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

Thu, 05 Jul by Kevin Grenier

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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, contact me at www.kevingrenier.com

Little effect on local market anticipated by new mortgage policies

Edmonton, July 4, 2012: At the end of the first half of the year, housing prices in all residential categories are up from the same time last year. On average1, residential prices are 3.2% higher than June of last year. The all-residential average price was $342,014 in June while single-family detached homes sold for $393,471, up 3.7% year-over-year.

“Our market continues to be robust and housing prices are higher than they were last year,” said REALTORS® Association of Edmonton President Doug Singleton. “We expect that, although prices will, as usual, slide gradually over the next six months, they will continue to be higher than they have been in the past two years or the five year average.”

The median3 price for a single family detached home was up 2.0% year-over-year at $369,900 while the condo median price was up 4.6% at $230,000 as compared to last year. The average price for a condo in the Edmonton area dipped 2.5% since May to $242,720. Duplexes and rowhouses were priced on average about 7% higher than last year at $318,223.

There were 3,211 residential properties listed in June and 1,874 sales and the sales-to-listing ratio was up from 53% in May to 58%. The average days-on-market in June was up two at 51 days. Residential inventory was 7,930 on June 30 or about 4.2 month’s supply; typical for this market. REALTORS® participated in the sale of over $640 million worth of residential property last month and total MLS® activity in the first half of the year is $3.8 billion.

In an unexpected move, the finance minister imposed new policies on residential mortgages for the fourth time in four years. Effective July 9, the maximum amortization period for government-backed mortgages was reduced from 30 to 25 years and purchases over $1 million cannot be guaranteed by CMHC. In addition the amount that homeowners can borrow against the equity in their homes is reduced from 85 to 80 percent.

“These changes are meant to cool the Toronto markets but will have little impact in our stable and affordable market locally,” said Singleton. “Some buyers may push their buying decision forward a bit or have to lower their expectations but their REALTOR® can still present them with plenty of options and housing choice in all price brackets. The limits on equity take-out and million dollar purchases will have negligible effect on the resale housing market.”

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

June 2012

 

M/M
% Change

Y/Y
% change

SFD2 average selling price – month

$393,471

1.2%

3.7%

SFD median3 selling price

$369,900

-0.03%

2.0%

Condominium average1 selling price

$242,720

-2.5%

3.5%

Condominium median selling price

$230,000

-0.9%

4.6%

All-residential4 average selling price

$342,014

-1.8%

3.2%

All-residential median selling price

$325,000

-2.7%

2.4%

# residential listings this month

3,211

-14.3%

0.31%

# residential sales this month

1,874

-5.5%

2.6%

# residential inventory at month end

7,930

-0.06%

-5.99%

# Total5 MLS® System sales this month

2,097

-7.5%

-3.9%

$ Value residential sales this month

$640 Million

-7.2%

-12.2%

$ Value of total MLS® System sales – month

$733 Million

-9.7%

-2.4%

$ Value of total MLS® System sales – YTD

$3.87 Billion

25.9%

15.1%

2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
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.

 

2 Home Buying Tips and 5 Home Selling Tips – Kevin Grenier Realty Executives Polaris

Sun, 01 Jul by Kevin Grenier
Looking for the Perfect Home? Create these 2 Lists
article 1 image

 

There is probably a long list of things you need and things you want in your next home. But putting them all on a single list would be a mistake.

Why? Because buyers who separate what they need from what they want are much more likely to find a home that meets all their requirements.

For example, say you want a home that is close to a golf course but you need it to be in a neighbourhood that has a good local school. If you hold out for both, you may miss some great opportunities on the market. Or worse, you might mix up your priorities and become so excited by a house that’s a block away from a country club (what you want) that you fail to realize that the nearest school (what you need) is several miles away.

That’s why you should create TWO lists when you shop for a home: a needs list, and a wants list.

Your needs list might look something like:

  • Four decent sized bedrooms
  • A sidewalk in front of the home
  • A double car garage
  • A playground within walking distance
  • A clean, safe neighbourhood.

Your wants list may include:

  • A finished basement
  • Hardwood floors
  • A large deck
  • Fine dining restaurants nearby
  • Backing onto a ravine or wooded area.

Does all this mean you can’t get the home you want, just the home you need? Not at all! By having two separate lists, you can make the best decision. You can make sure you find a home that meets all your requirements and, ideally, one that offers as many of the “extras” as possible.

Need help finding a home that matches your needs and wants? Call today.

 

Beware of Bargain Hunting
article 1 image

 

When shopping for anything — clothes, CD players, even homes — it’s natural to look for a bargain. We all want to pay the lowest price possible.

However, this attitude can get in the way of finding, and getting, the home we want. In fact, many people miss great opportunities because their price expectations are too low.

Find out what the current market price is for the type of home you’re considering. Then set your expectations accordingly. If you do, you’ll stand a much better chance of finding the home of
your dreams.

Top Turn-Offs For Home Buyers
article 1 image

 

If you want to sell your house quickly and for the best possible price, you obviously want to impress home buyers, not discourage them. Yet, that’s exactly what some sellers innocently do by making the following mistakes.

Wacky paint colours. You may love the pumpkin yellow in the livingroom, but it’s not a colour most mainstream home buyers will appreciate. Consider re-painting with white or tasteful neutrals.

Odd smells. There are odours from cigarette smoke, exotic cooking, or perfumes that you may have gotten so used to that you are no longer aware of them. But rest assured, a home buyer will notice. Air out your home and eliminate odours before showings.

Stains. Even the most well-kept home can have some persistent stains on countertops and walls, and in sinks. There are specialty cleaners on the market that will help.

Stuffed storage space. Home buyers want roomy closets, drawers and other storage areas. Make sure yours give this impression.

You. Nothing personal, but home buyers can become uncomfortable by your presence during a viewing. Let your REALTOR® be the host.

Want to make the home selling or buying process even easier? Call today.

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®, circulated with permision of ©IXACT Contact Solutions Inc.

 

notable, quotable… quotes!

 

“The poor man is not he who is without a cent, but he who is without a dream.”

Harry Kemp

 

“The beginning is the most important part of the work.”

Plato

 

“Genius begins great works; labour alone finishes them.”

Joseph Joubert

Rutherford home is ideal for a family with young children – Kevin Grenier Edmonton Real Estate

Sun, 01 Jul by Kevin Grenier

There is a huge demand for single famiily detached homes that are affordably priced in Edmonton.

Take for example this 3 bedroom 2 storey with a double detached garage, within walking distance to both public and Catholic K-9 schools.The home is in excellent shape and features a veranda, gas fireplace, kitchen island with breakfast bar and a large 14’x13′ deck. 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.