MARKET TRENDS

(Feburary 15, 2012)

February has been a busy month in Edmonton and area! The $200,000 to $400,000 price range has been particularly active. We have seen a lot of properties in this range selling very quickly as long as they show well and are priced properly. In my opinion, things are looking good for the Spring. 

In January we say average days on market rise to 65, which is normal, and average single family home prices were up about $9000 from last year (an increase of about 2%).

This is a great time of year for those planning to put their properties on the market in the Spring to being decluttering, cleaning, fixing, and staging. It is vital that your home is in showing condition before it ever hits the market. Call me today for advice!

For those of you looking at buying a home in the near future, now is the time to talk to a mortgage broker and lock in a great interest rate. While we are still not expecting major increases in rates this year, some banks are cancelling some "rate sales". A point of a percent can make a big difference when you are talking about hundreds of thousands of dollars. I can put you in touch with a fantastic mortgage broker or specialist. 

In addition, it continues to be a great time to buy, not just because rates are low, but because there is still a lot of inventory and prices remain low. As demand for homes creeps up, so will prices. I would love to talk to you about your home buying needs and help find you the right home!

(January 4, 2012)

2011 was definitely an interesting year for the global economy. It was full of ups and downs, market dips and rebounds, and general uncertainty about how much impact global problems would have on the Canadian economy.  Chris Mooney, the President of the REALTORS® Association of Edmonton, reports that “With prices and sales varying within a small range, there is a solid base going into 2012.” I am looking forward to the Real Estate market in the Edmonton area continuing to stabilize and, if all goes well, become less of a buyers market by the summer months.

Here is a recap of how 2011 played out for residential properties:

Total Listings:  30,906 (98% of 2010)
Total Sales:  16,893 (96% of 2010)

Average Days on Market:   55 (up 4 days from 2010)
Median Days on Market:  40 (up 4 days from 2010)

Single Family Home Sale Value:  $373,105 (99% of 2010 values)
Condominium Sale Value:  $233,228 (97% of 2010 values)
Rowhouse/Half-Duplex Sale Value:$300,406 (95% of 2010 values)

(December 1, 2011) 

We are currently in a Buyer's Market in Edmonton. This means there are more sellers trying to sell than buyers trying to buy, and therefore more properties on the market than demand for them. 

BUYERS

If you are looking to get into the real estate market, now is the time! Interest rates are near historic lows and aren't expected to change in the near future. On top of that, prices are great and there are a lot of options for you.

SELLERS

If you are looking to sell your house and buy another, this isn't a bad time either. The thing to keep in mind is "Buy Low - Sell Low". If you wait to sell your current house until prices rise, prices will also have risen on your next home. If you sell your house now and buy a new property, it will increase in value when prices rise.

Average days on the market for a property generally stays around 60 days. Even as we get closer to Christmas, there are deals being made. The Buyers looking right now are serious about buying! The key is pricing your property well and staging it to sell! People always say to me, "There is a property in my neighborhood that has been for sale for a year." This is not a good indicator of what the market potential is for your house when we price and stage it right.