Edmonton Condo Market: Weekly Update - Part 2

November 24, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · Comment 

Judging from condo sales this past week it appears that the market held fairly steady in Edmonton but not so well in the surrounding areas of St. Albert, Spruce Grove, Stony Plain, Leduc, Beaumont, and Sherwood Park. Sales in Edmonton were up 19% over the week before (50 vs. 42), while the surrounding communities saw less than half the number of sales from the previous week.

After collecting data on Edmonton condo sales in the past 60 days (Sep 22 - Nov 20) we can see that the overall sold price / sq ft in seems to have stabilized somewhat - the noticeable exception being the price of Edmonton high rise condos.

Edmonton Condos Price / Sqft - Nov 21

Below is the complete Edmonton condo sales stats from September 22 to November 20.

Sold Past 60 Days (Sept 22 - Nov 20) Sold Avg. Sales Price Avg. SqFt Price / SqFt Avg. Days on Market
Edmonton 578 $238,353 1018 234 64
High-Rise 75 $276,286 939 294 71
Low-Rise 292 $219,331 925 237 65
Townhome 211 $249,842 1176 212 61
Surrounding Area 87 $266,313 1201 221 65

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Edmonton Condo Market: Weekly Update - Part 1

November 21, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · 1 Comment 

Over the past few weeks I have been experimenting with different formats to show the weekly condo update. I have three weeks stats now so I will be able to start showing trends. This week I will be publishing the condo update in two posts. Here is part one of this weeks update on the Edmonton condo market (previous week’s numbers are in brackets). For the past seven days:

 

New Listings:

  • Edmonton All Types -  116 (118, 181)
  • Edmonton High Rise - 18 (22, 34)
  • Edmonton Low Rise - 64 (54, 83)
  • Edmonton Townhouse - 34 (43, 64)
  • Surrounding Areas - 24 (26, 30)

Sold Condos # of Units:

  • Edmonton All Types - 50 (42, 44)
  • Edmonton High Rise - 9 (7, 3)
  • Edmonton Low Rise - 25 (25, 25)
  • Edmonton Townhouse - 16 (10, 16)
  • Surrounding Areas - 5 (11, 12)

Sold Condos Avg Selling Price (000’s):

  • Edmonton All Types - 237 (208, 229)
  • Edmonton High Rise - 210 (267, 204)
  • Edmonton Low Rise - 227 (194, 223)
  • Edmonton Townhouse - 268 (205, 241)
  • Surrounding Areas - 229 (259, 245)

Active Condo Listings:

  • Edmonton All Types - 2179 (2217, 2222)
  • Edmonton High Rise - 338 (341, 338)
  • Edmonton Low Rise - 1099 (1125, 1140)
  • Edmonton Townhouse - 742 (751, 744)
  • Surrounding Areas - 385 (386, 426)

 

21-Nov-08 New Listings Sold Ratio Active Listings AVG Sales Price Price / SqFt
 Edmonton 116 50 43.10% 2179 $237,427 $230
  High-Rise 18 9 50.00% 338 $210,444 $252
  Low-Rise 64 25 39.06% 1099 $227,272 $230
  Townhome 34 16 47.06% 742 $268,473 $221
 Surrounding Area 24 5 20.83% 385 $228,962 $209

 

Let me know if you have any requests or feedback!

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Edmonton Condo Market: Weekly Update

November 14, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · Comment 

Those buying a condo in Edmonton this week were frugal with their choices.

The average sales price for condos in Edmonton between November 7 and November 13 was $208,600; down over $21,000 from a week earlier. The average price drop also partly a result of buyers opting for smaller condos as the average square footage was 955 compared to 1016 the week before. The downsizing resulted in a drop to $218/sqft this week, from $226/sqft.

Buyers in surrounding areas (St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Leduc, and Beaumont) were willing to pay more to get the condo they wanted. The average selling price in these areas actually increased from $245k the week before to $259k this past week. The price/sqft for condos surrounding Edmonton this week was $240.

 

14-Nov-08 New Listings Sold Ratio Price Changes Active Listings AVG Sales Price
 Edmonton  118 42 35.60% 133 2217 $208,638
  High-Rise  22 7 31.80% 24 341 $266,857
  Low-Rise  53 25 47.20% 58 1125 $193,956
  Townhome  43 10 23.30% 51 751 $204,590
 Surrounding Area  26 11 42.30% 22 386 $259,364

 

With most of the selling activity in the lower end of the condo market lately it was positive to see two highrise condo sales downtown this week over $300k, which helped to keep the avg. prices for highrises up.

 

14-Nov-08 Sold AVG Sales Price Sold: Avg SqFt Price / SqFt Avg. days on Market AVG Sales Price
 Edmonton  42 $208,638 955 $218 81 $208,638
  High-Rise  7 $266,857 1035 $257 94 $266,857
  Low-Rise  25 $193,956 892 $217 74 $193,956
  Townhome  10 $204,590 1057 $193 91 $204,590
 Surrounding Area  11 $259,364 1080 $240 53 $259,364

 

While selling price/SqFt has dropped for every type of condominium in Edmonton compared to the avg for the past 60 days, the price/SqFt for condominums in the surrounding areas has held steady.

 

 Sold: Past 60 Days    (Sept 15 - Nov 14)  Sold Avg. Sales Price Avg. SqFt Price / SqFt Avg. Days on Market
 Edmonton  625 $249,000 1017 244 63
  High-Rise  84 $294,000 943 311 70
  Low-Rise  310 $231,000 923 250 63
  Townhome  231 $258,000 1171 220 60
 Surrounding Area  101 $282,000 1195 235 66

 

Edmonton Condos Sold Price / ft2 7 days vs. 60 days

 

What are your thoughts on the stronger prices outside of Edmonton?

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Current Edmonton Condo Developments Move Forward

November 10, 2008 · Filed Under Edmonton Condo Developments, Edmonton Condo Market, Edmonton Economy, New Edmonton Condos · Comment 

It depends on who you ask. First time home buyers have welcomed the drop in Edmonton condo prices we’ve seen over the past year and a half; condo speculators not so much. Then there are others on the sidelines who look to the Edmonton real estate market as a signal of the economic health of the capital region.

Earlier today the Edmonton Journal reported that despite the less than ideal market conditions, Edmonton condo developers are confidently moving forward with projects that are under construction, despite cancelled projects in Calgary, Canmore and Kelowna.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So what does this mean for these three groups of condo-watchers?

First, the potential condo buyer:

Its no secret that tens of thousands of young people have moved to Alberta over the past 3-5 years. Most people who moved to Alberta came here to find better jobs with higher wages. I would argue that in most industries Edmonton has higher wages than even Toronto and Vancouver. While there have been no shortage of good paying jobs the past few years, many first time home buyers who relocated to Alberta several years ago got priced out of the real estate market when prices soared in 2006.

These people have been renting and saving up for a down payment so they can buy their first home. The  majority of first time home buyers in Edmonton turn towards condos because of affordability and lifestyle. For these first time home buyers the news that current condominium developments are moving forward is good news; it means condo inventory levels will remain high, giving buyers lots of choice and leverage when negotiating the purchase price, the timing of possession, and other points on the purchase contract that are specific to each transaction.

Second, condo sellers:

The news isn’t so great here. With a large inventory of condos on the market in Edmonton for buyers to choose from it will continue to be difficult for sellers just to get buyers to look at their condo let alone make offers at last years prices (which is where some sellers still have their condos priced). The best strategy is to have your condo marketed effectively and priced competitively so it can stand out from its competition.

Those who are selling to move to a single family home or relocate to another city will able to cancel many or all of the effects of higher inventory and lower condo prices, by benefiting from the same factors when they go to buy since most real estate markets across Canada are facing similar environments. Those who bought a new condo in Edmonton during the price run-up with the intent to “flip it” are in a tougher position. If it is sitting vacant they have the dilemma of whether to rent or sell.

Finally, the Observers:

With condo developments “put on hold” else-ware in Canada, and the constant barrage of doom and gloom in the US and international media, having Edmonton condo developers continue their projects shows that they are confident in the economic stability of Edmonton.

Yes, oil prices are down, but people around the world haven’t hung up the keys to their car yet. Experts continue to say that Canada is in strong position compared to other countries. And Edmonton continues to offer strong job opportunities, in the face of manufacturing lay-offs in Ontario and Quebec.

Relative to the rest of Canada, and the rest of the world - Edmonton is a pretty good place to be.

 

Article by:  Nathan Mol, Coldwell Banker Johnston Real Estate

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