Current Edmonton Real Estate Stats

REALTORS® Association of Edmonton

MLS® Daily Residential MTD Activity
for October 2010

	Value of Solds	Sold Units	Average Sold Price	New Listings	Active Listings
RESIDENTIAL
Single Family(House)	189,248,522	514	368,187	1,064	4,704
Single Family(Condo)	50,079,465	209	239,614	535	2,359
Duplex/Rowhouse	9,012,487	32	281,640	110	368
Residential(Other)	2,445,700	24	101,904	102	541
	=============	=============	=============	=============	=============
TOTAL	250,786,174	779	321,933	1,811	7,972

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Total MLS® Summary by Value/Count

10,000 -  99,999 48 375,000 - 399,999 68 575,000 - 599,999 10 100,000 - 149,999 58 400,000 - 424,999 42 600,000 - 649,999 9 150,000 - 199,999 83 425,000 - 449,999 35 650,000 - 699,999 6 200,000 - 249,999 98 450,000 - 474,999 18 700,000 - 749,999 6 250,000 - 299,999 123 475,000 - 499,999 19 750,000 - 799,999 6 300,000 - 324,999 81 500,000 - 524,999 12 800,000 - 899,999 7 325,000 - 349,999 68 525,000 - 549,999 14 900,000 - 999,999 3 350,000 - 374,999 56 550,000 - 574,999 9 1,000,000+ 8

Sellers Beware

Message from the Edmonton Real Estate Board

This past weekend, a couple posing as buyers knocked on the door of a listing and asked the owner if they could just take a quick peek inside. The owner consented and invited them into her home. The male excused himself when the ladies were in the kitchen so he could have a look at the garage where he proceeded to steal the registration and insurance papers from the home owner's car.
The "viewing" continued again and the home owner was not in the presence of both of the "Buyers" at all times. After they left, she discovered that her wallet containing all her identification, credit cards, etc. had been stolen from her purse.
With so many listings and in many cases very little Buyer activity, it's understandable that a Seller would be pleased with almost any interest. It is also predictable that some low-life would come up with this type of scam to prey on anxious Sellers.

REALTORS® please advise your Sellers to never admit anyone posing as a Buyer into their property without an appointment and/or in the company of a REALTOR®.

Lack of consumer activity holds housing market steady

Housing prices in the Edmonton area remained stable as we enter the final quarter of the year. Single family dwelling prices in September mirrored prices in August and condo prices rose slightly after four months of decline. Both listings and sales declined in September as compared to a month ago.
"The market seems to be resting," said Larry Westergard, president of the REALTORS® Association of Edmonton. "After the turmoil of the past couple of years and the rush to buy in the early part of the year, it seems that consumers are just sitting back and waiting to see what comes up next." There are still over 8,600 residential properties in the local inventory and buyers have lots of choice.
The average price of a single family property was up $472 and sold for $370,653 in September. Condominiums, which have dropped in price for four consecutive months, rallied and sold on average for $238,822 last month. The slightly less than 1% price increase did not reverse drops from a high of $252,728 in April. The duplex/rowhouse average price was down 11% to $313,462 but tends to vary widely from month to month. The residential sale price (which includes all types of residential property) was $326,499; down less than a quarter of a percent from last month.
Residential sales in September were down from the previous month at 1,187 as were listings at 2,668. This sales-to-listing ratio was 47% and the average days-on-market was unchanged at 57 days.

Current Market Value

As an owner, by understanding market value, you’ll have the greatest advantage for selling your home for the most money possible.
In an “up” market, usually referred to as a “buyers’ market,” you can get away with pricing your home a little higher than market value. If you do this is a slow market, often referred to as a sellers’ market, you can end up with a devastating result.
The key to understanding how to properly price your home comes from knowing your home’s “Current Market Value” and the details of the market where your home is for sale. Only then can you fully understand how to deal with minor repairs, determining a listing price and preparing for a reasonable time period that your home will be on the market.
As a Real Estate professional, I can guide you through every step of the selling process with my pricing system.
Pricing Realities


Yes, it’s true! The higher you price your home, the fewer buyers will look at your home. You should see activity if you are listed on MLS® in any market; if you’re not seeing activity, your selling prices is a major indicator.
When You Price Beyond Market Value:

1. You will reduce the number of prospective buyers (see chart), which may not matter in a sellers’ market, as the number of buyers is high. In a regular market, prices increase or decrease less that 2% annually.
   
2. Helps to make your listing less competitive, as homebuyers generally price shop. As buyers look at all online home listings with their agent, they become quite educated in the marketplace, quickly identifying the available home that is best suited for them.
   
3. You eliminate interest in your home through online searches and advertising.
   
4. You risk rejection of mortgage approvals – if the home won’t appraise, the lender won’t lend!
   
5. You risk being labeled – many homes are labeled by the industry as over priced, based on market competition, usually resulting in one word: “expired.”

Let me Help You Price Your Home “At” Market Value, generating:

1. More responses to advertising
   
2. More showings
   
3. A house that statistically sells in the first 30 days, resulting in the higher price

This successful process results in receiving maximum market value 100% of the time.