NOTE: This is a multi part series that will span the next week or so. We will start with the districts in Edmonton and then move out to look at some of the surrounding communities.
The West of Edmonton is best described as everything on the north bank of the river as it crosses the Anthony Henday and Whitemud Freeways. It is a very diverse area with almost every property type and class. There are high end homes, new homes and condos, mature neighbourhoods, redeveloping ones and everything in between. It includes such landmarks as West Edmonton Mall the Valley Zoo. It had a pretty stable 2013 as the numbers tell us:
SINGLE FAMILY HOMES
- # OF TRANSACTIONS
- 2012 - 1246
- 2013 - 1305 UP 4.6%
- AVERAGE SALE PRICE
- 2012 - $444,357
- 2013 - $466,340 UP 4.9%
- DAYS ON MARKET
- 2012 - 48
- 2013 - 46
CONDOMINIUMS
- # OF TRANSACTIONS
- 2012 - 591
- 2013 - 608 UP 2.9%
- AVERAGE SALE PRICE
- 2012 - $228,479
- 2013 - $228,076 DOWN 0.17%
- DAYS ON MARKET
- 2012 - 54
- 2013 - 54
Thoughts: Residential sales showed another year of steady moderate growth in both number of transactions and sale pricing. This is indicative of the area for the past few years and reflects the mostly established nature of the area. New Home builds on the fringes of the district will also be steady and contribute, but unlike the SE and SW areas, it is constrained by geography as to how rapidly it can develop. The Condo market is, to put a positive spin on it, treading water. Slower transaction growth over the past few years and minimal to non-existent price increases are most likely due to the competition from the faster growth areas around it. In 2014, there is nothing that indicates that these trends will change, expect a similar trend of slow but steady inching forward. Transaction numbers will rise for Single Family homes to 1370 units (4.9%) and Condos to 625 units (2.8%). Prices will also rise; to $489,000 (4.8%) for Single Family and minimally for Condominiums to $230,000 (1%). It will also continue to be a slower market with DOM being 1 and a half months for SF homes, and slightly longer at 52 days for Condos.
The Northwest district is a bit of a smaller region vis a vis housing as a lot of the geographic area is commercial and industrial. It still features some very prime real estate in its southern area - Glenora as an example - and a bit of new development in the north - Zone 59 around Big Lake. As such, the numbers for the district are on a smaller scale than some:
SINGLE FAMILY HOMES
- # OF TRANSACTIONS
- 2012 - 426
- 2013 - 503 UP 18.1%
- AVERAGE SALE PRICE
- 2012 - $338,343
- 2013 - $342,711 UP 1.3%
- DAYS ON MARKET
- 2012 - 47
- 2013 - 40
CONDOMINIUMS
- # OF TRANSACTIONS
- 2012 - 138
- 2013 - 145 UP 5.1%
- AVERAGE SALE PRICE
- 2012 - $183,105
- 2013 - $200,929 UP 9.7%
- DAYS ON MARKET
- 2012 - 59
- 2013 - 64
Thoughts: While a smaller area the northwest has seen a very good recovery in it's numbers. SF home unit sales have been rising steadily in the past four years and 2013 was the strongest year in some time. While they haven't quite bounced back to 2007 levels, prices also rose again year over year. Condo sales while small in number, posted excellent gains in 2013; numbers that when compared to past years have to be considered as approaching the previous peaks. In 2014, I expect to see both markets to continue to grow in a similar fashion with transaction figures reaching 550 (+9.3%) for SF homes, and Condo sales increasing 6.8% to 155. Prices will also rise in both areas albeit a bit slower in the SF market - up approximately 2% to $350,000; while Condo prices climb over $210,000 for the first time since 2009. While the time on market might seem a bit daunting, these are numbers that tend to be typical for the the area.
The North region comprises 3 MLS districts (1, 27 and 28). It is a diverse area and a mix of old, established and new homes. It stretches from the Yellowhead north to CFB Edmonton and encompasses such areas as Castledowns, Belle Rive, Athlone and Rosslyn. You will find a bit of almost everything in this area although the prospects for new home builds is somewhat constrained by St. Albert to the northwest and the Base to the north. 2013 posted some good numbers:
SINGLE FAMILY HOMES
- # OF TRANSACTIONS
- 2012 - 1097
- 2013 - 1198 UP 9.2%
- AVERAGE SALE PRICE
- 2012 - $352,029
- 2013 - $359,791 UP 2.2%
- DAYS ON MARKET
- 2012 - 52
- 2013 - 53
CONDOMINIUMS
- # OF TRANSACTIONS
- 2012 - 335
- 2013 - 390 UP 16.4%
- AVERAGE SALE PRICE
- 2012 - $227,832
- 2013 - $226,503 DOWN 0.5%
- DAYS ON MARKET
- 2012 - 59
- 2013 - 56
Thoughts: While transaction numbers for both types have been very good news the past few years, prices have been slow to recover since the downturn. While they have seen an overall gain since that period, it has been slower than some other areas have been experiencing. I see these trends continuing in 2014. Unit numbers for both will continue to see excellent gains - for SF homes 1310 (9.3%) and Condos will push upwards to 425 units (+8.9%). Prices, while not as robust will still see increases; $369,000 (+2.6%) for SF, and $228,500 for Condos (+0.9%). Days on Market will continue to be slower, over 50 days in both areas (52 & 55 respectively).
Finally for today we look at the Northeast. This area takes in the established areas north of the Yellowhead and west of 82 Street that includes, Delton, Killkenny and Londonderry, east past Manning Drive into Clareview and to the River. Northwards it runs to the City limits and includes some of the newer neighbourhoods we see north of 167 Avenue. Again it contains a great diversity of home types and price ranges although like the North it is much more blue collar than some to its southern brethren. Here are it's 2013 stats:
SINGLE FAMILY HOMES
- # OF TRANSACTIONS
- 2012 - 879
- 2013 - 942 UP 7.2%
- AVERAGE SALE PRICE
- 2012 - $331,993
- 2013 - $338,703 UP 2.0%
- DAYS ON MARKET
- 2012 - 48
- 2013 - 44
CONDOMINIUMS
- # OF TRANSACTIONS
- 2012 - 472
- 2013 - 508 UP 7.6%
- AVERAGE SALE PRICE
- 2012 - $196,350
- 2013 - $191,551 DOWN 2.4%
- DAYS ON MARKET
- 2012 - 53
- 2013 - 63
Thoughts: The northeast tends to be the epitome of "blue collar". It doesn't do much to excite a lot of attention or attract people with a lot of shiny bells and whistles; but what it does do is provide decent housing options for your average homeowner. It remains and will remain a very affordable place for families to find a well priced home in some very decent neighbourhoods. This I think will continue to be the case in 2014: sales will see a comparable rise - 1020 units for SF homes (+8.2%), 550 units of Condos (+8.2%); while prices will slowly move upwards - rising 3.3% to $350,000 for SF homes, but only increasing just over 1% for Condos (to $193,500). Days on market will continue to be longer for Condos taking 60 days to sell, SF homes will be much faster at 44 days which is about the historical average.
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So that is it for today, we are almost through Edmonton! Next time we will wrap up our look at Edmonton by seeing what happened in the core with a look at two areas: the Central region, and the Downtown.
Thanks again for reading and remember that these reviews are a general look at macro districts in the City. For a more comprehensive look at what homes in your neighbourhood are doing and how your home is appreciating in value, give me a call at 780-919-7653 and we can sit down and talk real estate!
Larry
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