Friday, January 6, 2012

Edmonton real estate market healthy and stable, Realtors say

EDMONTON - Edmonton wrapped up a stable year in real estate in December, the Realtors Association of Edmonton said Wednesday.
“It is a relief to report on the stability and health of the local real estate market,” said Chris Mooney, association president for 2011. “With prices and sales varying within a small range, there is a solid base going forward into the 2012 market.”
Mooney mentioned the European debt crisis and a depressed housing market in the U.S. as major concerns, but emphasized that the energy-based economy of Alberta in general and Edmonton in particular keeps the local housing market buoyant.
The average price for all residential properties sold through the association’s Multiple Listing Service shrank slightly year-over-year, from $329,019 in 2010 to $325,457 in 2011. Total sales numbered 16,893 for the year, up 3.8 per cent from 2010.
Mooney estimates that upwards of 90 per cent of real estate sold in Edmonton moves through the MLS, with the remainder sold by non-Realtors. In December 2011, 827 properties sold through the MLS, almost identical to the 829 sold in December 2010. Real estate market activity picks up in the summer, with peak volume usually moving in April and May.
The most recent data from the Canadian Real Estate Association ranked Edmonton as the ninth most expensive real estate market in the country, behind Vancouver, Victoria, Toronto, Calgary, Yellowknife, Ottawa, Hamilton and Montreal.

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