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Tuesday, March 07, 2006

Edmonton real estate market news release

Challenges lie ahead for the inexperienced. If you are so inclined to tackle this robust market without professional help you are as likely to miss out on a great opportunity as make the wrong move at the wrong time. Experience is crucial in an environment such as this. If you are looking for professional help in what's being called 'boom Berta' then we are your team. Contact us. The following is the Edmonton Real Estate Board's press release for February's market statistics.

Edmonton, March 2, 2006: February is supposed to be a relaxing month for REALTORS®. Consumers are typically in hibernation or on winter vacations and sales are slow but steady. But no one had their feet up this month with residential sales in February up 27% over last February and up 36% over January 2006.

“REALTORS® have been kept busy responding to the atypical consumer demand for housing,” said Madeline Sarafinchan, EREB President. “Over 80 homebuyers found their new home through the Multiple Listing Service® each business day in February.” Over 1,000 single-family detached homes, 500 condos and 59 duplex and rowhouses were sold in February. Records for sales in February were set in each category.

A decrease in the number of days on market was an indicator of the intense market activity. Homes sold in February were on market for an average of just 35 days: down from 45 days in February 2005. The sales activity also encouraged listings; 1,835 residential properties were listed in February. That is 220 more than were listed in January 2006. At the end of February, there were 2,595 residential properties available on the Edmonton MLS®.

Single-family home selling prices climbed to an average price* of $249,925 in February: up 6.25% from last month. Condo prices of $146,933 on average were below the record prices set in August 2005 ($149,500) but up almost 10% from last month. Duplex and rowhouse prices hovered near record level highs at $198,394 in February. The average price for all residential property was $211,531 – up over $28,000 from last February and a new all time record high.

“Inventory is still available for 1.6 months at current sales levels,” said Sarafinchan. “In 1990 inventory levels dropped to around 1,600 properties so there is no need for alarm. The inventory selection changes constantly with up to 100 properties being added to the inventory each day.” REALTORS® have access to computer records, which are updated with new listings every three minutes.

The strength of the Alberta economy may be reflected in the sale of vacant acreages and recreational properties. Average prices tripled from $59,914 in February 2005 to $184,997 this February. Sales of recreational properties with a home also tripled since last February although prices dropped slightly.

In the commercial division, total sales are double the previous two Februarys. Total commercial sales were $21 million in February 2006, up from just over $10 million in 2005 and 2004. Land sales are double last year and apartment sales rose from $2.8 million to $6.6 million in one year although unit sales only increased from seven to eight. In the Businesses category, just seven sales generated $2.5 million compared to 10 sales last February for $1.5 million.

February 2006 activity Record * % change from 2005
Total MLS® sales this month 1,794* 27.40%
Value of total MLS® sales - month $395 million* 49.50%
Value of total MLS® sales - year $665 million* 47.00%
Residential¹ sales this month 1,605* 27.70%
Residential average price $211,531* 15.50%
SFD² average selling price - month $249,925* 22.00%
SFD² median³ selling price $238,000* 22.00%
Condo average selling price $146,933 6.27%

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