October Numbers — Sales Remain Strong Despite Seasonal Price Dips

Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s average price over the course of the calendar year. Click HERE for a graphical representation of Edmonton’s actual month-to-month price over the course of the calendar year.
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Resale housing sales continued their strong trend through October with sales of all housing types through the Multiple Listing Service® in October at the second highest level on record (after October 2006). There were 1,535 residential properties sold in October; up 23% from 2008 but down almost 10% from last month;  following the normal seasonal trend of month-to-month sales dropping through the fall. Residential housing prices remained stable and within typical ranges for seasonal fluctuations.

“The housing market in Edmonton and area is still robust,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Homebuyers are confident about their future prospects and keeping an eye on the possibility that mortgage rates will rise. They can lock-in their housing costs for five years while rates are at historic lows if they buy in this market.”

Prices for single family dwellings were down 2.2%, on average*** from last month to $363,694 but up marginally (0.12%) from last year. Condominiums were down 3.2% from September to $237,601 but the same price ($11 difference) as a year ago. Overall, the average residential price in October was $318,969, down 2.5% from last month but up a third of a percent from 2008.

There were 2,205 homes listed on the MLS® System in October with 1,535 sales for a sales-to-listing ratio of 70%. The total value of residential sales in October was $490 million and total MLS® System sales (including rural and commercial properties) is up over last year for the year-to-date to over $6.18 billion. Total available inventory was 5,530 homes which is a typical 3.5 month supply. Homes sold on average in 47 days (44 in September but 58 in October 2008).

“Good looking homes in the average price range always sell quickly,” said Ponde. “Less desirable homes may take a little longer to find a buyer and home sales at the upper price ranges are steady. It is important to consult your REALTOR® to devise a strategy for buying or selling a home to ensure you get the latest market and neighbourhood information.”

***Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact me directly***
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October 2009 Activity	Record for the Month *	Percent Change from October 2008	Change From September
Total MLS® sales this month	1,747	24.0%	DOWN
Value of total MLS® sales – month	$575 million	26.2%	DOWN
Value of total MLS® sales – year	$6.18 billion	1.60%	UP
Residential¹ sales this month	1,535	22.7%	DOWN
Residential average price	$318,969	0.37%	DOWN
SFD² average selling price – month	$363,694	0.10%	DOWN
SFD² median³ selling price	$346,000	1.00%	DOWN
Condo average selling price	$237,601	0.00%	DOWN

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

 ///…CP

“In Flanders Fields”

In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly Scarce heard amid the guns below.

We are the Dead.
Short days ago
We lived, felt dawn, saw sunset glow,
Loved, and were loved, and now we lie
In Flanders Fields.

Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high.
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders Fields.

– John McCrae

Spruce Up Your Kitchen

Here’s another post taken from my ‘News You Can Use’ Preferred Client publication. ____________________________________________________________________________________

Home is where the heart is, and everyone knows the heart of a home is the kitchen. It should come as no surprise the kitchen is one of the most important considerations prospective buyers have in mind when evaluating a new home.

Lighten Up Older homes frequently suffer from low-light conditions, outdated or just plain ugly light fixtures, and power-hungry appliances. Replace unappealing bulbs and fixtures with energy-efficient bulbs and modern fixtures for an instant update that looks great and saves money. Invest in up-to-date appliances that improve performance and save money with energy-efficient settings, antibacterial wash modes, and enhanced water filtration.

Counter-Offer Replacing countertops and re-facing cabinets can be a relatively low-cost (compared to a complete kitchen overhaul) way to update your kitchen. If you don’t want to go that far, many hardwood cabinets can be easily restored with a coat of paint or a quick clean and varnish. Combine this with new countertops and you can achieve a totally refreshed appearance without the high price of a total kitchen renovation. Add some stylish knobs, pulls, and hinges to complete the look.

Don’t Throw Money Down The Drain Here’s a quick and easy do-it-yourself job that just about anyone can tackle. Replace that outdated and worn-out faucet with a shiny new fixture to instantly update your kitchen. It takes very little time, ensures a sleek new look, and eliminates drips, leaks, and other water-wasting problems.

Can You See Me Now? You shouldn’t be able to see your reflection staring back at you while you’re standing in your kitchen on a bright sunny day; that is unless of course you have tinted windows. Cleaning the inside and outside of your windows will let the natural light pour into your kitchen while improving the overall cleanliness and appearance of the room. Don’t forget to clean out the tracks and sills and vacuum the screens while you’re at it.

///…CP

Storage Ideas For A Less Stressful Move

Here’s another post taken from my ‘News You Can Use’ Preferred Client publication. ____________________________________________________________________________________

Few things are more dreaded than moving day, but new storage solutions can ease some of the stress.

Flexible Timeline If you have a flexible schedule for your next move, a POD (or portable on-demand storage) might be the perfect choice for you. PODs are large shipping-like containers that allow you to pack and unpack at your own pace.  The company will drop the container on your driveway, you load it, and they will pick it up and deliver it to your next location, or store it until you’re ready. PODs are closer to the ground – often at ground level – so they tend to be easier to load and unload than traditional storage methods like moving vans or trailers.

Storage As An Option If you are relocating for a job, downsizing, or planning to move into your new home after vacating your previous home, longer-term on-site storage might make the most sense. Shop around for a local self-storage facility within a short distance of your new home. You may have to ‘move twice’, but it’s a great way to clear the clutter without sacrificing cost.

Ask About Insurance Don’t assume your homeowner’s insurance policy covers belongings in storage. Verify it in advance and/ or inquire about available insurance riders to cover your belongings while they are in storage.
Evaluate Security Always verify the security measures in place at a facility before making a decision on where to store your belongings. Cheaper isn’t always better. Are there security gates that control access to the facility? Are there security cameras? Will anyone else have access to your storage area?

Climate Control If you intend to store valuable antiques, expensive electronics, or other items that may be sensitive to humidity or temperature extremes, consider opting for a climate-controlled unit. It may cost a little more, but do you really want to replace your items after you move?

///…CP

September Numbers — Strong Third Quarter Finish Pushes Prices Up

Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s average price over the course of the calendar year. Click HERE for a graphical representation of Edmonton’s actual month-to-month price over the course of the calendar year.
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Although sales were not at record levels in September, they compared favourably with sales levels last year and settled in for the third best September ever. Only sales in September 2006 of 1,844 residential units and last September (1,729) were better than the 1,704 sales pegged last month.

“We have experienced strong sales through the third quarter,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “At the end of the first quarter year-to-date (YTD) sales were down over 21%, and after six months they were up almost 2%. The last three months have had strong buyer demand and YTD sales are up 5.3% over the same period last year.”

The strong sales also boosted prices of both single family and condominium properties. Prices dipped slightly in August after showing steady gains all year but bounced back to mid-summer levels in September. The average*** price of a single family dwelling was $371,947 and condos were priced on average at $245,546 (both up 1.4% over August prices). SFD prices are up over $20,000 from where they were on New Years Day. Duplex and row house properties sold on average for $299,964 and the combined Average Residential Price was $327,235 in September; up 2% from September 2008.

Higher prices have not resulted in greater listing activity. 2,564 homes were listed in September resulting in a 66% sales-to-listing ratio as compared to September 2008 with over 3,100 listings and a 55% sales-to-listing ratio. The slower listing activity dropped inventory to 6,032 from 6,445 units last month but there is still almost four months of inventory at present sales volumes.

“Homes are selling slightly faster than last month and much faster than last year at this time,” said Ponde. “I expect that sales in this market will show continued strength through the fall and early winter.” The average days-on-market was 44 in September; down four days from August.

***Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact me directly***
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September 2009 Activity	Record for the Month *	Percent Change from September 2008	Change From August
Total MLS® sales this month	1,911	-0.80%	â
Value of total MLS® sales – month	$633 million	-0.30%	â
Value of total MLS® sales – year	$5.61 billion	-0.40%	á
Residential¹ sales this month	1,704	-1.45%	á
Residential average price	$327,235	0.70%	á
SFD² average selling price – month	$371,947	2.70%	á
SFD² median³ selling price	$349,900	1.20%	â
Condo average selling price	$245,546	-2.70%	á

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

 

 ///…CP

Make Buyers ‘Belong’ In Your Home

Here’s another post taken from my ‘News You Can Use’ Preferred Client publication. ____________________________________________________________________________________

It’s only natural for your home to reflect your personal style, but when it comes time to sell, what makes a house your home can become a major hindrance. Depersonalizing your home can often help you obtain the best price and make buyers feel as though your house could become their home.

Go Neutral Unless your favourite colour scheme is already completely neutral, it’s time to get out the paint and restore the colours of your home to something less noticeable. Eggshell, white tones, and beige are good options. Don’t forget the other senses – in addition to colour, make sure the smell of your home is also neutral. Never assume what you find pleasant smelling will appeal to others. Consider having your home professionally cleaned using an enzymatic treatment that neutralizes all odours, including heavy perfumes and deodorizers.

Minimize Eliminate all unnecessary furniture, belongings, and clutter as much as possible prior to photographing and showing your home. Not only does it allow people to see the property more clearly, it allows prospective buyers to begin seeing your house as their future home.

Highlight Your Home Never showcase personal belongings such as artwork or an antique piece of furniture. Instead, highlight the features of the home itself. Tour your house room by room and rediscover the essence of each area. Create a beautiful view, ambient lighting, or other inviting scenario that attracts visitors without overwhelming them. As much as possible (and reasonable), try to eliminate distractions that identify the home as belonging to you. Remember, it is still your home so you don’t have to denude your home of all belongings, but if you have a ‘family wall’ of photographs dating back three generations you should consider taking some of the photos off the wall.

///…CP

REALTORS® Association of Edmonton – Free Home Buying Seminar

Is homeownership right for me? Am I financially ready? How much will it really cost? What professionals should I call on? How can I find the right home?

Buying a home can be scary. It is likely the biggest thing you will ever buy and there are literally hundreds of details that have to be dealt with. Why not arm yourself with some basic information before you start house-hunting?

The REALTORS® Association of Edmonton is offering a FREE home buyers seminar on Tuesday, October 6 at 7:00pm at the Association Auditorium. The seminar will follow the Homebuying Step-by-Step Guide and Workbook provided by CMHC and will feature video clips from industry experts. A mortgage broker, lawyer, and home inspector will be on hand to answer questions.

This will be a no pressure evening and no salesperson will call you after the fact.

Register for this seminar online at www.ereb.com. There will be free parking and refreshments and there is no charge to register.

FREE Home Buyers Seminar
Tuesday October 6, 2009
7:00pm to 8:30 pm
Free parking and refreshments
Location: 14220 112 Avenue (across from the Telus World of Science)

 

///…CP

Hidden Value In A Home Today

Here’s another post taken from my ‘News You Can Use’ Preferred Client publication. ____________________________________________________________________________________

Changing demographics combined with the economic downturn is creating a trend of getting back to the basics in today’s real estate market. For those seeking maximum value at a minimum price, keep these essentials in mind.

Bigger Isn’t Always Better
Bigger spaces are associated with higher utility bills, increased property taxes, more expensive insurance, and greater maintenance costs. Instead of picking the largest house you can afford, search for the one with the amenities your family will truly use.

Good Neighbours & Neighbourhoods
Friends, family, and great neighbourhoods are major attractions. Research shows that homes located in top-rated school districts routinely fetch 10% or more than similar-sized homes in less-desirable districts. Homes in family-oriented neighbourhoods with parks and other amenities are always popular and tend to maintain their value.

Fruit Trees & Gardens
Throughout Canada, high-maintenance lawns are giving way to eco-friendly (and budget-happy) gardens, fruit trees, and other down-to-earth activities. Less grass means less water, fertilizer, and time to keep it green.

Going Green Is Big
From energy-efficient appliances to environmentally friendly building materials, green is not only “in” but bigger than ever. Save thousands of dollars by searching for homes that have already implemented energy efficiency upgrades like LED lighting, high-efficiency furnaces, and hot water systems.

Entertaining
As economic uncertainty/ recovery persists, people are interested in entertaining, exercising, and eating at home more than ever. Focus on properties that support your interests and lifestyle for today and tomorrow.

Remember, on average people will remain in a home for seven years, so make the right choices today and ensure your next house truly feels like home.

 

///…CP

August Numbers – Normal Market, Cooling Sales

Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s average price over the course of the calendar year. Click HERE for a graphical representation of Edmonton’s actual month-to-month price over the course of the calendar year.
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Residential sales through the Edmonton and area Multiple Listing Service® in August were lower than the number of sales posted in July, but higher than sales in August 2008. There were a total of 1,673 sales last month versus 2,277 sales in July (a monthly record). There were 1,541 sales in August 2008.

“Although sales numbers cooled a bit after record sales in June and July, we are still experiencing the strength of the market in Edmonton,” said Charlie Ponde, president of the REALTORS® Association of Edmonton.

Prices for Single Family Dwellings climbed steadily all year and peaked in July at $372,741. The average*** SFD sold for $366,788in August, down 1.6% from July. The current average SFD price is just $2,400 lower than average prices in August 2008.

Condominium prices were down 0.92% in August, dropping to $242,035 on average in August from $244,265 in July. By comparison, the average price for a condo in August 2008 was $251,048. The average price has come down because of the increased number of lower-priced homes that have entered the market rather than the value of a particular property being marked down.

Duplex and row house properties sold on average for $294,007 and the combined Average Residential Price was $318,321 in August - down 3.3% from $329,207 in August 2008.

The average days-on-market was 48 in August; up two days from July. At the end of August there were 6,445 residential properties active on the MLS® System.

“Our market is operating normally,” said Ponde. “There is a balance between buyers’ and sellers’ expectations and, while prices fluctuate seasonally, there are no major price swings. The strong inventory and activity levels result in moderation and stability.”

***Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact me directly***
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August 2009 Activity	Record for the Month *	Percent Change from August 2008	Change From July
Total MLS® sales this month	2,001	16.8%	â
Value of total MLS® sales – month	$643 million	12.1%	â
Value of total MLS® sales – year	$4.98 billion	-0.40%	á
Residential¹ sales this month	1,673	8.60%	â
Residential average price	$318,321	-3.31%	â
SFD² average selling price – month	$366,788	-0.65%	â
SFD² median³ selling price	$350,000	-0.70%	NC
Condo average selling price	$242,035	-3.59%	â

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

 

 ///…CP