Jason's Edmonton Real Estate Update

Meadowlark Park Edmonton Real Estate Sale Price

2012-02-10T16:26:00.000-08:00

The Meadowlark Park neighbourhood in west Edmonton has seen the average sale price per square foot strengthen in 2011. Meadowlark Park sales statistics including a sale price graph can be found here: Meadowlark Park Edmonton Real Estate

Britannia Youngstown Edmonton Real Estate

2012-02-02T16:10:00.000-08:00

Britannia Youngstown has had a very strong average sale price per square foot for most of 2011. More details on this west central area of Edmonton can be found here: Britannia Youngstown Edmonton Real Estate

Allendale Edmonton Real Estate

2012-02-02T16:08:00.000-08:00

The Allendale neighbourhood continues to be very strong. This is not too surprising considering Allendale's proximity to the University of Alberta campus and the number of homes in Allendale that have basement suites. For more details on the Allendale market visit here: Allendale Edmonton Real Estate

Lymburn Edmonton Real Estate

2012-02-02T16:06:00.001-08:00

The Lymburn real estate market in the west end of Edmonton has had a strong 2011. Lymburn is often selling close to $300 per square foot. For more details on this west end area visit here: Lymburn Edmonton Real Estate

Rhatigan Ridge Edmonton Real Estate

2012-02-02T16:04:00.001-08:00

The Riverbend neighourhood of Rhatigan Ridge did see a weakening in the average sale price per square foot in the last quarter of 2011. More details on this popular Riverbend neighbourhood can be found here: Rhatigan Ridge Edmonton Real Estate

Grovenor Capital Hill Edmonton Real Estate

2012-02-02T16:01:00.001-08:00

The Grovenor neighbourhood in west central Edmonton has continued to perform strongly in 2011. The highest sale price in 2011 in Grovenor was not in the Capital Hill area of Grovenor, it was actually on 104 avenue. For more details on the Grovenor market including a graph visit: Grovenor Edmonton Real Estate

Calder Edmonton Real Estate 2011

2012-01-30T13:11:00.000-08:00

The Calder neighbourhood in the northwest of Edmonton has recovered from the lows of the last quarter of 2010. Calder has seen a fairly steady average sale price per square foot throughout the last 3 quarters of 2011. More detailed price information on Calder can be found here: Calder Edmonton Real Estate

Carlton Edmonton Real Estate 2011

2012-01-30T13:09:00.000-08:00

The northwest neighbourhood Carlton has seen a volatile average sale price per square foot. More details including a graph of the Carlton can be found here: Carlton Edmonton Real Estate

Holyrood Edmonton Real Estate 2011

2012-01-30T13:07:00.000-08:00

The south side neighbourhood of Holyrood continues to be a strong area on a sale price per square foot basis. This is not too surprising considering the easy access to downtown and proximity to the river valley. More details on Holyrood's real estate prices can be found here: Holyrood Edmonton Real Estate

Larkspur Edmonton Real Estate 2011

2012-01-30T13:05:00.000-08:00

The Larkspur neighourhood in southeast Edmonton has improved over the last half of 2011. Larkspur's average sale price per square foot was much weaker than the Edmonton average selling price per square foot in the first 2 quarters of 2011. More detailed information including a graph can be seen here: Larkspur Edmonton Real Estate

Suder Greens West Edmonton Real Estate

2012-01-30T13:03:00.000-08:00

The Suder Greens area of west Edmonton continues to follow the Edmonton average quite closely on a sale price per square foot basis. More detailed information can be found here: Suder Greens Edmonton Real Estate

Strathcona Edmonton Real Estate

2012-01-27T13:21:00.001-08:00

The University of Alberta area neighbourhood of Strathcona has recovered from some low average sale price per square foot numbers in 2010. More details on Strathcona here: Strathcona Edmonton Real Estate

Athlone Dunvegan Edmonton Real Estate

2012-01-27T13:18:00.000-08:00

The Athlone area in Northwest Edmonton has seen a fairly volatile average sale price per square foot over the last few years. More details on why this is happening to Athlone here: Athlone Edmonton Real Estate

Rosslyn Edmonton Real Estate

2012-01-27T13:16:00.000-08:00

The Rosslyn Edmonton real estate market on an average sale price per square foot has been stable throughout 2011 until this last quarter of 2011. More details on why this north side area has slipped here: Rosslyn Edmonton Real Estate

Aldergrove Edmonton Real Estate

2012-01-27T13:14:00.000-08:00

The West end neighbourhood of Aldergrove has softened on an average sale price per square foot basis for the last 2 quarters of 2011. More details on Aldergrove here: Aldergrove Edmonton real estate

Hazeldean Edmonton Real Estate

2012-01-27T13:12:00.000-08:00

The average selling price per square foot in the Millcreek area neighbourhood of Hazeldean continues to perform very well. More details on this popular neighbourhood here: Hazeldean Edmonton Real Estate

Jackson Heights Edmonton Real Estate

2012-01-27T13:08:00.000-08:00

The Jackson Heights area of southeast Edmonton has been fairly stable for over a year and a half now. The average sale price per square foot in Jackson Heights has not fluctuated too much. More details on the market here: Jackson Heights Edmonton Real Estate

Macewan Edmonton Real Estate

2012-01-27T13:04:00.000-08:00

The Macewan neighbourhood in south Edmonton has recovered from the low average sale price per square foot of the third quarter of 2011. More details on Macewan's market here: Macewan Edmonton Real Estate

Crawford Plains Millwoods Real Estate

2012-01-27T13:02:00.000-08:00

The Crawford Plains area in Millwoods has seen it's average sale price per square foot recover from the lows of the 3rd quarter of 2011. More details on this Millwoods area here: Crawford Plains Real Estate

Westmount Edmonton Real Estate

2012-01-27T13:00:00.000-08:00

The centrally located Westmount real estate market continues to outperform the Edmonton market on a average sale price per square foot basis. More details on the Westmount market from 2011 back to 2009 here: Westmount Edmonton Real Estate

Southbrook Edmonton Real Estate

2012-01-27T12:58:00.000-08:00

The Southbrook real estate market (also known as Blackmud Creek), had a strong finish to 2011. More details here: Southbrook Edmonton Real Estate Price Graph

Haddow Riverbend Edmonton Real Estate

2012-01-27T12:57:00.000-08:00

The Haddow neighbourhood in Riverbend has seen an increase in the average sale price per square foot to end 2011. This is in contrast to the overall Edmonton average. More details here: Haddow Edmonton Real Estate

King Edward Park Edmonton Real Estate

2012-01-27T12:55:00.000-08:00

The King Edward Park average sale price has fallen lower this last quarter of 2011. The fall is explained here: King Edward Park Edmonton Real Estate

Forest Heights Edmonton Real Estate Sale Price Graph

2012-01-27T12:53:00.000-08:00

The Forest Heights average sale price per square foot has been falling the last 2 quarters. More details here: Forest Heights Real Estate Sale Price Graph

Delwood Edmonton Real Estate Sale Price Graph

2012-01-27T12:20:00.000-08:00

The Delwood real estate market in northeast Edmonton has been slipping lower the past couple of quarters of 2011. More information is here Delwood Edmonton Real Estate

Glenora Edmonton Real Estate Price Graph

2012-01-27T12:18:00.000-08:00

The Glenora real estate average sale price per square foot has come off the 3rd quarter highs in 2011. Glenora Edmonton Average Sale Price Graph

Ritchie Edmonton Real Estate Sale Price Graph

2012-01-23T14:44:00.000-08:00

The Ritchie real estate market continues to soar higher. This neighbourhood is strong and the central south side location combined with easy access to Mill Creek Ravine continues to draw residents. Ritchie Edmonton Real Estate

Lago Lindo Real Estate Sale Price Graph

2012-01-23T14:41:00.000-08:00

The Lago Lindo real estate average sale price per square foot is still a little higher than the overall Edmonton average this past quarter. Lago Lindo Real Estate Sale Price Graph

Jamieson Place Real Estate Sale Price Graph

2012-01-23T14:37:00.000-08:00

The Jamieson Place (includes Bridlewood and Hawkstone) real estate market has softened a little in the 4th quarter of 2011. This is similar to what has happened in the overall Edmonton real estate market. Jamieson Place Edmonton Real Estate Sale Price Graph

Canossa Edmonton Real Estate

2012-01-23T11:58:00.000-08:00

The Canossa also known as Castlewoods real estate sale price graph is now up. Canossa Edmonton Real Estate

Montrose Edmonton Real Estate Price Graph 2012

2012-01-19T14:35:00.000-08:00

The Montrose real estate market was really soft in the last quarter of 2011. The average sale price per square foot fell dramatically. It will be important to watch if this trend continues for Montrose into 2012 or if it is just a one time dip. Montrose Edmonton Real Estate House Price 2012

Twin Brooks Edmonton Real Estate 2012

2012-01-19T11:25:00.001-08:00

The Twin Brooks Edmonton real estate average sale price per square foot graph is up for data up to the end of 2011.
Twin Brooks Edmonton Real Estate 2012

Parkview and Valleyview Edmonton Real Estate 2012

2012-01-19T11:23:00.001-08:00

The Parkview / Valleyview neighbourhood real estate market update is now updated to the end of 2011.
Parkview Real Estate Average Sale Price 2012

Highlands Edmonton Real Estate Update 2012

2012-01-19T11:15:00.000-08:00

The Highlands Edmonton average sale price per square foot graph is now updated to the end of 2011.
Highlands Real Estate Price Graph 2012

Edmonton Real Estate MLS® sold graphs

2011-11-16T12:27:00.000-08:00

Edmonton Real Estate

For detailed sold price information on Edmonton real estate by neighbourhood click here.

For a comparable market analysis on your Edmonton area home click here.

To search all Edmonton real estate for sale click here.

Edmonton Real Estate MLS® sold graphs

2011-02-22T10:05:00.000-08:00

Edmonton Real Estate

For detailed sold information on Edmonton real estate by neighbourhood click here.

For a comparable market analysis on your home click here.

To search all Edmonton homes for sale click here.

Edmonton Real Estate Market Update November 2010

2010-12-01T13:33:00.000-08:00

There are some positive signs out there. The number of sales for November are close to the average, and the number of new listings are low versus previous Novembers. Meanwhile, the inventory continues to come down. The only negative is prices have slipped, although that is fairly common in the fall.

SALES:
Nov 2010 1120 solds
Nov 2009 1261 solds
Nov 2008 891 solds (Financial crisis period)
Nov 2007 1223 solds
The sales were 1120 sales. Comparing that to other Novembers in previous years we are right on the average of the previous 3 years of 1125 sales. The sales were actually higher in November than in October. That is another positive sign.

NEW LISTINGS:
Nov 2010 1860 new listings
Nov 2009 1894 new listings
Nov 2008 2036 new listings
Nov 2007 2729 new listings

The new listings for the month are lower than the previous 3 year average of 2220 new listings.

INVENTORY:

November inventory is now sitting at 6982, down from October's 7698.

At the current rate that inventory has been falling, and looking at what normally happens in December, I am predicting our inventory should be at 5250 to begin 2011. See the supply vs demand graph. We started 2008 with 6316 inventory (prices fell 8% in 2008) We started 2009 with 4037 inventory (prices rose 4% in 2009) So, if we end up at 5250, we will be in between. If we don't see a rapid buildup in inventory in the spring (which occured in 2008 and 2010), then I would expect prices should be stable in 2011.

NOVEMBER PRICES:

Single Family $362,656 down 0.8%
Duplex/Rowhouse $318,604 up 9% (this is a small segment of our market and therefore is volatile)
Condos $229,603 down 2.7%

Have a great December!

Edmonton real estate market official stats October 2010

2010-11-02T16:02:00.000-07:00

Well the stats are out. The sales were 1077 for October of 2010. Comparing that to other Octobers in previous years we are a little lower than the previous 3 year average of 1312 sales.

October 2010 1077 solds
October 2009 1529 solds
October 2008 1195 solds
October 2007 1214 solds

The new listings for the month are starting to taper off finally. 2269 listings in the month of October is actually lower than the previous 3 year average of 2795 listings.

October 2010 2269 new listings
October 2009 2109 new listings
October 2008 2938 new listings
October 2007 3340 new listings

Inventory of properties for sale has dropped to 7698 from 8602 in September. That is a big drop and mainly the result of properties failing to sell and coming off the market, plus the lower number of new listings helped. If you look at the inventory level today (November 2nd, 2010) we are actually even lower at 7131 properties. Our stats are using the 31st of October as an inventory level, and there are over 500 homes that expire traditionally at the end of the month. So, the inventory is starting to correct itself.

I've also increased some price graphs.

Edmonton Real Estate Market October 2010 unofficial stats

2010-11-01T11:00:00.000-07:00

October finished stronger than it started. We sold 1077 homes and listed 2269. The inventory came down to 7689, this is mainly due to the homes that failed to sell (in the 1700 range) as the new listings greatly outnumbered the sales this month.

Here is where average prices ended up:

Single Family $365,691
Duplex/Rowhouse $292,214
Condos $235,893
I will update the numbers once we receive the official stats from The REALTORS® Association of Edmonton.

Edmonton Real Estate update October 22, 2010

2010-10-22T08:34:00.000-07:00

This week the market has continued to improve. As of yesterday we have sold 727 homes this month. Based on that pace, the projected month end number of sales would be 1073. This is far higher than the pace we are on in the first week of October (projecting only 943 sales).

The number of new listings coming on the market have slowed considerably as well. We've listed 1,670 homes so far this month, at that pace the projected month end number of new listings would be 2465 (vs 2800 projection based on the first week of October's pace).

Inventory is slowly coming down. We now have 7970 homes for sale versus 8035 last week. I did another search to see how many homes are failing to sell and coming off the market for the last few months.
August: 1791 homes failed to sell
September: 1777 homes failed to sell
October (up to 22nd): 787 homes failed to sell
October's numbers will rise much higher than the 787, as there are normally many homes that come off the market close to the end of the month.

So, overall the market is improving. We certainly aren't booming, but the inventory should start dropping this month. I predict we will see an inventory level in the 7000 range in the first week of November. Have a great weekend, and enjoy our unusually warm temperatures!

Edmonton Real Estate Update Mid October 2010

2010-10-15T13:59:00.000-07:00

Well things are getting a bit better. The sales pace is picking up a little bit. Last week we were on pace to sell only 943 homes, now we are on pace to sell 1000 (there were 452 sales in the last 14 days in the Metro Edmonton area). Another positive development is that the new listings pace has slowed. We were on pace last week to list 2800 homes this month, this week we are on pace to only list 2480 (1120 listings in the last 14 days). This is still a high number of new listings, but hopefully the slowdown continues. There are 8035 properties for sale as of October 14, 2010. 60% of this inventory is single family, 30% are condos, and the balance is made up of duplexes and other (mobiles, rowhouses etc).
I have noticed more offers coming in on my listings in the past 7 days, and it definitely "feels" busier out there. Have a great weekend!

October 7th 2010 Edmonton Real Estate update

2010-10-08T12:42:00.000-07:00

As of yesterday, we have listed 635 homes in the Metro Edmonton area so far in October. That puts us on pace to list over 2800 this month. The high new listing pace of August and September looks to be continuing into October.
As for sales, we have sold 213 homes in the Metro Edmonton area. That puts us on pace to sell 943 this month. Traditionally we sell 1200+ in October. So, sales continue to be lower than the last few years' average.
Have a great Thanksgiving! Living in this country, we all have much to be grateful for.

September 2010 Edmonton Real Estate Market Update

2010-10-08T12:21:00.000-07:00

Well September wasn't much different then August. We saw 1187 sales in September (1285 in August) and there were 2668 new listings in September (2708 in August). So the supply continues to outpace the demand. Our listing inventory actually did fall in September from 8822 to 8607 properties for sale. That certainly wasn't due to sales, it was due to sellers taking their homes off the market. I hear a lot of people saying that they will take their home off now, and then put it back on in the spring of 2011. The only problem with this theory, is that was what everybody did in the fall/winter of 2007. Our inventory built up in the spring of 2008 to a peak of 11,006 homes for sale. It is hard to predict what is going to happen at any time, but I'm pretty confident that prices will continue to soften this fall due to higher inventory levels. I have to temper this with the increased job prospects and increased immigration into Alberta that was recently announced. These are both very positive developments. So, this increased inventory should be reduced in the coming months and strengthen home prices in the long term.

How about prices? September saw single family detached homes staying stable at $370,654 versus $370,181 in August. Condos were up a little from $236684 in August to $238822 in September. If you look at the price per square foot graph it paints a different picture. The price per square foot for single family detached in Edmonton is starting to move down, ie)you are getting more house for your money in the market.

August 2010 Edmonton Real Estate Update

2010-09-15T14:53:00.001-07:00

Well high inventory levels continue to be the story the latter half of this year. We are now at 8822 homes for sale in the Metro Edmonton market. This is down only marginally from July's 8892. Normally we see the inventory fall as we go into the fall. This year things are different. So what is going on?
It is actually a combination of two things. The sales were very low, we only saw 1195 homes sold in August. In the last 4 years, we've averaged 1635 sales for August. The other stat that jumps out is the increase in new listings in August. Normally we see about 1582 new listings (average of previous 4 years for August), in August this year we saw 2700 new listings. That is why our inventory has crested but not started to fall.
How is this impacting prices? Well they are starting to fall. Single family homes are down almost 2% from July and Condos are down 3.4%.

Edmonton housing bubble?

2010-09-03T14:38:00.000-07:00

There is a recent study from Canadian Centre for Policy Alternatives that suggests that Edmonton is in a housing bubble. The article states that our prices should be a lot lower based on an inflation adjustment from the prices housing here in the period of 1980 to 2000. Here are my 2 cents on the issue.
The main flaw in this study is that it bases todays values on housing values from the 80's and 90's. In the 80's and 90's Edmonton real estate was severely depressed in relation to the rest of Canada. Edmonton was hit by two shocks. The National Energy Policy of the early 80's and then Premier Klein's cutbacks in the early 1990's (which I believe was necessary to get our debt and deficit problems under control). These political changes caused a severe negative reaction in the housing market. So, extrapolating numbers today from depressed values in the 80's/90's is one problem.
The other problem is that when you look at incomes in Edmonton, our prices are not in bubble territory. The most recent stat I could find on average household income in Edmonton was from 2007. In 2007, the average household income in Edmonton was $87,300. The Metro Edmonton August 2010 average home price (including condos, duplexes and single family) from the RAE (REALTOR'S Association of Edmonton) is $325,588. If you divide $325,588 by $87,300 that is a ratio of 3.7 times income. The "experts" say that housing should be 3 times household income to make it affordable. So, 3.7 is not really bubble territory in my opinion. The other factor that isn't included in this 3 times income figure is the tax structure of the area. Alberta has the lowest tax rate in Canada. These gross income figures don't factor in the net income to a household after taxes are paid, it only looks at gross. So, I would expect Alberta's cities to be a little higher than other provinces and states due to our lower tax structure. I'm always surprised when people criticize Alberta's housing values, and downplay Toronto and Vancouver values. Alberta is where the jobs are, taxes are low, and many people immigrate into this province for that very reason.
Do I think that our market has some room to fall when it comes to prices? Yes, I do in the short term. We have an oversupply of homes for sale now in relation to our sales. That normally causes prices too fall. A 40% drop? I don't think so. Our last price adjustment was 18% (from spring of 2007 to Feb 2009), and much of that was caused by speculation in the housing market. Many single family homes were built in order to flip or built on speculation by the home builders. That clearly hasn't happened since the market corrected. The oversupply we are seeing today in our market is in apartment style condos. These were overbuilt in response to the 2006-2007 boom and are all finally coming on stream now as these projects often take much longer to complete than a house.
Lastly, I would like to say that in my 17 years of selling real estate in the Edmonton area, I have heard many predictions. I remember people complaining that we were overvalued in the late 90's and the market was going to crash. Our average price was in the $110,000 range at that time. These people were going to rent until the prices came down. I guess they are still renting.

July 2010 Edmonton real estate update

2010-08-12T11:21:00.001-07:00

The stats are out. And, July was a slower month. That is to be expected with summer holidays, but our sales were lower than normal. We had 1294 sales in July and that is off our normal range of 1500-1800. It is way off July of 2009's numbers of 2223, but last year was an exception. 2009 started with record low sale numbers due to the financial crisis and then turned sharply up with pent up demand that came through in the spring. The inventory has finally crested at 8892 homes and condos for sale in the metro Edmonton area. The inventory should continue to fall as homes sell and come off the market. I've attached a graph showing the inventory and sales levels to put it into perspective.

June 2010 Edmonton Real Estate Market Update

2010-07-27T14:51:00.001-07:00

We are entering the summer doldrums. Prices have flattened out this month. We've actually seen a fall in prices in the condo and duplex market.
SFD $391,497 Up 0.4% from last month
CONDO $242,644 Down 2.4% from last month
DUPLEX/ROWHOUSE $306,905 Down 4.5% from last month.
The big news is the inventory has risen. We are up to 9406 properties for sale, combine that with 1539 sales last month and that translates into a 6.1 month supply of inventory. 6 months is the borderline between a buyers and a sellers market. So, officially we are dipping into a buyer's market. I expect to see our prices stabilizing and softening as we go into the fall. This is a normal annual occurence, but the excess inventory may add to the softening.
The good news is that the inventory appears to be peaking out, July's inventory level should be similar to the end of June. So, the buildup in the number of listings for sale appears to be ending.

May 2010 Edmonton Real Estate Update

2010-06-02T13:59:00.001-07:00

The official stats are out for May. The market is moving more and more into a balanced market. Prices have still climbed for single family houses (1% increase over April), but condos and duplexes fell (both by 2%). Our inventory level has increased to 8780 properties which is higher than our peak last year. Buyers are finding that they have a little more time to look, the average days on market is sitting at 44. The sales were off last years torrid pace of over 2200. We were just shy of 1700 sales this month (1682).
The slowdown in sales could be attributed to the tightening of mortgage requirements that came in mid April. I've attached some price graphs for different property classes to show you the trends since early 2007.

January 2010 Edmonton real estate update

2010-02-09T21:13:00.000-08:00

Well 2010 started out soft, it definitely didn't start with a bang. The sales were just above last years' numbers. The major points are here:
1) JANUARY sales were low (884). We did exceed the 730 sold in January 2009.
2) The listing Inventory level is much lower than last year. Our current inventory is 4864 properties, in Jan 2009 the level was 6573.
3) Months of inventory has moved up to 5.5 (still a sellers market, as it is under 6)
4) SFD Prices Flat, CONDOS prices are falling
5) Days on market average was 57, up from 50 in December 2009. But, much better than Jan 2009 (68 days on market).
I've attached a graph showing the price of a single family dwelling in the metro Edmonton area over the last 2 years. As you can see, we bounced up from the bottom in Feb 2009, and have basically been moving sideways over the last few months.

October Edmonton Real Estate Update

2009-11-09T11:49:00.000-08:00

October is another banner month for sales. We had the 2nd best October ever (beat only by the hot market of October 2006). The listing inventory is down as well to 5530 (from 6032 in Sept). The price point that makes up $300,000 or less is still hovering around 50% of the market (48% under $300,000 in October). 20% of the market is over $400,000, again consistent with most of the year. Despite the fact there are plenty of multiple offers floating around, the prices did slip (down 2.2% for Single Family and down 3.2% for condos) which is seasonal.

September Edmonton Real Estate Prices

2009-10-20T18:03:00.000-07:00

Well September was the 3rd best September on record for units sold. The prices are definitely reflecting the market's turnaround. This graph shows the price for a single family dwelling from March of 2007 onward.

August 2009 Edmonton real estate price ranges

2009-09-02T11:02:00.000-07:00

Here are those charts. As you can see the price ranges that are expanding are under $300,000 and over $400,000. I would attribute this expansion under $300,000 to the continued influx of first time buyers into the market. The over $400,000 range is probably attributed to better feelings about the economy and more move up buyers.

Edmonton Real Estate Market August 2009

2009-09-02T10:48:00.000-07:00

Well it looks like we are back to a balanced market. No record breaking sales this month. The number of sales for August are back to a more normal range (1673). Prices actually have flattened and dipped a little. The inventory is continuing to fall which is good news. We are now at 6445 homes for sale (down from 6592 in July). One thing that is interesting is the over $400,000 price segment has went up in the last month (from 19% to 22%) but the under $300,00 is also increasing (up from 47% to 48%). So, therefore the middle $300,000-$400,000 range is actually shrinking a bit. I will post these charts in the next post.
What this all means (in my opinion) is that the market is balancing out. The predictions that we were going to shoot through the roof with prices earlier in the year have not been realized. The prices have stopped their freefall and climbed a little, but it looks like we are now moving into a stable balanced market.

July 2009 Edmonton Single Family Detached Average Price

2009-08-09T07:36:00.000-07:00

I've put together a graph showing the average price for Single Family Detached homes. Our prices have moved back up to mid 2008 numbers. Way off from the 2007 peak, but we are moving in the right direction.

Edmonton Real Estate July 2009 Market Stats

2009-08-06T11:06:00.001-07:00

July has been similar to June, very strong and recordbreaking. 2277 sales in the month of July, beating July of 2006 (1953 solds) by a wide margin. On the listing supply side we are now sitting at 6592 properties for sale which is down from June's 6785. What have prices done during this strong market? Not too much. We have seen an increase for Single Family dwellings to $369,859 which is just under 1% increase from June 2009. The overall average price (including condos and duplexes) actually dropped one percent to $324,847.

What does this all mean? Well the market is definitely trying to find itself. The demand is very strong, but the listing inventory has been keeping up with the demand. The resulting situation is becoming more of a balanced market in my opinion. I don't thing the sales will be recordbreaking as we go into the fall (I have been wrong before), so I actually forsee a situation where our inventory climbs a little. Not a dramatic increase, but enough to stall any further price increases. We did have the one month of 5% price increase this year, but the rest of the months are up 1% or down 1%. Overall we will probably see an average price increase of 7% total for the whole year of 2009.

This is good, not great. It reminds me of the 1996 market in Edmonton. In 1996, we had a tremendous influx of Armed Forces personnel moving into Edmonton from other Bases. This increase in demand did not effect prices dramatically (prices went up 4% for the year), but what it did do was "sop up" the excess listing inventory we had from the 1993-1995 recession/cutbacks that were going on in the City when Premier Klein came to power. Basically, the increase in buyers helped cure the supply problem, stopped the freefall in prices, and we went on our merry way of price increases in the 5-10% range in the following years. I see a similar situation here. We don't have military moving in, but we do have first time buyers, renters and relocations coming into the market. These people were frozen out of the market for the last few years because of the higher interest rates and the higher prices.

Edmonton real estate market stats for June 2009

2009-07-02T16:12:00.000-07:00

Well as we expected, June was a record breaking month for sales. Over 2400 sales this month, more sales than May (2161 sales). The other big story is how many listings are out there. Our inventory has dropped down to the 6500 range. That is much lower than last June (2008) when we had 10,817 homes for sale. Prices for both condos and single family both went up just under 1% for the month. Not as high of an increase as May (4% increase). This could be something to watch. The high sales volume units wise is not translating into a manic price increase (like 2006). In fact the percentage of the total sales are very similar to January 2009 numbers. We have been hovering around 50% of the market in that $300,000 or less price point. So the market has been very strong, but the prices have not gone crazy. A 5% increase in two months is still very substantial. I've attached some graphs that might be of interest. Happy Canada Day everyone!

Corporate Relocations: Relocating your family to Edmonton Part 2

2009-06-29T10:17:00.000-07:00

I've included some more question and answers relocation related.
Question: What if my employer doesn't pay for the move, are there any savings I can receive?
Answer: This is a question you should ask your accountant. If you are relocating a certain distance for work reasons Canada Customs and Revenue Agency could allow you to claim expenses such as flights, moving vans, hotel stays, meals, inspection costs, etc. Again I am not an accountant, but check with your accountant to see if these expenses can be claimed by you.
Question: I don't know much about the area I am moving to, how do I know what is good or a bad area?
Answer: The short answer here is find a good REALTOR®. A good REALTOR® will advise you on average sale prices in the area, crime concerns, commuting distances etc. A good rule of thumb is, the higher the average price of a neighbourhood, the better the neighbourhood. If it looks like it is a great deal, there is probably a location issue with the home. Your REALTOR® can help advise you on what the best area will be for your price range.
Question: What is the market like? I know where I am living everything is selling slowly.
Answer: Again a good REALTOR® will make you aware of what the average days on market is, how much the sellers are coming down in price etc. Really market education is the key.
Question: How should I pick a REALTOR®?
Answer: Referrals from a REALTOR® you know in your current area is one great way. That is how I am connected to most of my relocating clients. Also, talk to friends or family members that may know someone. Some companies have a relocation program that assign you a REALTOR® as well. Be sure to check out the steps involved if you are part of a relocation program. For example, I know with the Canadian Forces you can not list your home before you have your posting message. If you don't follow the right steps, your relocation company may not pay for some of your moving expenses. The internet is also a good way to find a REALTOR®, you can create dialogue through emails and by the phone. Don't be afraid to ask questions!
Questions: When choosing a REALTOR® what questions should I ask?
Answer: I would ask how many relocations they deal with per year. How experienced they are (important for neighbourhood knowledge). Do they personally work with you or do they put you in touch with a buyer's agent. If it is a buyers agent, how experienced is that agent.

Corporate Relocations: Relocating your family to Edmonton Part 1

2009-06-29T10:16:00.000-07:00

Each year I work with 10 or more families relocating from other cities and regions of Canada into the Metro Edmonton area. I've put together a few questions and answers that might be of help should you be relocating.
Question: Should I have my home sold first?
Answer: This is a big one. I highly recommend you sell your current home first. Even if you can financially swing buying before you sell, it converts you from a want to seller to a have to seller. Your negotiating power on the selling of your home is definitely weakened when you have the added pressure of paying for two households. The other problem is if you do have to sell your current home in order to buy the new home, the seller will most likely put on a 24/48/72 hour clause condition, which means your offer can be bumped at anytime by another buyer. This is a very emotionally draining position for a family to be in. You think you have your dream home tied up and it is pulled out from under you. Not a positive experience.
Question: How many homes should I be looking at?
Answer: The average number of homes a local buyer will physically look at when they are utilizing the internet in their search is 8. I find that my buyers that are from out of the area normally look at double that number (15 or so). That does not mean everyone looks at that amount, as it depends on how many homes are for sale in your price range and area, but it is a fairly accurate average.
Question: I have a week to find a home. Is a week enough time?
Answer: Surprisingly yes! I have actually found that 2 or 3 days of power shopping (looking at 8 or more homes per day) normally is enough time to pick your new home. That still gives you time to line up a building inspection and be present at the inspection before you have to return to your current home. In fact, I do not ever remember having a client not being able to find a home in the week they were given.

Stay tuned for part 2....

Edmonton mortgage defaults June 2009 and media sensationalism

2009-06-24T20:28:00.000-07:00

I just came across a "news" article in the Edmonton Journal today. The title is Mortgage Defaults Soar!!!! http://www.edmontonjournal.com/Business/Mortgage+defaults+soar/1723557/story.html Now, I like to present facts and stats, but I really had to laugh at some of the points the article brought up. One "stat" that really stood out was, and I quote "ForeclosuresCanada.com,which tracks Alberta court filings for property investors--but doesn't provide data with the same level of detail as the province--listed two-and-a-half times more Edmonton foreclosures between this January and early May than in the same period two years ago." Now, anybody that had a remote involvement in Edmonton real estate in early 2007 knows that this was the hottest period of sales we have ever had. In fact, the most homes we ever sold in one month was in May 2007 (2839 sales). Sale prices were climbing 5% per MONTH in early 2007. To see a home go into foreclosure in early 2007 was a complete oddity. So, any market would have more foreclosures than that time, I am actually surprised there were only 2.5 times as many. To be fair, I also know that Real Estate Boards tend to put a positive spin on everything. I'm not defending that either. But, this headline is just sensationalism. I guess it gets attention, kind of like Elvis is Alive, or I am Bigfoot's love child.

Edmonton real estate price range statistics

2009-06-18T09:39:00.000-07:00

I was mentioning in a previous post the price ranges that are the most active. I've put together another graph that shows where the market is the most active. Currently close to 50% of the market is under $300,000, 85% of the market is under $400,000. The biggest segment of buyers by far are in the $250,000-$300,000 price range. That segment alone makes up close to 20% of the market. These stats are for June 2009, month to date (as of June 17th).

Edmonton Real Estate Condo Average Sale Price June 2009

2009-06-17T10:42:00.001-07:00

The condo market has strengthened as well. I've put together another graph showing the condo price increase in the Edmonton real estate market. (Note: the June stats are all based on data up to Jun 15, 2009) Again this clearly shows the impact the upswing in sales and constant listing inventory has had on the prices in the area.

Edmonton Real Estate Average Sale Price Mid June 2009

2009-06-16T16:12:00.001-07:00

Hi again! I've put together a graph to show the rapid price increases we have seen in the last 60 days in the Edmonton real estate market. (Note: the June stats are all based on data up to Jun 15, 2009) From the SFD graph it appears as if we hit the lowest price for single family in February of 2009. This falls into line with the continual shrinking of the months of inventory in the Edmonton area.

Mid June 2009 Edmonton Real Estate Market Market update

2009-06-15T10:48:00.000-07:00

Sales continue to be strong. Currently we are on pace to sell over 2300 homes. That is even stronger than May (2161). So, unless things tailoff, we may beat May's numbers. As for listing inventory, we are currently sitting at 7562 properties for sale. The number of new listings is keeping the inventory level constant and close to what we ended May with (7435 properties). I expect the inventory level to drop to close to 7000 by the end of the month. This follows seasonal trends of the listing inventory peaking in the month of May.

The market is very brisk under $300,000. In above average areas the market is also very strong up to $400,000. Multiple offers are fairly common, but it is rare to see unconditional offers. Good well priced properties aren't lasting long, on average they are going pending in the first week on the market. I'm working with a couple buyers in the lower price ranges tonight, and hopefully we can find something to offer on where we are not in competition with other buyers.

Official Edmonton MLS stats for May 2009

2009-06-02T11:53:00.000-07:00

Well the stats are out. The market did perform quite well in May as was expected. The main points are:

1) May Sales (2161 sales) are consistent with 2005 numbers (before we had our boom in 2006-07). The sales are not recordbreaking but strong. Throughout 2008 we never sold more than 2000 homes in a month. Year to date sales are still lower than 2008 (by 8%).

2) Listing inventory is DOWN 100 properties from April. Normally May is the peak level of inventory for the calender year.

3) PRICES are being impacted up by 4%. Buyers are shifting up in price, this is the first month we have really seen a dramatic change for both condos and single family dwellings.

4) We are now sitting at 3.4 months of inventory which is more of a Sellers' market than a balanced market.

The big question out there is will this strength continue. The supply and demand definitely indicate prices should increase (as they have). Our sales are very similar (actually we are down by 8% year to date) to 2008. The difference is on the supply side. Our number of listings are way down (30% range). That is what has kicked the market out of a buyers' market and into a sellers' market. As I had mentioned in a previous post, the one wild card that is out there is interest rates. If interest rates move up 1 to 2%, I think the market will cool off quickly. In 2006 and 2007 it was more of a "I have to buy before prices go up and I'm going to get rich" mentality. This year it has been more of a "I can finally afford a home now with the reduction in prices and interest rates" . This is more of an affordablity driven market, 2006-07 was more of a speculative panic market. That is why I am cautiously optimistic in the market, but also know that a return to the boom months of 5% price increase per month is probably unlikely.
We did see an increase of prices by 4% last month, I just don't see that becoming a pattern in 2009. If anyone has any thoughts on the market, I would love to hear them.

End of May 2009 Metro Edmonton Market Stats

2009-05-29T12:08:00.001-07:00

Hi everyone. It looks like we will end up with close to 2250 sales for May (up from 1843 in April)and an inventory of 7500 homes for sale (close to April's numbers). The market is now tipping more towards a Seller's Market than a balanced market. We only have a 3 month supply of homes for sale with the current rate of sales. The market currently is very strong.

The only thing that could pour some cold water on the market is the talk that interest rates are going up. Our market has been very price sensitive. Close to 50% of the sales are under $300,000 and that has been fairly consistent since the beginning of 2009. I think an interest rate increase combined with price increases will knock out alot of buyers that are in the market right now. So, I am cautiously optimistic on the market.

I will be putting out the official stats once they are posted by the Edmonton Realtors Association.

Mid May 2009 Metro Edmonton Market Update

2009-05-20T10:59:00.000-07:00

The strengthening market continues. The sales have been very strong in the recent 2 months. This is combined with a lower number of homes for sale versus last year at this time. According to the latest stats, we are on pace to sell over 2000 homes this month. As for the number of homes for sale, it looks like our inventory will increase by around 700 homes by the end of May. That will put us at just over 8000 listings (we were at 11,000 by the end of May 2008). 2000 sales with 8000 properties for sale is equivalent to a 4 month supply (how long it would take to sell our current inventory at the current rate of sales with no new listings). Normally this indicates a sellers' market and prices should increase.
The one thing that is interesting is that the prices have not been effected so far. I am noticing buyers wanting to buy homes, but they are being very patient. They want to negotiate and are willing to wait if the seller does not agree to their numbers. It is an interesting dynamic. Normally with this tight of a supply situation you will see stronger price increases, instead pricing is remaining very stable. The buyers are definitely willing to pay market value, but they do not want to get into a bidding war. Hard to say how long this situation will last, but when a market enters a transitional stage there is often a period of adjustment by the sellers and the buyers.

Residential sales yearly comparison

2009-05-13T15:45:00.000-07:00

I was working on a graph that shows the number of properties sold in the Metro Edmonton area over the last 5 years. It clearly shows that May is normally our peak month for number of sales. The red line is this year's sales numbers. If the pattern continues we could see 2000 properties sold in May. That would put us on track with 2008 (blue line) and 2005 (yellow line) sales volume. 2006 (black line) and 2007 (green line) were unusual speculative years and should not be considered a "normal" number of sales.

The market has definitely been brisk. Our days on market average continues to fall (from the 70 days range to 58 days)and the list to sale's price ratio (ie how much the buyers are getting off the price) has been rising. These are two clear signals that the market is strengthening.

The Edmonton Real Estate market update May 2009

2009-05-07T12:07:00.001-07:00

How is the market? The short answer is improving! Last year (2008) we had an oversupply of listings (reached 11000 listings), only 4 out of 10 listed homes sold and prices were dropping in the 1% a month range. Thankfully that year is over!
The market demand (sales) have been steady this year. In April we sold 20 more homes than April of 2008 (1% increase). In contrast to the oversupply of listings in 2008 which caused the prices to fall, our listings are way down. New listings are down 1452 from last April (32% lower) Overall Inventory is down 3067 from last year (7539 versus 10606) or down 29% from 2008. The tightening supply has caused the prices to stop their freefall and it looks like we have moved from a buyer’s market into a balanced market.
If you are curious what your home is worth today, please don’t hesitate to call me at 780.499.5696.

Official Stats for Edmonton January 2009

2009-02-04T11:37:00.000-08:00

Well the stats are out. The sales were better than December, but much lower than January of 2008 (off 40.9%) there were 730 sales in January versus 608 in December. The positive spin that has been put on this is that the unit sales number has went up month over month, but December was a record low for unit sales.
Analogy: So, it is kind of like saying I upgraded my car from a Gremlin to a Pinto. No offence to Pinto owners out there.
There is good news though. The listing inventory is sitting at 6573, in 2008 we were already up to 8284 homes for sale by the end of January. That means we added 4% to our listing inventory in the month of January. To put that into perspective, our listing inventory grew by 12.7% in January 2008. So, after polishing my crystal ball and if this pace continues my bold prediction is that our listing inventory will hit 7600 homes for sale in May. This inventory level is a balanced supply for our population as long as we see normal sales volume. To sum up, January sales bad, January listings good.

The January Market

2009-02-03T09:59:00.000-08:00

Well the stats aren't out for January, but the market has definitely been active. Our sales look like they will be in the 600 range, which is low. Normally we see 900 to 1000 homes selling in January in previous years, so we are obviously off in sales just like December 2008. But, there is definitely a change in the air. I am out showing this evening and half of the homes we wanted to view in the $350-$375000 price range are pending or sold. The market has appeared to be gaining speed since the year began. Our listing inventory looks to be in the 6700 range (versus 6300 at the beginning of January), so that is a gradual buildup and not a huge concern.

On my listings, the showings are way up versus December. I've been speaking with other Realtors as well as Mortgage specialists and everyone is noticing a ramp up in activity. Personally, I still do not see a return to 2006 or 2007 price increases, but there is a good chance that we have reached the bottom of the market and are turning a corner.

I will post an updated graph showing the inventory and sales when the official numbers come out.

Changing things up...

2008-12-16T07:50:00.000-08:00

Hi everyone. Instead of the stats, I'm going to be posting some things you normally don't see here. I'm out of town for a couple weeks, taking some time to recharge with the family. We are down in San Diego, much warmer than what we left in Edmonton (-23 degrees C). Although the weather here has been wet and cold for San Diego standards, not really sitting by the pool weather. We ended up getting soaked yesterday going shopping at the mall. The open air mall layout in Southern California doesn't work too well in a downpour. Anybody have any ideas on what to check out while we are down here? Any good restaurants or must see places?

November Market update

2008-12-02T19:57:00.000-08:00

Well December is here already. It has been a wild year for Edmonton real estate. We have seen a peak of listing inventory never seen before. Our sales have been strong for much of the year. Although November has cooled off. We are now at 8015 homes for sale, and we had 891 sales in November. To give you some perspective, normally we see 1200 homes selling in November, so the sales are off by roughly 25%. Inventory has continued to fall, this is good. I heard a rumour that Calgary's inventory was rising this fall. So, the drop in listings pattern has continued. We should see an inventory level in the 7000 range by the end of the year. The one difference I think we will see in 2009 is not as much of a run up in inventory in the first 5 months of the year. The reason I'm saying this, is that many people last fall (2007), were taking their homes off the market in order to relist in the spring of 2008. They thought the market would be stronger in the spring of 2008. It turned out that the sales were strong, but there were too many other sellers thinking along the same lines and we were flooded with new listings this spring. Happy holidays!

October 2008 Edmonton Real Estate update

2008-11-01T10:29:00.000-07:00

Hope you all had a nice Halloween, it is nice to see warmer temperatures and no snow for the little ones.

As for the market, October has continued the inventory decline. The sales in October did dip (1203 sales), although that is consistent with previous Octobers. If you look at the stats from the month of October back to 2004, then you will see most months result in 1200-1300 sales (the only exception being the overheated market of 2006). So, overall we are seeing very consistent results with continued strong stable demand.

The one change has been the inventory decline, as you can see from the graph it is not nearly as steep as previous months. We may not see the 5000-6000 inventory level at the end of the year if this pattern continues. 7000 may be a more realistic prediction.

September 2008 Edmonton Real Estate Update

2008-10-01T17:39:00.000-07:00

The market continues to strengthen on both the supply and demand side. The supply of homes is now sitting at 8630 homes for sale in the Edmonton area. Down from 9612 last month. On the demand side, the number of sales have bounced up to 1719 from 1541 in August. We are now in a market with a 5 month supply of inventory. Technically we are now in a balanced market.
Predictions? As I mentioned in August's wrapup, I think we will drop into the 6000 or less inventory range by the end of December. That should set us up for a strong spring market in 2009 where we could start to see price increases.

August 2008 Edmonton Real Estate update

2008-09-06T13:19:00.000-07:00

The pattern continues. Our listing inventory has dropped to 9612 from 10,335 in July. That is a big drop. If we continue at this rate, then our inventory could easily drop under 7000 homes for sale. Last year (2007) we saw a drop to the 7000 level, but the inventory didn't start falling until October. Therefore, we may even see 5000-6000 numbers for inventory. If we do see this level and our sales remain strong, then price increases could be expected in 2009. Those are mighty big "ifs", but the pattern and graphs are pointing in that direction. A 5000 level of inventory with 1500-2000 sales per month would definitely create a seller's market. Before everyone gets too excited, we won't be returning to the 50% annual increases in price soon. We should come back to the 5-7% annual price increase that we had in the early 2000's and late 90's IF the patterns continue.

As for sales, we were a little softer than July. In July we saw 1752 sales and in August we have seen 1541 sales. Softer than July yes, but this is much stronger than last year, August 2008 only saw 1229 sales.

Days on market has crept up, we are now at 63 days in August. We were at 55 days on the market in July. Two things can be the causing this. This could be a signal that the market is slowing. Or, is this a signal that sellers are starting to dig in their heels and are willing to wait for higher offers? September should answer a few more questions.

How much should I build into my price when I list my home?

2008-08-18T09:11:00.000-07:00

This is a common question that sellers have. As you can see from the graph the list price to sales price ratio has bounced between 96% and 97% for 2008. So, what this means is, if you have a home listed for $300,000, the average sale price of that home will be in the $288,000 (96%) to $291,000 (97%) range. The reality is that you as a seller will determine whether you will take an offer or not. If a buyer offers you 90% of list price, then don't have to take it. If you have priced your home well, then your list to sale price ratio could be closer to 100%. I've seen homes that are well priced go for 100% of the list price or higher in this market. I've also seen the opposite occur. I've seen where a home has been on the market for awhile and/or needs quite a bit of work and a motivated seller lets the home go for 90% of list price. So, you always have to be careful when looking at averages because every home and situation is different. As a professional REALTOR®, I go over the whole process when I meet with a seller. Averages are helpful in giving you facts when you make your decision on price, but they are not the whole story.

How many days does it take to sell today?

2008-08-13T09:24:00.000-07:00

The days on market average has been fairly consistent for 2008 in the Edmonton market. We started the year at 61 days and dropped down into the 51-55 day range in the remaining months. Many people call me in to sell their home and make the mistake of thinking they can put their home on and have it sold (ie have their money and move out) in 30 days. This is a possibility although very unrealistic.
Firstly, our days on market average does not include homes that sold but were also on the market previously and failed to sell. For example a home may have been on for 180 days with another REALTOR® and then it was relisted and this time it sold in 45 days with the same or different REALTOR®. The days on market reported is 45, NOT 225 (45 when sold + 180 when expired). So our days on market average is always understated. This is a minority of the listings but it does cause the reported days on market to be lower than in reality.
Secondly, the possession date on average is in the 45 day range. So, if you add the average days on market to sell (55 in July) plus the average possession date (45), you end up with 100 days or a little over 3 months from the point you put the home on the market until you receive your funds and move out.
That being said, I have sold homes in the first week and had a 21 day possession, so anything is possible. But, if you look at the law of averages you are better to give yourself 120 days from the point of listing to when you want to move out.

Should we buy or sell first?

2008-08-04T10:19:00.000-07:00

This is a common question that people have when they have a home to sell. Should we find a home first, or sell ours first? I understand the worry that you won't find the right home, but in reality that is very rare. Especially today with our current listing inventory in Edmonton we always find a good home if we give ourselves enough time (60-90 day possession on your existing home). I always recommend to sell first. There are quite a few reasons but the biggest is money. Financially you can lose money by buying first. To explain this, when you are buying you are emotionally involved. When you are selling it is much more of a logical (have to do) process. I've seen many people buy first and overpay for their new home (emotional) then they "dump" their home and sell at a low price in order to get into the next home. Not to mention, it almost always puts you in a bad financial spot when you are covering two mortgages for any period of time. I've seen some people in this market that have bought first and have lost 10's of thousands of dollars (eesh!).
Some people try to buy subject to their home selling and this may not put you in a bad position immediately (not having to cover two mortgages), but your negotiating power is lessened when you have this condition on your offer. So, you still end up overpaying for the new home. This is also a real roller coaster emotionally. If you can't buy the new home outright and have to put a subject to sale condition in your offer, the seller of the new home will always put a time clause on the condition. What that means, is that if another offer comes in on the new home, the seller has the right to serve you with 24, 48 or 72 hours notice to either remove all your conditions (ie own both homes) or withdraw your offer. So, you end up back in the bad financial position by removing conditions, or you back away from the offer and lose your dream home. Not fun.
The last remaining problem is that pricing your existing home is not an exact science. Nobody, including appraisers, can tell you exactly what your home will sell for. We as professional Realtors can educate you on what your home should sell for, but until we actually have a buyer offer on your home, we are only working with hypothetical numbers. Not to mention the market can change while you are trying to sell. For example, 5 of your neighbours can put their homes up for sale, a local company can lay off 1000 workers, interest rates can go up etc. You get my point. You are in a much better position when you know exactly what you are netting out of your existing home.
That is why I always recommend you sell first.

July 2008 Edmonton Real Estate Update

2008-08-01T15:13:00.000-07:00

Well this month we can definitely see a trend. We are starting to see our listing inventory finally coming down. This follows closely with previous years where we peak out in May with the number of homes on the market. There is then a gradual decline to a low of inventory at the end of December. January sees inventory building up until May and then the number of homes for sale starts to fall again.

On the demand side, the sales have been quite strong. We are just off April, May and June numbers of 1820-1850 sales, we sold 1752 homes. That is particularly good for July as this month is normally the lowest next to December for sales volume. This amount of sales is also much stronger than last July (2007) where we had only 1565 homes sold.

Outdoor Entertaining Ideas

2008-07-09T19:04:00.000-07:00

As the weather gets warmer, there's nothing more fun than taking the party outdoors. Whether you're having a backyard bash or an intimate gathering on your condo balcony or rooftop, here are some tips for a simple, sophisticated summer 'do.
Be deliciously different.Think outside the burger, and try something like marinated vegetable skewers or grilled pizza. If you plan to barbecue something that falls apart easily, like fish or veggies, use a grill rack. Put a sprig or two of fresh rosemary on the coals while you're grilling. Not only will the food taste great, but your party will smell wonderful.
Serve a signature cocktail.Set up a margarita or mojito station. Set out rimmed glasses, slice some limes, then serve the drink in pitchers with lots of ice and let guests help themselves. Be sure to offer lots of non-alcoholic options, too.
Let your guests help themselves.Spend time enjoying your guests instead of serving them. Set up an elegant outdoor buffet by covering a side table with a crisp white tablecloth. Create "bouquets" of cutlery in vases, or make a neat pile of restaurant-style "roll-ups" with paper napkins. Decorate with candles, flowers and fresh herbs.
Have an upscale picnic. For the ultimate casual get-together, plan a backyard picnic (or a picnic in the park) on a big blanket. Bring some cushions to keep everyone comfortable, and use serving trays as level surfaces for drinks, snacks and other wobbly items like vases of flowers and pillar candles.
Light up the night.String holiday lights along railings and in trees. Go with white for an elegant look, or coloured lights for a more whimsical mood.
Inexpensive citronella torches add a great ambiance and get rid of bugs.
Set out lots of candles in open mason jars or glass hurricane covers. Group them in big multi-level bunches for an intimate feel, or space them in equal increments along a fence or railing for a modern touch.
Break out the marshmallows.Pick up a portable patio campfire for unbeatable ambiance at your evening soiree. The campfire (available at some home improvement stores) looks like a stone-ringed pit, but is gas-fueled and easy to move around. Be sure to check fire codes in your area, and if you're entertaining on a balcony or a rooftop, check with your building to see what the rules are.
Be on bug patrol.Use citronella lamps and candles to keep mosquitoes away, and put a bottle of insect repellent in plain sight so your guests don't have to ask.
Always remember the first rule of summer entertaining: keep it simple and enjoy yourself. Plan ahead, get everything ready well ahead of time, then sit down and enjoy the sunshine or starlight - and the warm company of friends and family.
Balsamic grilled asparagusA delicious take on a warm-weather favourite
Snap tough ends off 1 pound of asparagus. Combine 3 tbsp balsamic vinegar, 1 tbsp olive oil, 2 tbsp chopped shallots, and a dash of salt and pepper. Drizzle over asparagus and let stand 30 minutes. Brush grill rack with oil, and grill 5 minutes on each side or until done.

Summer Doldrums

2008-07-09T08:32:00.000-07:00

Well July is here and that normally means a slowdown in activity in our market. Most people are surprised to hear that December and July are the two slowest months for number of units sold in the real estate market. That being said there are still homes selling, people just tend to have their minds on summer holidays and enjoying the short Edmonton summer. I've put together another graph showing our inventory versus sales.
The sales data has been quite strong, we are pushing 2000 home sales each month for the last 3 months. Actually they have been extremely consistent, 1823 in April, 1821 in May and 1852 in June.
Our inventory has finally started to crest, we actually dropped a little with the number of homes for sale on the market. At the end of May we were sitting at 11,006 homes for sale and now we are down to 10,817. This falls into normal inventory patterns of markets prior to 2006. We normally peak out in May and the inventory gradually falls to a low a the end of December.

Migration and Erratic Home inventory in Edmonton

2008-04-05T15:49:00.000-07:00

There is an interesting graph that has come out from our Real Estate Board. It shows the relationship over the past 2 years between migration into the province and our listing inventory. We have went from extreme lows under 2000 homes for sale in a month to approaching 10,000. This graph clearly shows how the increased migration knocks the inventory down and vice versa when migration slows.
Most builders in the past two years were taking over 12 months to build a home. The increased migration was causing quite a building boom in the last two years. The only catch, was the time it took to build. If a home is not ready until 12 months or more and then the migration slows, the overhang of listing inventory starts to develop.
I think our situation is quite different then the inventory buildup and price declines in the U.S. markets. Many of those markets were "false booms". Speculators buying to flip, and builders overbuilding without the strong economic dynamics that there are in Edmonton. Did we see speculators in this market? Sure, but the difference is we have the employment and migration figures to justify the extra building.

Selling your Home in Edmonton

2008-03-29T14:58:00.001-07:00

I often hear the question, "How is the real estate market?" There are many buyers out there, and there are many sellers too. The reason there is a high supply of homes for sale is one word, price. If you as a seller are pricing your home based on the 2006 or early 2007 home pricing strategy, you are going to be sitting on the market for quite some time. What I mean by that is this, the previous 2 years saw unbelievable price increases. If your neighbour sold for $400,000 you could tack on another $10,000 or $20,000 and list for $410,000+. You would probably even sell for more than your list say $425,000.
We are in a different market now. Much more of a balanced market. Buyers are aware that there is a good source of inventory and they are not going to pay you a premium for your home. If the neighbour's home sold for $400,000 last month, it doesn't mean your home will sell for $410,000 or more. Shrewd buyers will pay you market value, not premium value. I have been involved in two multiple offers on my listed homes in the past week. Multiple offers happen in a strong market where there are numerous buyers. So, when people ask me "how is the market?" my answer is that there is a strong demand for quality reasonably priced homes. The most important part of that sentence is reasonably priced.

Edmonton March Update

2008-03-13T10:31:00.000-07:00

The stats are out and the sales finished strong again in February. 1287 properties sold (1227 sold in Jan 08). Historical figures for February are:
2007 1886 sales
2006 1605 sales
2005 1257 sales
2004 1195 sales
So, February sales were back on track with 2005/2004 numbers. We aren't seeing the "manic" buying of the previous two years. January and February are back to "normal " levels for properties sold.
Inventory is still climbing. We are now sitting at 8284 sfd and condos for sale (7352 at end of Jan 2008). Buyers have good selection without the pressure of multiple offers bidding up the price overlist.

Prices are moving up:
Average price increase for SFD (from $379,567 to $381,965)
Average price increased for condos (from $257,956 to $264,204)
Rowhouse/duplex price went down (from $301756 to $294,780) historically this category is always more volatile because of the small segment of the market this category consists of.
Overall average price (duplex/sfd/condos) increased from $332,051 to $338,347 from Jan 2008. Prices actually increased close to 2% for all categories average.

Overall the market is still high with inventory, but I've seen three multiple offers on new listings of SFDs in the last 2 weeks in the lower price ranges (under $450,000 in the better neighbourhoods and under $350,000 in the average areas). Both homes selling for under list price and with conditions, which is of course different from the previous 2 years where we saw unconditional overlist offers.
For buyers this market has been the best of both worlds. Prices have stabilized and have started to increase over the last 3 consecutive months, and there is a good selection of homes for sale. I'm not predicting a large increase in prices as of yet. The prices should be strong though, the inflow of buyers this spring will continue to work on the supply of homes for sale.

For sellers, pricing is very important. Tacking on $10,000 or $20,000 to a realistic sales price just doesn't work in this market. The realistic sellers are selling quicker than the 60 day on market average. Those testing the market, are either not selling or having to reduce their price below market value in order to generate offers.

Edmonton Real Estate Outlook in 2008

2008-01-26T22:37:00.000-08:00

Where are we going in 2008? The market has definitely picked up in recent weeks. The one thing that is consistent with the last 6 months, is that buyers still have an abundance of listings to pick from. Our listing inventory is sitting at just over 7000 properties. Historically in a balanced market, we are at a 4000-5000 listing inventory.

The sales over January are going to come under right around 1000. The last 2 years we saw sales over 1000 in January (markets with large price increases). 2003-05 saw sales just under 1000 properties in the month of January. So, we are back to the "normal" and/or balanced number of sales.

What does this all mean? In my opinion, the market has come back to a normal level of sales, the listing inventory is still higher than it should be. Does this mean prices will fall? No, but don't expect large price increases in the current market. We have too many listings to justify significant price increases, but if a significant number of buyers move into the area, we could see a real shift in prices and reduction of inventory. The predictions are that we will have a net immigration of 15,000 people into the Metro Edmonton area this year. We are currently sitting at an inventory that is 3000+ in excess. The average family is 3, and if we have 15,000 people moving in, that would require 5000 homes for new residents. So, the new residents of Edmonton will definitely help in eliminating this excess inventory.
As I have said before, time will tell.

Edmonton Listing Inventory Update

2007-12-21T15:40:00.000-08:00

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

2007-12-14T20:08:00.000-08:00

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

Home Selling Tips Video

2007-12-12T19:59:00.000-08:00

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

Making a small room look bigger

2007-12-10T14:26:00.000-08:00

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?

2007-12-08T14:24:00.000-08:00

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

2007-12-05T15:42:00.000-08:00

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

2007-12-04T17:35:00.000-08:00

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

2007-12-04T14:06:00.000-08:00

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

2007-12-04T12:55:00.000-08:00

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

2007-12-03T15:40:00.000-08:00

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

2007-12-01T15:39:00.000-08:00

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

2007-11-29T15:38:00.000-08:00

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

2007-11-28T16:23:00.000-08:00

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

2007-11-28T15:01:00.000-08:00

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