Edmonton Real Estate Prices and Supply Up
Every month the Edmonton real estate board releases their statistics for the month. Normally we post those stats here as soon as they are released, but this month they released them to the media before their membership. Here is what the Journal had to say about the stats, when the complete release comes out I'll post it here as well. The gist of it is, prices are up again in September, but so is supply. This means that buyers can relax a little bit and don't necessarily have to jump in with an offer the moment they see a property they like as they did in May, June and July, it also means the probability of competing in a multiple offer situation is decreased. This is good news :) Don't get too excited though, this is just a slight relaxation...Sales records have now been set for 9 months in a row. The average number of days on market is up to 23 from 20. Last March when we hit 24 days it was the lowest ever and we couldn't believe it!
Edmonton home prices still rising
But higher inventory means shoppers can be more patient
Ron Chalmers, edmontonjournal.com
Published: Wednesday, October 04, 2006
Edmonton home prices and sales volumes still are still on the rise but higher inventory and cool weather could calm the market.
September prices averaged $322,077 for single-family houses, and $278,732 for all homes. Those figures are up 48.8 per per cent and 46.3 per cent, respectively, from one year earlier.
But residential inventory rose to 2,518 units from 2,138 one month earlier. So shoppers can be more patient in searching for the right deal, says Madeline Sarafinchan, president of the Edmonton Real Estate Board.
She expects sales to slow because “people do not like to make a move when it’s cold,” and employers prefer to transfer staff in the spring or summer.
Sarafinchan does not, however, predict lower prices because demand remains strong. “Consumer spending in Alberta was triple the national average, and migration to the province set new records this year,” she said today.
Rising demand will not be offset by more new-home construction, she says, because “builders already are beyond their capacity” and cannot hire enough workers.
Although sales rose to a September record of 2,160 units, “it appears that the market is slowing slightly,” Sarafinchan says. The average days-on-market, for houses sold during the month, rose to 23 from 20 in August.
Average price increases over the past year, for single-family homes, have been similar across the city — from 50 per cent in the north central sector to 60 per cent in the northwest.
The highest house prices are in the southwest, averaging $466,991.
The pattern was more varied outside the city with increases ranging from 19 per cent in Sherwood Park to 91 per cent in Morinville.
Sarafinchan notes that Morinville, 25 kilometres north of Edmonton, is convenient to jobs in the northeast. Even with the extraordinary increase, Morinville house prices, now averaging $288,389, remain lower than those in St. Albert, Fort Saskatchewan, Sherwood Park, Leduc, Spruce Grove and Stony Plain.