Reported by Teresa Mardon, REALTOR, C.E.T., TOP 5% Edmonton Real Estate Board Yearly since 2001, Royal Lepage Director's Platinum Award!
Updated January 8, 2012.
Current Market Rating: 2
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5
Buyer's
Seller's
Current Price Trend: 3
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Falling
Rising
All statistics reported here are courtesy of the Edmonton Real Estate Board, (see my website at www.TeresaMardon.com).
As we embark upon another New Year, our news analysts reflect on the year just past, searching for meaning, trends and significance in our usually chaotic world. And it certainly has been an eventful year. Europe seems unable to solve its debt problems, the Middle East appears on the cusp of a brave new world as the "Arab Spring" unfolds, and our American friends continue to inch toward economic recovery while gearing up for elections next November. It all makes our Edmonton real estate market look like a sea of tranquility and consistency in comparison. We continue a trend established in late 2007, bobbing along unable to decide conclusively between a Balanced Market, (spring and summer months), and a Buyers Market, (fall and winter months), and with average prices confined to a narrow band around $325K. As I've said before, a trend line applied to our average prices over this time period would be completely flat. Sales volume fluctuations are totally seasonal. We have made little progress in dealing with our large inventory overhang. In a more ordinary environment the market would force a solution, most likely through price reductions. Historically low interest rates have been around so long the market has been artificially skewed and we have almost come to believe the current state of affairs is normal. It's not, and once rates start to rise, as they eventually surely will, we should expect real estate prices to adjust in response. Bank of Canada has made a few false starts in this direction, but has always been held back by the US Federal Reserve's refusal to lead the way. Fortunately for Canadian borrowers this isn't a step we can take independently from the US as it would send our currency soaring and cripple our export market - an extremely unpalatable outcome politically. The gathering strength of Alberta's economy as demonstrated by our rate of job creation, (Edmonton is second among Canada's metro areas, and fifth in unemployment rate), insulates us somewhat from economic reality, but we continue to languish at 14 out of 27 in MLS unit sales and 20 out of 27 in MLS prices. We are thirteenth in housing starts and fifteenth in building permits, putting us squarely in the middle of the national pack. We find ourselves slipping a bit deeper into a Buyers' Market in December. Average days on market is 65, (over 60 signifies a Buyers' Market). This is a good time and a good time of year to be a Buyer - if you're a Seller, proper pricing is critical. Not being priced on market is a recipe for frustration.
Location Characteristics: Sherwood Park is a hamlet located east of Edmonton, Alberta, Canada in the Specialized Municipality of Strathcona County. Sherwood Park was first established in 1954/55 on Smeltzer farmland, east of Edmonton. With a population in 2008 of 59,409, Sherwood Park has enough people to be Alberta's seventh largest city and, although Sherwood Park technically retains the status of a hamlet, the Government of Alberta recognizes the Sherwood Park Urban Service area as equivalent to a city. Its population as of the 2001 census was 47,645 and its land area is 70.98 kmē (27.4 sq mi).
In the early 1950s, developers John Hook Campbell and John Mitchell envisioned a satellite town of 100 houses to accommodate employees of the industries east of Edmonton. In 1953, they received approval from the Municipal District of Strathcona for the development of the residential hamlet named "Campbelltown" and in September 1955, the first model homes were opened to the public. Later in 1956, the name of the hamlet was changed to Sherwood Park - Canada Post would not approve Campbelltown, since there were several Canadian communities with similar names.
Sherwood Park is governed by the Strathcona County Council, and the Mayor is Cathy Olesen.
Sherwood Park has a strong economy with over $9.0 billion worth of major projects completed, announced, or under construction. A roadway known as Refinery Row lies west of Sherwood Park and includes some of the largest industrial facilities in Western Canada, including Esso's Strathcona Refinery. The hamlet also boasts very low crime rates, including a violent crime rate near zero.
As of 2006, the community had a total population of 62 943 living in 21 255 dwellings. With a land area of 547.7 km2 (211.5 sq mi), it has a population density of 11.0 /km2 (28.5/sq mi).
About Teresa Mardon:
Teresa Mardon, is a licensed agent in the province of Alberta. She has received numerous awards, in her real estate career. She has continuously been in the TOP 5% for the Edmonton Real Estate board since 2001, she continues to stay on track for this honour. She has also received the Royal Lepage Directors Platinum Award and Royal Lepage Award of Excellence
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
