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Edmonton Realtor Association Report
FEBRUARY 2010
provided by LYNNE GULLION Real Estate DREAM TEAM!
TOP 5% EDMONTON AND REGION 2008
SELLING EDMONTON ONE DREAM HOME @ A TIME!
 

EDMONTON REAL ESTATE ASSOCIATION REPORT-FEBRUARY 2010 

EDMONTON March 2, 2010:
Stability in Edmonton Housing Market continues through February 

EDMONTON, March 2, 2010: 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. 

“While prices remained stable through February the increase in sales activity indicates that there is a demand for housing in the Edmonton area,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Listings also increased in February leading to a bigger month end inventory of homes and relaxing concerns that inventory may be too low to handle the spring buying season.”  

In February, housing sales were up 33.9% compared to January with 1,184 residential sales. Total residential sales were also up 7.6% from last February. There were 2,505 residential listings added during the month resulting in a 47% sales-to-listing ratio and a month-end inventory of 5,449 homes. The average days-on-market was down 10 to just 47 days. Total sales through the Edmonton MLS® System (including residential, commercial and rural properties) in February were valued at $416 million (up 10.5% from last year).  

“The upcoming changes to mortgage qualification rules and impending mortgage rate increases may prompt some buyers to enter the market earlier and cause some additional slowdown in the third quarter,” said Westergard. “As usual, REALTORS® will be challenged to be a voice of reason in the real estate transaction and work to meet the needs of their eager clients without putting their financial health at risk.” 

A new and improved MLS® System statistics package is available to consumers at ereb.com with year-to-year comparisons and expanded reporting of the condominium market and new sub-market reports. The public will also find median prices in addition to the typical average price statistics. 

Highlights of MLS® activity 

February 2010 activity Record for the month* % change from
February 2009
Total MLS® System sales this month 1,312 10.30%
Value of total MLS® System sales - month $417 million 10.50%
Value of total MLS® System sales - year $750 million 14.10%
Residential¹ sales this month 1,184 7.60%
Residential average price $316,765 2.00%
SFD² average selling price - month $369,573 5.60%
SFD median³ selling price $355,000 5.90%
Condo average selling price $231,530 0.80%  

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


the LYNNE GULLION real estate DREAM TEAM! 

SELLING EDMONTON ONE DREAM HOME @ A TIME! 

CALL LYNNE GULLION & TEAM NOW! 780-910-5307 

 



Real Estate Tips
Home Inspections >Walk Through Woes

Buyers can be a little cranky on closing day if things go wrong during the walk-through inspection. For example, the sellers' dependable old dishwasher might stop midway through its cycle and the bathroom sink might clog unexpectedly. These situations can create anxiety for the buyers and sellers, but such problems are quite common and usually simple to resolve.

Most purchase agreements require that the major mechanical systems and the appliances being conveyed are in working order at the time of the closing. Defects are often discovered during the structural inspection, allowing the sellers plenty of time to have the repairs made. Occasionally there are last-minute breakdowns or defects that are not spotted until the walk-through inspection. In that case, an agreement can be made with the sellers at the closing to escrow funds for the repair or replacement of the items in question.

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Real Estate Trivia
Q 
During what months of the year do most people move from one home to another?

A 
Most moves occur between the months of May and September.
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Lynne Gullion, REALTOR®, real estate agent and broker for Edmonton, Riverbend, Windermere and Downtown Edmonton, Alberta home listings, property and land for sale - NUMBER1EXPERT(tm)

Lynne Gullion
Realty Executives Polaris

4107 - 99 Street
Edmonton, AB T6E 3N4
780-910-5307
Fax: 780-440-0395
lynnegullion@NUMBER1EXPERT.com


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