Lyndon Sommert

Edmonton, April 5, 2011: REALTORS® expect the local real estate market to follow a well-worn annual sales track. However, like the stock market, large external forces can skew the market. In 2010, the threat of increased mortgage rates and a change to mortgage qualification rules accelerated sales in the first quarter and caused a sales slump in the following months that took all summer to work through. This year there are no external influences on the market and it is operating normally again.

According to the REALTORS® Association of Edmonton, residential sales in the first quarter are normal for this time of year although lower than 2010 numbers because of the abnormalities imposed on the previous market. There were 3,479 residential sales in the first quarter, which is down from 3,890 last year.

“We will see sales number bounce back as we move into the spring market period,” said REALTORS® Association of Edmonton President Chris Mooney. “All the fundamentals for this market are positive. There is job stability, low unemployment, income growth and in-migration. New home builders are busy and I expect buyers to be looking at the housing options which match their lifestyle changes.”

At the end of March, the average* residential price (includes all types of housing including condos) was down 4.6% from a year ago at $327,725. The average price of a single family detached home was down to $378,912 compared to 2010 (a -2.6% change) and condos were priced down 7.5% year-over-year at $232,706.

As the market picks up momentum, prices inch up each month with the average residential price up 4.8% from a month ago. Compared to February, prices for SFDs were up 5.8% and condos up 0.8%.

“REALTORS® expect that prices will continue to climb slowly through the next quarter as usual,” said Mooney. “We are already seeing strong sales in the lower end of the market but tighter mortgage qualification rules have slowed sales in the upper end. Sellers should review their asking prices or consider minor home improvements that will appeal to the potential buyer.” Mooney urged both buyers and sellers to contact their REALTOR® to get assistance and advice on home selection and pricing strategy.

REALTORS® listed 2,960 residential properties in March and sold a total of 1,503 properties. Current residential inventory is 6,885 up 7.8% from last month. The residential sales-to-listing ratio in March was 45% with days on market down from 58 to 50 days. Total MLS® System sales this year are $1.235 billion.

Highlights of MLS® System activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. For information on a specific area, contact your local REALTOR®.

(From the REALTORS® Association of Edmonton).

http://www.ereb.com/News&Events/LatestMarketStatistics.html

Yesterday was a really great day! Approximately 200 of my fellow Executives got together to present some awards to our top people and learn from a great speaker.

In the last 10 years gatherings like this have been dwindling with the number of agents showing up, and this is for all Real Estate flagships across the board, but this one was different. Maybe it’s because it’s spring, maybe it’s because the market is showing many good signs of recovery, or maybe it just might be because there was extra effort put into this event and there was superb information available that surely made a difference in people’s lives and business.

On a side note there is a possibility that people came because of the great prizes available, such as an ipad and a ticket to Richard Robbins two day conference in Vancouver on July 6^th and 7^th, but I’m going to choose not to believe that’s why people came.

The topic that Richard Robbins talked about was about excellence and how in the changing market place we need to show more value, excellence in our business marketing plan so that we differentiate ourselves from everyone else. After all who wants to be like everybody else? Far too often we find ourselves following the heard, like Richard points out you need to be a giraffe amongst all the zebras.

Here’s the cool part, it doesn’t take much to make those changes, just dedication to change!

From the outstanding live music by Tim Cotton to the outstanding presentation by Richard Robbins, all I can say is thank-you!

Thank-you to Desiree the organizer of the event, without you it never would have been. I would like to also extend a big thank-you to all of our sponsors who helped make this event a huge success.

This blog is intended to be about everything I love in life!

The primary topic will certainly be on Real Estate in all its forms. From buying to selling, becoming a Real Estate Agent, succeeding in business, investing, and overall enjoying life....then this blog is for you. Follow me on my journey through life and in the process I can follow yours.

Cheers to life!

Lyndon

Rave Reviews (for Edmonton)

• #1 Canadian City for economic momentum (CIBC World Markets Report, Dec. 2007)

• One of the 21 Smart Communities in the World (Intelligent Communities Forum, Nov. 2008)

• Ranked #1 Canadian Metro for attracting economic development projects (Site Selection Magazine, September 2008)

• Best economic potential of a large city in North America and the only Canadian city to the make the T T op 10 N orth American Cities of the Future (Foreign Direct Investment Magazine, April 2007)

• Best provincial investment climate in Canada (Fraser I nstitute 2007)

• #1 Sustainable City in Canada (Corporate Knights, Sustainable Cities Ranking, 2009)

(As found on Edmonton Economic Development site www.edmonton.com)

KNOW YOUR NUMBERS

Would it make sense to you to invest your time, energy and money into
a bottomless pit? Of course not. So why would you market yourself to
people that will not use your services or refer you.

You want your marketing dollars to go to where you are getting the most
value.

For the next six months, make it a point to find out from every new
client how they got your name. Keep track of the answers. You will soon
find out who, or what your best referral sources are. This is where you
want to spend your time and money.

Write down where your referrals are coming from.