City’s housing markets run hot and cold: analyst
When it comes to home sales in Edmonton, some communities are red hot while others are stone cold.
According to findings of a new housing data aggregation website, homes in some neighbourhoods are being snapped up in less than two weeks while homes listed in other communities are taking an average of about six months to sell.
As for fastest sales, the communities of Duggan and Sakaw in the city’s south and Sherbrooke in the northwest all had “the lowest average number of days on market,” for July, says Dan Belostotsky, CEO of Honestdoor.
Homes listed in these communities typically sold within 10 to 15 days last month, based on Honestdoor.com data, which aggregates sales information from several sources, including MLS (multiple listing services), to provide quick, free assessments online for homeowners.
Belostotsky says the company has been operating in Alberta for about a year, offering deeper insights into pricing than what’s typically available for the average homebuyer and seller.
“Our figures are very comprehensive because we get all the transactions, including private deals, which make up about 20 to 25 per cent of the transactions,” says Belostotsky, a University of Alberta business school alumni, now based in Toronto.
“With that, we can show buyers and sellers which areas are hot, and by that we mean those communities with the most transactions and best pricing.”
The company found, for example, the community with the most expensive average sale price was Windsor Park, near the university, at about $1.15 million.
The community of Summerside, located south of Ellerslie Road, was also among the hotter communities for sales. It saw the most transactions in July, totalling $13 million.
The most expensive home sold in the city, however, was in the tony neighbourhood of Glenora for roughly $1.75 million.
Condominium sales have typically struggled in the city of late due to oversupply and several new purpose-built rentals coming onto the market. But some multi-family sales are holding up due to their location. Among them is Callaghan Ravines in Callaghan in the southwest. Overlooking Blackmud Creek Ravine, the condo complex had the highest number of sales for the segment. As well, sale prices for condos sold there averaged about $485,000.
By contrast, the least expensive sale in the city was a condominium in West Jasper Place, which sold for less than $50,000.
Honestdoor data also revealed bungalows were most in-demand, based on average day on the market, at between 40 and 45 days.
By comparison, condominiums took an average of about 65 to 70 days to sell, and larger homes took about 50 to 55 days on average.
As for the coldest neighbourhoods by sales in the city, homes in Lauderdale in the northwest, just north of the Yellowhead Trail, remained on the market the longest at more than 175 days. Central Mcdougall — which is just north of downtown — was the most affordable with average sales below $100,000.
“But I wouldn’t necessarily say that its low price was an indicator of cold because it is right (close to) downtown … so there are many more apartment buildings than other residential neighbourhoods,” says Belostotsky, adding condominiums often sell for lower prices than single-detached homes.