Hi!
Wanted to take a look at how real estate is doing in various parts of the city for 2013 so far (til end of July) since traditionally, we have left the bulk of the market activity behind.
Today I want to focus in on the south and do it by sections ... okay I don't mean to make this too complicated but I divide the city into different areas from what the Realtors Association of Edmonton do. For me, the South of Edmonton is three areas: SOUTHEAST which is RAE zones 29, 30, 53 and 54 - think of the area of the city from Whitemud Freeway South and Calgary Trail East. SOUTHWEST which is RAE zones 14, 16, 55 and 56 - so Whitemud Freeway South and Calgary Trail West to the river. SOUTH which is RAE zones 15,17,18,19 and 41 - that band in south central Edmonton that follows the river from UofA to refinery row and Whitemud north to river.
Anyways, how are these areas doing compared to last year? As a homeowner is your home worth more or less? How much activity is happening out there and how long is it taking to sell?
You can find the Realtor's Associations July news release here and President Darrel Cook is very positive about the overall Edmonton real estate market. So let's take a little bit of a closer look at these three southside markets ..
Southeast - The brightest news to report in the southeast is the CONDO market. With 17% more sales than 2012 and a 5.8% increase in prices condos in the southeast remain a great entry level option for many first time home buyers (average sale price $219,575). The single family market has remained pretty stable in 2013. A slight decrease in homes sold (910 vs 915) has been offset by a 3% increase in prices ($375,908) and a quickening of time on market (38 days) from 2012.
Southwest - Traditionally the southwest has been a more upscale market encompassing some of the southside's more prestigious neighbourhoods - Riverbend, Twin Brooks, Windemere etc. Because of the upper end market the time frame for many sales pushes up the days on market for the area slightly (45 days for SFD and 55 days for Condos) and these numbers are pretty consistent year over year. Single family sales have increased 2% year to date and this has bee mirrored by 2.6% increase in price as well. Condo sales have increased a staggering 29% but prices have actually seen an adjustment down somewhat by about a quarter percent. Looking at the inventory I would attribute this to an influx of new product on the market rather than a flood of resale units.
South - this remains one of the more desirable regions of the city to move to, whether you are a looking to be part of the Whyte Avenue lifestyle, needing a place near the university, or taking advantage of the established neighbourhoods around the Bonnie Doon or Capilano shops, there is always a reason to look in the south. This popularity is recognized in the year over year increases across the board. Both SFD and Condos have seen over 10% increases in activity (10.8 and 11.7% respectively) while prices are both up over 5% year over year. Properties are also selling faster than 2012 3 days faster for SFD and 2 days for Condos. Keep in mind that the popularity means that it is going to cost you more to live here - with average sale prices ytd of $432,700 for SFD and $296,450 for condos.
So there is a quick update for the south of Edmonton; a little bit of something is available for pretty much any homebuyer and Sellers have a lot of good news when it comes to how their home has made out over the course of the year. Remember though that these are just broad strokes, and for a better understanding as to how your real estate needs can be best served in the Edmonton market it is best to sit down and have a one on one conversation about your specific needs and wants and how they relate to the areas you are interested in - give me a call 780-919-7653 or drop me a line and we can get started!
Thanks for reading!
Larry
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