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2011 Edmonton real estate market provides stable and healthy base for 2012 22 Jan
The REALTORS® Association of Edmonton reported that th
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REALTORS anticipate stable market for 2012 16 Jan
Edmonton, January 11, 2012: Doug Singleton, President o
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Maybe after we things stabilise in US…. 21 Dec
People will be more confident in Canada as well?…
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REALTORS® anticipate stable real estate market in 2012
Edmonton, January 11, 2012: Doug Singleton, President of the REALTORS® Association of Edmonton announced the real estate industry housing forecast for 2012 at an industry seminar on Wednesday. He expects that the current stable market will continue through 2012 with prices and unit sales increasing slightly year-over-year and real estate transactions to follow typical month-to-month trends.
“I do not see any external forces that will influence the normal operation of the real estate market locally in the year ahead,” said Singleton. “Mortgage interest rates are expected to remain stable through 2012 and there will be balanced demand on both the buyer and seller sides of the market.”
The REALTORS® Association is forecasting that the all residential price for housing in the Edmonton area will increase about 2% over the year ahead. Single family detached home prices will increase on average by 2% over the year and condominiums, which are oversupplied in the market, will have their prices increase just one percent. A single family detached home that sold for $372,000 in December 2011 will be priced at $380,500 at the same time this year. Condos are currently selling on average for $230,000 and will increase to $237,000 by next December.
Singleton expects that residential unit sales will increase slightly in 2012 as compared to similar unit sales in 2011. “This is a balanced market with great opportunities for both buyers and seller,” he said. “Inventory levels will be sufficient to provide choice to buyers and yet the rate of sales measured by Days-on-Market and sales-to-listing ratios will be sufficient to satisfy most sellers.” He pointed out that sellers can increase their chances of a successful sale by ensuring that their property presents well and is priced realistically for the neighbourhood and time of year. There are 3,200 REALTORS® available to advise potential buyers and sellers on price, marketing and contract details.
The continued growth of Edmonton and surrounding communities will also result in higher commercial real estate activity in 2012 as more small and medium businesses start-up and industrial development creates the demand for warehouse condo construction and business offices. In 2012 there was $240 million worth of commercial sales transacted through the local MLS® System.
As usual REALTORS® expect real estate activity to pick up in the spring and gradually fall off as the year progresses. However the industry is optimistic about the year ahead and expects good results for the industry, the members and the consumer. “I’m glad to be selling real estate in Edmonton,” concluded Singleton.
2011 Edmonton real estate market provides stable and healthy base for 2012
Edmonton, January 4, 2012: The REALTORS® Association of Edmonton reported that the all-residential average price for real estate sales through the Multiple Listing Service® (MLS®) in December was up 1.7% ($316,415) from a year ago. The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well. As typical for December when sales usually fall off, month over month sales were down 27% and prices dipped 1.5% as compared to the November figures.
“With economic uncertainty impacting Europe and depressed housing markets in parts of the United States, it is a relief to report on the stability and health of the local real estate market,” said REALTORS® Association of Edmonton President (2011) Chris Mooney. “With prices and sales varying within a small range there is a solid base going forward into the 2012 market.”
In November the average price of a single family detached home was $364,924 and dipped just 0.3% in December. A year ago the average price was $357,636. That stability was reflected in condo pricing as well. In November the average price of a condo was $228,689 and the December price of $227,679 was down just 0.4%. A year ago the average condo price was $225,641. Duplex and rowhouse properties sold on average for $282,620, a 9.7% drop from a year ago.
The average residential price (including all SFD, condo, duplex, townhouse properties sold in the Greater Edmonton Area) was $316,415: down from November by 1.5%. There were 1,085 properties listed and 827 sold in December. There were 1,088 listings and 829 sales in December 2010. With slower sales the Days-on-market was 65 and the sales-to-listing ratio was a high for the year of 76.2%.
Looking back over the year, Mooney was content. “Last January, I forecast a 3% increase in single family prices and no movement in condo prices when comparing December to December. We ended up with a change of about half that overall and condo prices up. Homeowners generally saw an equity increase in the value of their homes in 2011.”
The all-residential average price for the entire year was $325,457 as compared to $329,019 in 2010. There were 10,962 SFD sales (up 5.5%) in 2011 and 4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up 3.8%) on listings of 30,906 units (down 2.0%).
Total MLS® sales (including residential, rural, recreational and commercial properties) were valued at $6.29 billion and represented 39,350 listings and 18,986 sales transactions. “REALTORS® were involved in almost 60,000 real estate transactions in 2011 and advised on thousands more that never materialized. There were tens of thousands of business people, families and individuals who met with one of our 3,200 REALTOR® members this year, and I am proud of their service to the community and the local economy,” said Mooney.
REALTORS® also provided funding of $300,000 to 44 community groups this year through the REALTORS® Community Foundation and supported arts, heritage and community events through marketing and individual contributions. The REALTORS® Association of Edmonton printed over 2.5 million copies of the Real Estate Weekly in 51 issues and 1,061 members participated in professional development courses including 225 new members and 20 new broker/managers.
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Highlights of MLS® System activity
| December activity |
Record for the month* |
% change from December 2010 |
| Total MLS® System sales this month | 949 | 2.8% |
| Value of total MLS® System sales - month | $312 million | 3.6% |
| Value of total MLS® System sales - year | $6.29 billion | 2.4% |
| Residential¹ sales this month | $262 million | 1.5% |
| Residential average price | $316,415 | 1.7% |
| SFD² average selling price - month | $364,803 | 2.0% |
| SFD median³ selling price | $352,000 | 3.8% |
| Condo average selling price | $227,679 | 0.9% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. For information on a specific area, contact your local REALTOR®.
