Buying a Condo or Home in Edmonton for the First Time
If you are thinking of buying a home for the first time in Edmonton, whether its a condo or single family detached home, I recommend taking advantage of our Online Seminar for First Time Home Buyers which will put on by my partner Sheldon Johnston who is also the Broker of Coldwell Banker Johnston Real Estate.
Often people who are thinking of buying for the first time email us with many questions which are similar to one another so this is good opportunity to have your questions answered by an experienced Edmonton REALTOR® and to learn from other home buyers questions as well.
The seminar will cover aspects of buying a home which are common to both detached homes and condominiums. There are also unique challenges buyers can face when purchasing a condo that don’t apply to detached homes. For example each condo complex is different in how they are managed and their current state. If you have specific questions about certain condos in Edmonton you can also ask me.
Edmonton Condo Market: Weekly Update
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 |
What are your thoughts on the stronger prices outside of Edmonton?
2 Simple Rules to Improve Condo Value
Attention condo boards. One of the things that affects your value is how your building is viewed in the market place. Simply put there are two things from my perspective that are very simple to do and can make a big impact.
1. Signs. Have you ever noticed that you can’t even see some condonium complexes through the forest of signs? From my persepctive a for sale sign is a valuable thing but too many signs, some leaning over, here there and every where, give the buyer the impression that maybe they should be looking in a RV park for a nice trailer. Solution: A nice master sign that has a reduced sign size where the REALTOR’s signs can hang one under another.
2. 
Keyboxes. Now most condo corporations couldn’t give a S–t about keyboxes. Wrong answer though. You may not be selling now, but if you do you want your complex to be as presentable as possible, and have values hold for when you do sell then having keyboxes strung all over the place conveys a message that this complex isn’t very organized. Solution: Bolt a bar in an easy to access location, but not right in the main entrance. That way the keyboxes are easily accessible but not in your face. If your complex is large maybe you need a few of them.
If you’ve ever bought a resale condo then you know what I’m talking about. Simple stuff can make a big difference in a buyer’s mind.
Welcome to the Edmonton Condo Blog!
Soon you will find all kinds of information about condos in Edmonton, including statistics, reports on condo complexes and information about buying and selling condos in Edmonton.
This blog is published by Nathan Mol of Coldwell Banker Johnston Real Estate, and Sheldon Johnston & Sara MacLennan of the Edmonton Real Estate Blog (and Coldwell Banker Johnston).
We’re very excited to start this new venture and hope Edmontonians interested in condos will enjoy the blog!
Other News- Home Buying Seminar - For Ladies Only March 9, 2010
- Edmonton Real Estate Market Weekly Update March 5, 2010
- Don't wait for the weekend to make your offer! March 4, 2010
- Edmonton Market Steady and Stable March 2, 2010
- Home Prices Rise in Edmonton While Condos Drop March 1, 2010