The February market performed extremely well compared to the same time last year in terms of sales prices and sales volume.

Sales Prices

In February 2022, average sales prices were $479,156 compared to $430,834 in February 2021. This is an increase of 11% when compared to February 2021. 

Sales Volume

In February 2021 there were 801 total Edmonton sales registered. In February 2022, there was 1251 sales registered. This is an amazing increase of 56% over the year before.

Days on Market

Buyers continued to quickly select homes in February 2022 and the average time to sell was only 40 days, compared to 46 days in February 2021. 

Outlook

At the end of February 2022, single family inventory was at 1227 units, equal to…

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Its February 2022 and we talk with prospective home owners every day. Some are starting to express concern at rising prices. Some are suggesting they will wait until the ‘boom’ is over.

This could be a big mistake. The Edmonton and area market is 2 years into its current UP cycle and history suggests that a full cycle is around 7 to 8 years. In other words, there is lots of UPSIDE yet to come.

If you are in a position where you can commit to living in your home for 5 to 10 years I suggest you do it now. Here are 3 solid reasons why:

1. You start building wealth the moment you assume ownership

2. At the current time (February 2022) you will have less competition from other buyers. Most buyers start shopping in May. You don’t have very…

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1.  Quick Access to New Listings

Don’t rely on REALTOR.ca. This website is managed by the Canadian Real Estate Association (CREA) and it’s a good tool. But! Often it receives listings updates 24 hours and sometimes 72 hours AFTER a listing hits the market. You need a local REALTOR® and to be registered on a LOCAL website in order to get listings updates within a few minutes. In a market with low inventory, you must have your finger on the button to beat out other buyers.

2.  Exclusive Access to Unlisted Homes

There’s a hidden market. A good local REALTOR® will know which homes were up for sale in the past and did not sell. A good local REALTOR® will approach the owners of homes you really like in a particular neighbourhood and ask if they…

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A couple of weeks ago I heard that Redfin (a prominent brokerage in the USA) encourages its agents, to show 3 homes on the first outing. Why?

1.  You stand a better chance of building a relationship,

2.  Relationships lead to loyalty,

3.  Your chance of writing an offer with the buyer goes up to 90%, (according to Redfin)

The next time you agree to show a home to a prospective client for the first time, try to get them into 3 homes. If you need to research 2 more homes ‘on the fly’ after you have shown them the first one, do it.

They will thank you for it and you will dramatically increase your chances of winning a client and getting paid.

Yue Wang a Partner / Advisor on my team used this technique this past week and converted ‘a…

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The January market performed strongly once again compared to the same time last year in terms of sales prices and sales volume.

Sales Prices

In January 2022, average sales prices were $220,306 compared to $217,731 in January 2021. This is an increase of 1% when compared to January 2021. 

Sales Volume

In January 2021 there were 249 total Edmonton sales registered. In January 2022 269 sales were registered. This is an impressive increase of 8% over the year before. 

Days on Market

Buyers selected condos in January 2022 after an average of 75 days, compared to 68 days in January 2021. The longer time on market may be due to the banks taking their time to approve lending on condos, after what has been a tough market for condo…

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The January market performed strongly once again compared to the same time last year in terms of sales prices and sales volume.

Sales Prices

In January 2022, average sales prices were $440,648 compared to $427,732 in January 2021. This is an increase of 3% when compared to January 2021. 

Sales Volume

In January 2021 there were 672 total Edmonton sales registered. In January 2022 724 sales were registered. This is an impressive increase of 8% over the year before.

Days on Market

Buyers continued to quickly select homes in January 2022 and the average time to sell was only 52 days, compared to 61 days in January 2021.

Outlook

At the end of January 2022, single family inventory was at 1396 units, equal to 697 fewer…

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In a market of low supply that favors home sellers and not buyers it’s never been more important to load your database with as many buyer prospects as you can.

Here is why.

1.  The Law of Probability Will Favour You

As is often the case the bigger your supply the more strongly you can rely on the Pareto Principle (the 80.20 rule to favour you). 20% of your prospects will act. The other 80% will not.


2.  More Multiple Offers

You can expect to be involved in more multiple offer situations than ever before. If your pre purchase consultation and counseling skills are strong, your clients will be willing to compete and with your guidance they may produce a winning offer. In many cases you will not win and will have to try again later.…

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Affordable homes in the Elmwood area of Edmonton can be hard to find. We have just listed this one for sale at 8603 164th Street NW Edmonton. Click the link to read the details. Exclusive Home Listed by Ambergate Realty Advisors. 

To see ALL homes listed for sale in Elmwood click this link: ALL Homes listed.

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When I reviewed the market stats yesterday, there was 1799 condos for sale across the whole of Edmonton that’s 4% down when compared to January 2021.

And there were only 1510 single family homes for sale, down 18% on this time last year.

What does this mean for your clients?

  1.     Consider educating them to be more compromising and be ready to pay more than they had hoped for
  2.     Ensure that when you do write an offer you have done some research to find out what the seller actually values and wants, beyond the best price.
  3.     Encourage your clients to consider older listings. Most buyers ignore these assuming they are overpriced or that there is something wrong with them. The price could have been adjusted and might be priced right…

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When I reviewed the market stats yesterday, there was 1799 condos for sale across the whole of Edmonton that’s 4% down when compared to January 2021.

And there were only 1510 single family homes for sale, down 18% on this time last year.

What does this mean for you?

If you are a home or condo seller this could be your time. Values are edging up nicely and you may receive more than you were expecting.

If you are buyer, you may have to make compromises and be willing to pay more than you had hoped for. Unless more inventory enters our market, you may have to pay even more if you wait until Spring.

To discuss your own situation in more detail, please contact your Advisor Partner, or reach out to me directly. I am always pleased to help.

…

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