RE/MAX Edmonton Real Estate News

Will YEG weather hold? Or should we prepare for second winter?

February in the YEG Real Estate Market carried a familiar theme, inventory.

More and more homeowners are continuing to see the value in listing their residences with MLS, as market prices are tending to remain steady. Market forecasters indicate that the predictable seasonal lull will be drawing to a close in the foreseeable future, as snow continues to melt and temperatures rise in the city.

“Buyers are still taking their time to consider all of their options before purchasing a new home,” Says REALTORS® Association of Edmonton Chair Steve Sedgwick. “But with warmer weather just around the corner, clients are reaching out to their REALTOR® for support as the busy spring buying season approaches.”

The early months of 2016 have seen fluctuations to over 6,000 residential listings on the market, with February closing at 6,682 MLS properties for sale. This total indicates just a 16.2% increase from January, however the year over year numbers show a more impactful 36.5% rise from February of 2015.

Average residential sale prices saw a mild increase in all categories across the board. The category of Duplex/Rowhouses continued to be the market superstars, showing an 8.41% rise to $354,386, up 8.41% from January previous, and a 1.24% from the same time last year. The real surprise in February came from renewed market strength of condominiums, which had lately been showing drops or only negligible rises, yet which had gains of over 8% last month (8.83%) for an average sale price of $247,090. This price tag indicates a minimal year over year drop of 1.32%. Single family homes remained nearly steady from January, a 0.24% increase brought their average to $419,940, which showed a 2.79% drop from February of 2015. The month ended with a total residential sale price average of $363,366, a healthy 6.93% rise month over month and virtually no change in year over year comparisons.

February showed a large climb in reported sales, with 837 by month-end compared to January’s 618. This indicates a 36.5% jump month over month. February of 2015 saw 931 residences sold, which shows a current 10.1% decrease. Explains Sedgwick

“Sales numbers are increasing consistent with seasonal trends. Relative to 2015, potential buyers have more inventory to choose from. Despite this inventory growth, prices have moderated only slightly compared to last year, so home owners and sellers can maintain some confidence that housing prices are remaining stable.”

These remarks are also reflected in days on market averages for the month. The average residence was on the market for 57 days, which shows a year over year increase of 48 days. Despite climbing inventory however, this is a remarkable drop from January’s 71 average days on market. Of particular note, Condominiums averaged 57 days, an even more significant decrease month over month from a previous 85 days.

“We’re looking at the T-Rex of winters.”

That is the catch phrase flying around after Jack Burnett, editor of the Old Farmers Almanac, likened our upcoming season to history’s most savage predator. He must not have realized he was addressing Edmonton’s hardy and unflinching masses, where life carries on, the work never stops, and much to the dismay of youngsters school is always open no matter the weather.

Wintertime in YEG. Credit: Laura Danielle Photography

However, in the face of a long winter that’s predicted to be even colder and snowier than we are accustomed to it’s better to be prepared than to be stubborn. These ten cost effective tips will help save on energy bills, even in a T-Rex winter:

1. Cover your windows with plastic.

Older or inefficient windows cause hot air leaks to the outdoors and will end up costing a bundle. Bubble wrap is even better than regular plastic wrap, because of the added insulation of the air pockets.

2. Add a door sweep to all exterior doors.

Not only do they keep heat in but they keep the wet and damp out. They can be easily installed and Home Depot sells a variety of styles, most for less than $10.

3. Reverse Ceiling fan directions.

As we all learned in science class heat rises. There’s no use paying for the furnace to warm your whole house just for all that heat to settle up in the rafters.  Changing fan direction recirculates the warm air pumped out by your furnace and pushes it down into the living spaces.

4. Move furniture away from your vents.

Does it get any easier than that? Move armchair 6 inches to left for the winter, stay warm, save a bundle.

 5. Put a fan near your older radiator.

Radiators are great for creating heat, but not so great at circulating it. A nearby fan facing an opportune direction will help properly distribute all that warmth you’re paying for.

6. Close off any rooms you don’t use.

Storage room of needless items? Guest bedroom with no guests? Close the door, close the vent, close the window. Done. You’ll wonder why you bothered heating all that unused space in the first place.

7. Make use of that decorative fireplace. 

That hipster focal point that came with house is more than just a mantle for vintage books and busts of Beethoven…light that baby up! It’s completely free to use, just don’t forget to chop a few logs over the fall (your biceps could probably use the workout anyways).

 8. Open south and west facing curtains during the day.

Instead of paying for all that heat, why not use the sun. It not only provides free light, but free heat. Opening south and west window coverings in the day will allow your house to absorb as much warmth as possible, while closing them at night traps that heat in.

9. Insultate your water heater.

For about $30 you can buy a water heater insulation blanket and install it yourself in a jiffy. Here are 2 and a half minutes of helpful installation instructions:

10. Clean your gutters.

It’s high up and seems like worst job in the world but ice dams are a disaster.  Cold rain and snow combine with debris and can form ice dams that clog. This will lead to leaks inside the home. Leaks and cold weather are never a good thing. Scratch that. Leaks anytime ever are never a good thing.

These tips are relatively cost  and time efficient, meaning you should be able to get it all done on a day off and on a budget. Don’t forget there’s still time to get your house sold or a new house bought before the cold hits harder! CLICK HERE to search for properties in the area of your choosing.