RE/MAX Edmonton Real Estate News

As mid-summer statistics roll in a small but noticeable decline in residential sales figures can be detected. This slowing of sales is particularly noticeable when compared to figures from the same time last year, when the market was unusually strong in the face of growing economic difficulties present in Alberta and throughout the country.

The present state of the market, as summarized by Steve Sedgwick, REALTORS® Association of Edmonton Chair, is a tension between sales figures and prices:

“Although June’s residential unit sales are up slightly over May, we did not see the numbers set in June of 2015. Also notable is that the sustained lull in sales we have seen over the past two years has not been reflected in average price. Continued sales of higher priced properties in the region have helped keep average prices strong.”

In month over month comparisons of residences sold, there was no change from May to June of this year, however there was a distinct decline of 11.1% from June of 2015. A total of 1,117 single family homes sold in June, where May saw a comparable 1,119 sales. This category of residence fell 10.1% from the same time last year.  Condominiums saw a positive incline in month over month figures, rising 11.5% to see a total of 465 units sold, yet this still shows a drop of 18.7% from 2015 sales.  Conversely, the category of duplex/rowhouse showed a noticeable improvement in sales since June of 2015, but a sharp month over month decline. While the 173 residences sold show a 9.8% increase from the same time last year, this represents a 14.8% drop from month previous.

As mentioned by Sedgwick, in terms of sale prices, there has been little change in year over year figures despite the change in quantities sold. An average increase of 0.1% can be determined when comparing 2015 sales figures, for a monthly average residential sale price of $435, 366. Single family home prices dropped 1.1% from May on average, and 1.8% from this time last year. Average condominium prices saw an slight rise of 3.5% putting the average price at $236, 326. This is a 3.5% increase from June 2015. The EREB explained away this anomaly in their reports, stating that, “the average condo price was bolstered by the sale of several luxury properties”, therefore this likely doesn’t represent a trend of incline. Duplex/rowhouse units averaged $352, 778 which is a year over year increase of 4.6%, and a month over month increase of just 0.7%.

In terms of inventory in the Edmonton CMA, Sedgwick had this to report,

“Inventory remains high and buyers continue to have good selection…This is welcome particularly to those looking in the popular $350,000 to $450,000 single family price range.”

The June market saw 3,041 new listings, a 6% decline from May, and a 4.7% decline from the year previous. There were 8179 residences on market when June came to a close, which represents a significant increase of 7177 residences in 2015.

Days on market have remained relatively steady, which a monthly average of 53 days. This is a change of only 1 day less than May, and 4 days more than June of last year. Single family homes took an average of 50 days to sell, condominiums an average of 58 days, and duplex/rowhouses an average of 53 days.

While past articles have highlighted the charm of Edmonton’s more historic communities, a new focus is turned towards the city’s newer or ongoing development projects. As Edmonton continues to expand ever outward, what do new residential communities have to offer in terms of housing, infrastructures, community facilities, and commercial amenities?

Windermere is one of Edmonton’s newer neighborhoods, which has begun to establish community roots. It is part of the larger area also known as Windermere, which also consists of the neighborhoods Ambleside, Glenridding Heights, Glenridding Ravine, and Keswick.Windermere is located in the city’s southwest, east of the river valley and south of Anthony Henday Drive.

Windermere Boundaries

The significance of the name Windermere, borrowed from a neighborhood in Cumbria, England, is in its root words ‘winder’ and ‘mere’ which mean ‘take one’s breath away’ and ‘’boundary’ or ‘landmark’ respectively, referring to it’s scenic proximity to the river valley which the area overlooks.

Though the community is new, the land has subsisted almost exclusively as an agricultural area historically. Approximately 80 dwellings in total existed when the land was formerly part of Strathcona County before its re-appropriation to the city of Edmonton in 1982. However it wasn’t until 2006 that city council created firm plans for residential development. The late 2000’s saw exponential growth of the area that continues into present day. By 2012 results from the municipal census concluded the neighborhood consisted of 1498 dwellings. 2009 showed a population of approximately 322, while 2012 showed a 563% increase to 2136 residents.

Ongoing Developments of the Area. Image Credit: City of Edmonton

According the development plans from the city of Edmonton’s neighbourhood profile:

“The plan for the Windermere neighborhood includes a range of housing types, densities and designs. Once complete, the neighborhood will include a mixed-use commercial center designed as a neighbourhood focal point, and a series of parks, pathways and institutional facilities which will be integrated with the residential development.”

Currents of Windermere is the most notable area of commerce in terms of area amenities. The open air shopping district boasts the city’s only VIP cinema, Cabelas outdoor and sporting goods store, 12 restaurants and coffee shops, as well as staple franchises like Wal Mart, Canadian Tire, Home Depot, and London Drugs. The district is also home to dental, optometric, and medical clinics to better serve the community.

Click here to view homes available in Windermere or any Edmonton area of your choosing.