According to the Edmonton Real Estate Board:

“The housing market was relaxed in May with slightly lower sales than last year and prices generally stable. Despite the sales drop, the current sales figures compare favourably with levels set in 2008…

Single family residences in the Edmonton area rose in price by less than one percent and sold on average* for $390,583 in May. Condominium prices dipped just two percent to an average of $248,526. Duplex and rowhouse prices of $320,204 were down 2.3% from last month. Overall, the average residential price was up a quarter of a percent to $340,192.

There were 3,670 residential listings in May with residential sales of 1,682 properties resulting in a sales-to-listing ratio of 46%. The average time to sell a home was 44 days (the same as April) and inventory at month end was 8,780 residential units (as compared to 8,056 in April). At current sales levels the inventory will last for over five months.”

After reviewing the statistics and facts myself I have to say that I still believe that the Edmonton Real Estate market is looking better than simply favourable – It is looking great! The Terry Paranych Team is still going strong helping Edmonton home buyers find their perfect home and Edmonton home sellers obtain a desired price point during the sale. Although the condo market has dropped slightly, this is actually good thing. People looking to invest can find excellent properties at a fair value right now. Overall the Edmonton Real Estate market is in good shape making it an excellent time to buy or sell.
Have further questions regarding what is happening in the market, feel free to touch base with us today?

Highlights of MLS® System activity

Edmonton Real Estate Market Continues To Remain Strong

After reviewing how the April market shaped up, I must say that the Edmonton Real Estate market continues to be strong. It is a great time to buy as there is an excellent selection of Edmonton homes for sale on the market. Spring is also considered a prime time historically for people to sell their homes – meaning that Edmonton home buyers have many options to choose from.

Edmonton Home Buyers – Buy Now!

Many home buyers who were originally considering to wait are now jumping into the Edmonton real estate game because they can still lock into excellent mortgage options. Many of the buyers that we are currently working with have secured  5 year mortgages at low interest rates.

Well priced Edmonton properties are continuing to sell fast at top dollar and in many instances receiving multiple offers.

Wondering what the Edmonton Real Estate board is thinking? Here is their opinion:

“ April is the start of the busy second quarter for real estate, and resale housing sales were down over the same month last year according to a report issued by the REALTORS® Association of Edmonton. Average* prices of single family houses moved down compared to a month ago but were up by 8.2% from last year. Condominium average prices moved up from last month and were up 7.0% from April 2009.

“There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Despite the upward movement, mortgage rates are still close to the 10-year average and not out of reach of most homebuyers. In many cases it is a matter of the REALTOR® lowering expectations rather than crushing hopes and dreams.”

Single family residences in the Edmonton area sold on average for $385,359 in April and condominium prices rose to $253,788. Duplex and rowhouse prices of $322,127 were up from last month and the average residential price remained stable at $374,085.”

Highlights of MLS® activity

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

* 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 the Terry Paranych Team at 780-457-4777

Edmonton Real Estate Is Booming!

Edmonton Housing Prices Are Up!

Listing Prices Are Up!

And Sales  Are Up!

March marked a busy, yet productive month for the Terry Paranych Team. We have continued to exceed our targeted expectations. We feel very optimistic about the market both for Edmonton Home Buyers and Sellers for the month of April.

The stats and commentary from the Edmonton Real Estate Board also reflect well:

“Housing figures released by the REALTORS® Association of Edmonton for March and the first quarter of 2010 show that resale housing prices are up; listings and sales are up.”

Edmonton real estate saw that “Single family residences in the Edmonton area sold on average* for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March. Duplex and rowhouse prices (at $313,836) dropped a third of a percent in March but were up 10.4% from a year ago. The average residential price was $343,607 (up month-over-month by 8.5%).

Sales also demonstrated the optimism of the marketplace. 3,728 residential listings in March were up over 30% from a year ago and up 246% in the first quarter. Residential sales of 1,571 properties in March were up 15.1% from a year ago and 77.3% in the first quarter. Sales were up from 1,307 in February: a 20.2% increase. The March sales-to-listing ratio was 42%; down from 52% in February.

All major banks raised their fixed mortgage rates in late March and the Bank of Canada has warned that interest rates will rise again after the second quarter. Many buyers are hurrying to lock in rates and find a home before the more stringent qualification requirements for mortgages come into effect on April 19. Alberta will not be influenced by the GST harmonization taking place in Ontario and BC so we may not see the sales slump in the second quarter that is expected in those two provinces.”

The average days-on-market in March was 41 as compared to 47 in February.

Highlights of Edmonton’s MLS® activity

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

* Average prices indicate market trends only. They do not reflect actual prices, which may vary. To learn more, contact the Terry Paranych Team.

We are also pleased to announce that a new team member has joined the Terry Paranych Team.  Liz Gray will make a fantastic addition to the team.

Whether you are looking to buy Edmonton Real Estate or sell your Edmonton home, the Terry Paranych Team is here to find you the best deal or get you the best possible price for your property.

According to the Edmonton Real Estate Board, ” Stability in Edmonton housing market continues in February. Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.

The average* single family dwelling price was $369,573 for February up just 1.4% from January; 5.6% from a year ago. Condominium prices dipped 3.8% in the month from $240,686 to $231,530. Duplex and rowhouse prices were up 3.3% to $315,390.”

Perhaps saying that the Edmonton Real Estate market is “stable”,  is a little conservative! The Terry Paranych team personally had record sales for the month of February, the market was really terrific and we felt it was definitely more than stable.  Well priced homes are receiving multiple offers. We are seeing new inventory selling at a rapid speed and are looking forward to the booming spring market for Edmonton Homes and Condos.

Things are great for Edmonton and the real estate market!

Highlights of MLS® activity:

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

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

To read the Edmonton Real Estate Boards full report, visit: www.ereb.com

According to The Edmonton Journal, February 9, 2010:

“Canadian real estate sales and prices are poised to set records this year, according to a new forecast that’s bound to reignite calls in some quarters for tighter lending rules.
The Canadian Real Estate Association, which represents 100 boards across the country, said Monday it expects existing home sales to reach 527,300, a 13.3 per-cent increase from a year ago and 1.2 per-cent increase from the record set in 2007.
Bank of Canada Governor Mark Carney has warned about rising household debt, which is reaching record levels. Finance Minister Jim Flaherty has suggested he’s prepared to tighten mortgage requirements and continues to monitor the market.
“One of the legitimate concerns of the finance minister might be if you make qualifying for mortgage default insurance prematurely restrictive that it will quell housing activity even as erosion in affordability continues,” said Gregory Klump, chief economist with CREA.
There have been rumblings that the government is considering rules that would require buyers who need mortgage insurance to have at least 10 per cent down over 25 years instead of the current 35 years. Buyer’s with less than 20-per-cent downpayment must get mortgage insurance, if they’re borrowing from a financial institution governed by the Bank Act.
Klump’s group believes the market is going to correct on its own in the second half of 2010. CREA has called for sales to drop by 7.1 per cent in 2011. The group says that while prices will rise by 5.4 per cent in 2010, to an all time high of $337,500, they will drop by 1.5 per-cent in 2011.
Some economists agree price increases will shrink once interest rates rise and inventory levels increase.”

In my opinion, this is a very exciting time again for the Edmonton real estate market. I am seeing multiple offers due to the edmonton’s home inventory being so low. I personally was not expecting to see these market trends until very early or late spring.

One comment I typically hear from potential clients is “Should I wait until the Spring to put my house on the market?”. In most cases the spring market is considered the ideal time to list your house, but not now. If your planning on selling, do not wait! Putting your house on the market sooner rather than later is the best decision that you can make. To find out what your home is worth, give me a call today at 780-457-4777 or fill out our online form at: www.paranych.com

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On February 2, 2010, the Edmonton Real Estate Board released their latest market analysis. According to the Edmonton Real Estate Board:

“Single family homes sold through the Edmonton Multiple Listing Service® System sold on average for the same amount in January as at year-end while condominium prices dipped 2%. Month-to-month sales slowed by 6.8% as compared to December but the number of new listings in January doubled the December numbers.”

I believe that the Edmonton Real Estate Market has been booming and will continue through out 2010. There is low inventory and multiple offer scenarios. It is truly a great time to sell your home!

Highlights of Edmonton’s MLS® activity

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

* 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 the Terry Paranych Team at 780-457-4777.

To read the full market analysis, please visit the Edmonton Real Estate Board’s website at: www.ereb.com