Edmonton, Alberta residential real estate market update - April 2011

Rising inventory means pricing sensitivity & better selection for buyers We should have higher sales volume in April than we did in March. Historically, sales volume grows steadily from January through June, then levels off and starts to fall in September consistently through year end. With the sales to listings ratio dropping in April, our prediction for an early surging spring market in 2011 is seeming to come true. With over 7000 listings at the end of April, we can expect to have an oversupply of properties by the peak summer market with families looking to move. This will cause a more dramatic seasonal price drop into the early fall as those who need to sell are forced to reduce their prices. With a lot of positive media exposure on Alberta’s real estate market future recently, consumer confidence is high. But we have to remember the timing delay of 12-24 months from the start of labour shortages & job growth to increasing real estate demand & values.

What should you do? Where are the opportunities?

The best time to buy will most likely be the June—September period. Thinking of selling? Call us today! It’s almost too late for this year to maximize your value, otherwise you’ll likely need to wait for spring 2012. Need sell & buy? Again, now is the time. Don’t delay, call today!  780-701-2626 and ask for John Carter or Anu Khullar. 

Units sold - Single Family (houses)	Units sold - Condos
Average Price - Single Family (houses)
	For details on these graphs or information specific to your neighbourhood and property, please contact us for a one-on-one meeting.  We look forward to meeting with you.

Realtors Association of Edmonton - Market Report (April 2011)

Local Housing Market well-balanced: able to meet reasonable expectations

Edmonton, May 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing remained relatively stable through April as compared to the previous month. The all-residential average price decreased $310 to $327,415; down from $327,725 in March. Single family home prices decreased $425 while condo prices rose $1,305 (0.6%) during the month. Despite the activity the market is balanced without a distinct advantage for either buyer or seller.

“Prices and sales usually increase in the second quarter and REALTORS® are busy serving new and repeat customers,” explained REALTORS® Association of Edmonton President Chris Mooney. “The increase in new listings means that there is a good selection of homes to choose from. However, the market is still price sensitive and sellers will have to have a realistic pricing strategy if they are expecting a quick sale.”

Residential sales were 1,487 down 7.8%; compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30.

The average* price of a single family detached home in April was $379,075 with a median price of $357,000. Condo average price was $234,220 with a median of $220,000. Duplex and rowhouse prices rose on average from $294,585 to $300,906, a 2.1% increase. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

“There is a lot of activity in the local market and the situation changes every day and from neighbourhood to neighbourhood,” said Mooney. “Only your REALTOR® has access to the most up-to-date sales activity and sold prices. He or she is prepared to work closely with you to locate your next dream home or sell the property that no longer meets your lifestyle needs.”

The average days-on-market in April was 49 days. The residential sales-to-listing ratio was 45% in April and total MLS® System sales were over $1.822 billion for the year so far.

Quoted from www.ereb.com