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Archive for December, 2012

Market Update from the Realtor’s Assocation of Edmonton – December 4th, 2012

Thursday, December 6th, 2012

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis on your specific community or property, contact me at www.kevingrenier.com

Average Housing Prices make dramatic leap in November

Edmonton, December 4, 2012: A significant lift in single-family detached prices from $372,061 in October to $382,923 in November drove up the all-residential average price from $324,924 to $331,198 (up 3.32% Y/Y). Condominium prices, which surged upwards in October, dropped back to the September level for an average of $230,493. This is about 1% higher than a year ago. Duplex and rowhouse prices were $312,041 on average (up 3.2% y/y).

The median price for single-family detached homes was $363,000 in November, the highest it has been since August. When the median price is lower than the average price, it indicates that there were more lower-priced homes sold. Even a few higher-priced homes drive the average price up. There were 51 sales reported for properties priced over $600,000 in November: the same number as reported in October. A year ago there were just 43 homes sold over $600,000.

REALTORS® listed 1,610 residential properties in November and sold 1,063 properties. This resulted in a sales-to-listing ratio of 66% as compared to 61.7% in October. At month end there were 5,681 residential properties in the inventory, which is down 8% from a year ago. Sales were slower in November with average days-on-market up three to 64 days.

“The slow steady escalation in housing prices reflects the confidence that home buyers have in the local economy,” said Singleton. “People are moving up but also relocating to take advantage of job opportunities. As a result the housing market is stable and balanced.”

On November 1 the REALTORS® Association of Edmonton added real estate sales activity from Northeast Alberta to the local Multiple Listing Service®. However, for comparative reasons the additional property sales in Bonnyville, Elk Point, St. Paul and Cold Lake have not been added to the sales reported by the Association in the Greater Edmonton area. The reporting format for the local housing statistics is being redesigned and sales in NE Alberta will be reported in January.

“We are pleased to welcome the 70 REALTORS® from Northeast Alberta to our membership,” said REALTORS® Association of Edmonton President Doug Singleton. “The members and their clients are now part of a larger association and will benefit from increased services and a wider choice of MLS® listings. Unfortunately the integration of the additional listings and sales has to be delayed for a month while the new reporting format is finalized.”

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Activity (for all residential sales on Edmonton MLS® System)

Want more real estate information? How about numbers specific to your property or community?

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Sincerely,

Kevin Grenier REALTOR®, ABR® SRS® (Accredited Buyer’s Realtor, Seller’s Representative Specialist)

780-893-0269

P.S. make sure you download your real estate app here.

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®

1 The total value of sales in a category divided by the number of properties sold
2 Single Family Dwelling
3 The middle figure in a list of all sales prices
4 Residential includes SFD, condos and duplex/row houses.
5 Includes residential, rural and commercial sales

1 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. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA.

Economic Analysis – CHBA – Alberta (Canadian Home Builder’s Association

Tuesday, December 4th, 2012

The follwing report was made available here with permission from CHBA – Alberta

NOVEMBER 2012
Home Prices Rising Moderately in Alberta’s Biggest Cities
Concerns about alleged house price “bubbles” and potential “corrections” have garnered headlines in the national media in recent months. Comments about the so-called “overheated national housing market” have been driven, in part, by price changes in Toronto and Vancouver which heavily influence the national average. In these cities, some unease has arisen over possible speculative activity by off-shore investors that may have distorted prices beyond what market fundamentals could support.
CHBA – Alberta closely follows the housing market trends in the province’s major cities and in this report we take a look at published price indicators to get sense of the trends in recent months. The 8 charts presented below compare our two biggest cities, Calgary and Edmonton, on four different residential sale price measures [2 for resale housing and 2 for new homes]: (1) Average MLS® residential resale price (CREA), (2) Teranet® – National Bank resale price index, (3) CMHC’s monthly average absorbed new single-detached house price, (4) Statistics Canada New House Price Index (contractor selling price).
All eight charts cover the same time frame – January 2008 to present. In all cases, the time series show no recent price accelerations in either city. As well, the indicators for the most part remain below pre-recession peak levels. Based on the trends evident here, we conclude that the two largest markets in Alberta continue to experience balanced market conditions in 2012, associated with moderate upward pressure on both existing and new home prices. In general, year-over-year gains are near or slightly below the general inflation rate with some seasonal easing month-over-month in resale housing.
For more information please contact:
Richard Goatcher, Economic Analyst, CHBA – Alberta
780-424-5890 (ext 222) 1-800-661-3348 (ext 222)
richard.goatcher@chbaalberta.ca

 

 

 

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