Posts from June 2016

The EREB has declared single family detached home sales to be on the rise coming out of the Edmonton spring months. The expected seasonal upswing has particularly impacted residences of this style, with an unexpected upswing of 19.3% month over month. Even in the face of economic uncertainty year over year figures have continued to show growth, with a 3.8%  increase in the single family home category.

These staggering figures reaffirm the resilience of the YEG market we have seen time and time again over the past year, with sales statistics in all areas showing gains.

May saw 1119 single family homes sold, followed by 203 duplexes and row houses which is a sales increase of a whopping 37.2% (a 23.03% year over year increase). Condo sales, the slowest residential category, were the only area to show year over year declines (of 18.2%) however were up over 5% in month over month figures. This brought the average sales for all residences down just less than 1% from the same time last year. However a total of 1771 residences sold last month; an 18% increase coming into the summer months.

The increase in residential sales has brought with it a much needed slowing of inventory gains. Relationally these figures show a balancing out of the Edmonton CMA market, which is crucial to avoid oversaturation of properties. This creates a market environment that works for both buyer and seller needs.

New listings decreased 2.5% from the same time last year, which just less than 1% from the month previous. The sales-to-listing ratio was 61% for single family homes, 73% for duplex/rowhouses, and 40% for condominiums. The EREB reported that these numbers indicate “condo properties are entering a buyer’s market”, with aforementioned the sales-to-listing ratio showing a 13% decline from the same time last year (but a slight 2% month over month increase).  The single family home ratio remained identical to May of last year, which was a 10% bump month over month, while duplex/rowhouse figures rose a staggering 22% from last month, which is still a 13% decline from May of 2015. All in all the YEG market saw 3,233 new properties listed last month in all categories.

“While new listings coming onto the market were down this May compared to 2015, inventory continues to remain strong with more than 8,000 residential properties on the market at month’s end,” Says REALTORS® Association of Edmonton Chair Steve Sedgwick. “The fact that we haven’t seen a significant decline in prices is giving buyers more assurance. They are making purchases based on market stability and good selection.”

In terms of sale prices, fluctuations have been negligible in all categories of residences, with no changes greater than 3%. The month ended with the average single family home price sitting at $440, 573 comparable to the month previous which ended at $439,982. This is a small 3% drop from last year’s average of $453, 748. Condominiums, though showing declines elsewhere, rose 1% to an average of $254, 555, which is nearly identical to last year’s prices .Lastly, Duplex/rowhouses showed gains across the board of 3% month over month and 1.5% year over year.

“Consumer confidence amongst home buyers in Edmonton and surrounding areas remains strong and is reflected by increased unit sales in the single family detached and duplex/rowhouse categories,” Sedgwick said. “Relative to other markets in Alberta, Edmonton’s resale housing market is solid.”

Residential average days of market were 54 at month end, a two week increase from April, but just an 8 day increase from this time last year. Single family homes averaged 51 days on market, while condominiums and duplex/rowhouse averaged a longer 59 days.

Diversity, ecology, proximity, family: these are the values cited by the extensive Grovenor community website . An unexpectedly old neighborhood, considering its relative distance from the city’s core, the original dwellings bordering the ravine were built around 1907. The community borders 149 Street to 142 Street on the east and west, and 107 Avenue south to the Mackinnon Ravine.

In the area’s extensive history it has changed names (formerly Westgrove) and spurred on by the railways passing through was almost completely industrial up until the 1940’s. Then a transformation began, completed in 1980, to an entirely residential community save a few bordering shops on it’s main thoroughfares.

Grovenor School

A tight knit community known for it’s elaborate Halloween houses, success in the sport of shinny, and it’s focus on family values, the community emphasizes the desirability of the area for raising children, noting it’s elementary school, historic church, and community league programs.

Bordering Grovenor to the east is the historic community of Glenora, which naturally falls just south of the community of North Glenora. Glenora extends from 142 Street to Groat Road and the River Vallery, and north until 107 Avenue. North Glenora resides on 107 Avenue to 111 Avenue and 142 Street to Groat Road.

It may not be surprising to learn that the area of Glenora was part of an 1860’s river lot owned by Malcolm Groat, namesake to much of the area’s landmarks and of course Groat Road, which at the time demarcated the outer city limits.

Glenora Bed & Breakfast. Image Credit: Darren Kirby

This sprawling riverside area is notable for the Royal Alberta Musuem and it’s surrounding parkland, as well as Alberta Government House and the local hidden gem, Glenora Bed and Breakfast. Glenora is also home to 4 schools; 2 public, 1 Catholic, and 1 private. The area is considered relatively affluent, according to recent census statistics, with 4 out of every 5 homes being owner occupied.

North Glenora is geographically one of the smaller residential areas in the city, occupying less than 87 hectares, and also made up part of the original parcel of land owned by Malcolm Groat. The residential boom of North Glenora occurred in the years following World War II when just over 86% of it’s residences were constructed. Before this time, much of the area was undeveloped land, trees, and dirt trails, save for a few residences.

Noted for it’s beautifully maintained, tree-lined streets, the area is especially picturesque in the autumn months. It’s residences surround the sprawling North Glenora Park, where recreation is facilitated year-round, with amenities that include a skating rink, spray park, soccer field, basketball court, and renovated community league hall.

Search for homes in Grovenor, Glenora, and North Glenora.