November 2006)

Total MLS® sales this month 1,373 (-22.90%)
Value of total MLS® sales – month $462 million (-15.30%)
Value of total MLS® sales – year $7.9 billion* (26.80%)
Residential¹ sales this month 1,223 (-32.50%)
Residential average price $325,060* (15.10%)
SFD² average selling price – month $376,267* (12.60%)
SFD median³ selling price $355,000* (10.90%)
Condo average selling price $252,277* (18.70%)

Source: EREB Monthly News Release

November Edmonton Average Selling Price

Here is another graph that I thought might be helpful. As you can see, we peaked twice (May and July) and are currently back at Feb/March average sales price numbers. These stats are based on the average price single family, duplex/rowhouses and condos in the Metro Edmonton area.

Note: All stats are provided from the Edmonton Real Estate Board

Edmonton Real Estate Board Stats analysis

Well, the stats are out. The EREB (Edmonton Real Estate Board) has released the stats for November. The listing inventory has fallen again for the second month in a row (peaked at 9918 in September) We are currently at 8667 listings. The sales are staying stable at 1223 units for the month of November (1276 in October). Prices have fallen by 6.5% for condos and single family homes combined ($325,060). This puts our average price close to the average price in February. The average price for a single family home is now at $376,267 ($397,189 in October). The average price for a condo has dropped to $252,777 ($262,875 in October).

Are these price drops shocking? No, not really. The shocking part was that our average price has actually held steady statistically for the last 3 months, but in reality (out on the street where I am showing and listing homes) the prices have been steadily falling. We are still approximately 10.5% higher than where we were at for an average sale price at the end of December 2006.

What do these stats mean? The inventory has been falling in the Edmonton marketplace, there have been quite a few homes coming off the market that failed to sell over the summer. Does that mean these homes will come back on to the market in the spring and "flood" the market with listings? Or, will the market tighten up and see some price increases? A crystal ball is needed. My personal opinion is that the market should move into a more balanced position. Historically, the 1st quarter of the year is strong with sales and sheer number of buyers getting into the market. This should "chew up" the excess inventory. My feeling is that the market has been busier over the last 2 weeks (more showings and offers on my listings). If this continues into the Holidays, we could be in for a busy start to the new year.


Vacant properties currently listed for sale account for 40% of the market right now. That number (over 3000 homes) has to be sold before we can consider strong price increases. Obviously the vacant homes are normally the "have-to" sellers and normally quite motivated. I guess time will tell!

Note: All stats are from the Edmonton Real Estate Board

Surviving the winter

Snow Safety Tips to Survive the Winter Weather

The cold winter weather shouldn't limit time enjoyed working on the home outdoors. Before venturing outside, ensure proper safety precautions are taken to avoid an accident or injury. Consider the following snow safety tips from The Home Depot Canada to help keep warm and safe all season long.

- Dress for outdoor success. Whether at work or play, bundle up in layered clothing to allow for better evaporation of perspiration. Outer garments should be tightly woven and water repellent. Wear boots or overshoes with non-skid soles to avoid slips and falls.

- Master the right shoveling technique. Before shoveling the walkway or driveway, ensure you are physically able. Arm yourself with a quality shovel that will last the entire winter. Lift with your leg muscles, not your back and remember, pace yourself and take frequent breaks.

- Blow it away. If shoveling is not your fancy, consider using a snow blower to push the white stuff away. Maintaining the blower will enhance performance and increase longevity. Check areas such as the engine oil levels, blower system chute positioning and tire pressure on a regular basis.

- Light the way. Since visibility is reduced in snowy weather and the winter brings darkness earlier, make sure you have well-lit walkways around the outside of the home.

- Roof clearing. If you need to clear the roof, try using long-handled snow rakes or poles. Should you require a ladder, make certain that the base is securely anchored. Ask a friend, family member or neighbour to hold the ladder while you climb.

- Winter warm-up. After spending time outdoors, snuggle up with a loved one and drink warm beverages like hot chocolate, coffee, tea or soup.

For more snow safety tips, visit The Home Depot store in your community.

~ News Canada

More winter heating tips

Seasonal Decor: Bringing the Outdoors In

Cooler winter temperatures and shorter daylight hours naturally limit the time we spend outside. Current interior design trends use nature punctuated with colour as a theme to rescue us from cabin fever. Here are some of this season's 'outdoor-in' design essentials:

- Wreaths and Garlands: Made from traditional pine or more contemporary bay leaves, eucalyptus or holly. Live or faux, they are interwoven with brightly contrasting citrus fruits, pomegranates or berries for the most natural look. Glass-like beads and solid spherical ornaments in a shock of intense colour are also featured this season. Look for wreath stands to showcase your wreath at adjustable heights. Garlands look best along mantles, doorframes, windowsills and banisters, snaked among candles on tabletop centrepieces, and as trimming atop tall furniture like bookcases, wardrobes and entertainment credenzas.

- Trees and Topiaries: Like wreaths and garlands, trees and topiaries combine the same natural elements interwoven with vivid colours whether live or faux. This season, you can also find them made entirely of a single material, such as glass-like beads, holly berries, tinsel, or round ornaments, in either a uniform tone or a bouquet of colours. Available in a variety of sizes, they can be brilliantly illuminated with lights and garland, or they can sparkle alone with a pre-treatment designed to imitate frost, ice or dew.

- Faux Fire: Indoors or out, there's nothing quite like sitting around a fire to add ambiance to quality time spent enjoying family and friends. It's no surprise then, that sales of electric fireplaces are red-hot this season. They provide the romance and warmth of a traditional gas or wood burning fire without the requisite venting or gas lines, and at a fraction of the cost. Plug them into a standard 120-volt outlet to heat the room, or turn the heat off and appreciate the flame effect alone, complete with glowing embers! Electric fireplaces can be purchased as an insert for existing fireplaces or as a stand-alone piece with a mantle surround. Mantles are available in a variety of styles, colours and wood materials to suit a variety of personal tastes.

- Finishing Touches: Just as the snow sparkles outside, so too do those finishing touches. From decorative ornaments, to picture frames, to napkin rings, to cardholders, to candles and candleholders...think jeweled. If those finishing touches aren't bejeweled with faux gemstones, then they glitter with the imitation effect of frost or ice.

Don't Wait To List!

Once your home is updated with the winter season's latest design essentials, it is most visually appealing to prospective buyers. Serious homebuyers are indeed active through the holidays and into the early months of the New Year. This means minimal disruption for you and your family and viewings from truly qualified prospects. Please contact me for more information about listing during the winter season.

Winter heating tips

Hot, Not Bothered: Inexpensive Home Heating Tips

The dramatically rising cost of home heating is a bothersome concern for most Canadians. Heating your home efficiently this winter will be the key to keeping your energy costs under control. Here are some quick, easy and, most importantly, inexpensive ways to maximize warmth and minimize impact to your pocketbook:

- Adjust Your Personal Thermostat: Wear a sweater and dress warmly around the house. When you're stationary, watching television or reading, you're most susceptible to a chill, so toss a throw around you. Since hot air rises, resist the icy influence of cooler floors with thick socks or slippers.

- Adjust Your Home Thermostat: It goes without saying that the less energy you use, the lower your heating bills will be. Set your thermostat at 21°C when you're home awake, 18°C when you're sleeping and 15°C when you're out of the house. Purchase a programmable thermostat to reduce you heating bill by as much as 20 per cent.

- Let the Sun Shine In: While up to 25 per cent of your home's heat is lost through its windows, they are also a source of solar warmth. During daylight hours, keep your drapes open and let the sun help heat your home. Insulate your windows with plastic film to reduce heat loss by 50 per cent. Insulating curtains are expensive, but pay for themselves within 7 years.

- Seal the Leaks: Caulk, seal and weather strip around windows and doorframes, baseboards, ducting and electrical outlets to save up to 20 per cent on your heating bill. Remember to close your fireplace flue when you're not enjoying a fire. Install a door sweep to resist against under-the-door drafts. Turn off the heat supply and close the door to unused rooms, such as a guest bedroom. Close interior doors leading to hallways or stairways to keep the heat where it's needed most.

November Market Update

As of November 29th our residential listing inventory in the Edmonton area is sitting at 8515 single family and condos. Looking back over the last few months, it is definitely an encouraging sign. The inventory level at the end of August was 9185, September at 9918 (the peak), and October at 9577.

As for sales, as of November 29th we are sitting at 1055 sales. In October we were at 1276 solds, September we had 1042 and August was 1229.

Based on the sales and inventory level, we currently have a 7.5 month supply of inventory. This puts our market still leaning towards a buyers' market, although the trend is definitely moving towards a balanced market (ie 6 month supply).

Note: all stats are from the Edmonton Real Estate Board

Edmonton Real Estate

Welcome! This blog has been created to update people interested in the Real Estate market in the metro Edmonton area. Our market is in a state of continual change and my goal is to keep people abreast of what is "happening on the street" as well as possible trends. I will also add video clips from time to time that potential home buyers and sellers may find helpful. I hope you enjoy! You can also view more information at my website www.jasonthomas.ca