Dennis Philps

2010 is now in the history books! It is a time to reflect on the real estate events of the past year. There were some interesting developments:

1. Prices rose for the first half as buyers entered the market ahead of changes in the mortgage lending rules.
2. Prices fell off in the second half as the number of listings mushroomed and a ‘buyer’s market’ forced sellers to adjust their asking prices downward to stay competitive.
3. Only 45% of the listings on the MLS listings sold in 2010.
4. The average days of listings on the market was 50, down 3 days from 2009.
5. The average sales price for December for homes was $355,271 and for condos was $223,454.
6. The average Year-to-date sales price for homes was $377,340 and for condos was $240,891. Compared to 2008 prices, home prices were virtually unchanged while condos were lower by $13,000.
7. The most active price range was $250,000 to $299,999 with $200,000-$249,999 coming in second.
8. 73 $1,000,000+ homes sold in 2010 compared to 56 in 2009 and 59 in 2008.

Mortgage lending rates have started to creep to 4% for 5 year closed term. Expect these rates to continue to rise in 2011. Some are predicting at least a 1% increase. NOW is the time to lock in your mortgage pre-approval!

Average Edmonton home prices are expected to rise marginally in this new year [perhaps 4-5%). In a few months, the trends will be easier to identify!