Yesterday I took a look at how the south side of the city did for the first half of 2013; all in all, it did pretty good posting reasonable price gains in most areas with condo transaction numbers being particularly brisk posting double digit gains in all three regions.
Today, I am going to turn our focus to the Northside - again we shall be looking at three areas; the NORTHEAST which is comprised of Realtors Association of Edmonton zones, 2,3 35, 50 and 5, picture the area that is roughly north of the Yellowhead east of 97 Street but with the area north of 153 Ave taken away. It includes Clareview, Londonderry, Hollick Kenyon as points of reference. The NORTH will include RAE zone 1, 27 and 28; so north of the Yellowhead and west of 97 Street but also that area north of 153 Avenue - so areas such as Calder, Castledowns and Ozerna. The NORTHWEST is RAE zone 4, 7, 21, 40 and 59; a smaller residential zone, it includes such areas as Glenora, Westmount, Mayfield and northwest to the St. Albert boundary. Let's see how they fared so far in 2013.
Northeast - A real mixed bag area as it has a little of everything for every type of homeowner. Whether you are looking for an older home on a larger lot, investment properties, upper end homes, or a condo this region will have it. It has been a very stable year so far for the area with minimal gains in the single family market. Only 11 more homes were sold in 2013 and the asking price actually dropped by a few hundred dollars, the fact that sale prices rose marginally (.5%) suggests that Sellers are very realistic about their home's value. The Condo market is somewhat perplexing, as we see a similar story to the South side with the number of transactions increasing in 2013, but conversely we also see an almost 7% drop in sale price and a whopping 16 day increase in the time it takes for condos to sell - this might indicate there are some bargains to be had in this area.
North - Very similar to the Northeast as far as residential make-up, this region is dominated by the neighborhoods that make up Castledowns. It remains in the midst of a major rebuild with the continued redevelopment of the Greisbach base which will continue to add a mix of housing options. While we see activity up in this area (8% for SFD and 13% for Condos), prices took a slight dip for both (.5% for SFD and 1% for Condos), this could be a factor of the influence of new home builds in the area offering direct competition to the resale market.
Northwest - While it is made up of mostly older established neighbourhoods, the Northwest is poised for redevelopment as it contains the potential of the municipal airport redevelopment project and we are already seeing infill projects in such areas as Glenora, McQueen and Westmount. The area actually experienced some very good growth so far in 2013 with both SFD and Condo transaction increases in high single or double digits (18.5% for SFD and 8% for Condos), prices all so good increases (4 and 8% respectively). I expect that this will continue to be a popular area for people looking to find affordable projects to take on, or move in to homes that have already been redone.
All in all, the northside continues to put up blue collar numbers. It is slow and steady and a very reliable place when it comes to solid stable long term growth. For investors or first time buyers it offers some very attractive long term benefits for home ownership. Remember though that these are just broad strokes, for a more in depth look at your home or to talk about your personal real estate needs, give me a call at 780-919-7653 or send me an email!
Thanks for reading!
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