Inventory beginning to stabilize while prices still rise

Edmonton, June 2, 2015: With new listings down over 2% from last May, we are finally starting to see the Edmonton Census Metropolitan Area (CMA) inventory begin to stabilize. Even with a wealth of residential property on the market (almost 30% more than last year), we are continuing to see price increases for all residential properties.

“As expected, the average days on market is up four days year-over-year and one day over last month at 45. We can expect this number to continue to grow due to slower sales and higher inventory,” REALTORS® Association of Edmonton President Geneva Tetreault explains.

The average days on market for single family last month was 43, condominiums were 49 days, and duplex/rowhouse took an average of 45 days to sell.

Residential sales in Edmonton’s Census Metropolitan Area are beginning to pick up with 1,784 reported sales in May 2015. That is up 12% from 1,597 reported in April but still down almost 10% from May 2014. Again this month, reported sales are down in all categories except duplex/rowhouse (up 4% y/y) – a trend we have seen all year. Single family sales were 1,078 - down 11% over last May (1,213 reported). Condo sales were down 10% over May 2015 at 510. Sales were up in all categories over April 2015. Year-to-date, residential sales are down 13%.

“Last month we were down 13% year-over-year in all residential sales. This month we are down less than 10%. We expect this trend of increased sales to continue as confidence in the stability of the market grows,” Tetreault adds. “We are still seeing multiple offers in popular price brackets. The fact that we haven’t seen a decline in prices is giving buyers more assurance. They are venturing back into the market with the feeling that prices won’t plummet any time soon.”

Despite a decline in all residential sales, the average sale price was $381,111 up 2.5% from May last year. Single family dwellings sold for an average of $451,312 (up 3% from last May), condos for $256,143 (up 2% y/y) and duplex/rowhouses were the only price drop at $345,659 (down 2% y/y).

The end of month residential active inventory was 7,303 for the Edmonton CMA. May 2015 all residential new listings were down 2% from last year at 3,314. That meant 5% less single family, 6% more condo, and 4% less duplex/rowhouse listings than in May last year.

“People are continuing to take advantage of low interest rates and a greater selection in the marketplace. We are moving into our busiest season for real estate. Your local REALTOR® can help you find what you are looking for in the neighbourhood that best suits your needs.”

Keep it Green while you Spring Clean

It’s that time when many of us do a thorough clean of our home after a long winter. A few of our basic pantry items can do the job just as well or better than the heavy duty supermarket cleaners. Here’s five great tips that don’t need more than four ingredients: Vinegar, baking soda, rubbing alcohol and lemon.

Mattress: Sprinkle baking soda on mattress. Leave for 1 hour and then use upholstery attachment and vacuum. Spray mattress with rubbing alcohol. Let it dry. Remake bed with fresh sheets (see tip below).

Mildew towels or clothes: Wash your load of towels on the hot cycle and add 1 cup of vinegar to the load. Let the washer do its job.

Dishwasher: Place two cups of vinegar in a container in the top rack. Sprinkle baking soda on the bottom and sides. Run on the hottest cycle.

Microwave: Place one cup of vinegar with one cup of water in an uncovered container and microwave to a boil to let it steam and clean. Use microfiber cloth to wipe clean.

Homemade all purpose cleaner: ¼ cup of vinegar, 4 cups of HOT water, 2 tbsp of baking soda, juice of 1 lemon. Combine all ingredients in a spray or squeeze bottle. Use liberally throughout the house.

Are you Sure you Can do That??

Before you begin on any major projects in your yard this year, make sure you have an up to date Real Property Report (RPR) and that you obtain the proper development permit. If your improvements do not comply with the City rules or real property lines, it could be quite costly in fees, fines or even lawsuits down the road.

A general rule, all of the following must be met in order to meet the City bylaw requirements (m = meters):

1. A shed that is not attached to the house and is less than 10 sq.m. does not require a building permit if it meets all zoning requirements. Be careful not to build too close to your neighbors. It needs to be located at least 0.9 m (3 ft) from a side lot line, 0.6 m (2 ft) from a rear lot line and 0.9 m (3 ft) from the house.

2. A Deck - You will need a development and building permit if the deck floor is over 0.6 meters (m) or 2 feet (ft) above grade. If the deck will be built on a corner lot or in the front yard, you will need to talk to a Development Officer about the regulations, by either calling 311 or visiting the City with a site plan.

3. A detached rear garage - must be set back at least 2.75 metres from the rear property line. If the height of the garage exceeds 1.85 metres, it must be set back at least 0.6 metres from the side property line. Otherwise, it must be at least 0.9 metres from the side property.

These are general by bylaw rules for City of Edmonton. These rules may vary for different land zoning. Always make sure you consult the city before starting your project. Click here for more details.

http://www.edmonton.ca/bylaws_licences/service-residential-construction-permits.aspx