Top Neighbourhoods in Edmonton
Another statistical way to determine the popularity of a neighbourhood is by looking at the average selling price for a home in relation to it's list price. Basically, this metric shows how much a buyer is able to negotiate off of the list price. As a general rule, the higher the sold price is in relation to the list price, the more popular an area is. Buyers are unable to negotiate as much with the sellers due to the areas desirability, basic supply and demand. On average, Edmonton homes sell for 98% off of their list price over the last 12 months (November 2013 to October 2014). Looking back over the last 12 months , I included the top 10 neighbourhoods with the highest selling price to list price ratio. I only considered homes with 5 or more homes sold in the 12 months and I didn't include brand new neighbourhoods. These new neighbourhoods tend to predominantly have builder sales which sell for full list price or higher. The reason for this is that buyers often add in extras into the original home price when they are buying from a builder and that results in a higher than list price sale price for the home.
Here are the top 10!
Here are the top 10!
- Garneau 100.44%. This University of Alberta area neighbourhood continues to be very popular and with an average sale price to list price ratio over 100% implies that there were many multiple offers in the neighbourhood. The prime location walking distance to the University, and you are only steps away to popular Whyte Avenue cafes.
- Malmo Plains 100.19% This is another neighbourhood that has actually had a higher than 100% sale price to list price ratio. The area is popular due to its access to the Whitemud Freeway and it is also near the University of Alberta Farm greenspace. Southgate Mall and the LRT (light rail transit) are within walking distance as well. No surprise that Malmo is high on the list.
- York 99.56% York is located in Northeast Edmonton. The neighbourhood is not too far from the Clareview Station LRT and adds to the neighbourhoods desirability. It is located in a spot with easy access to Manning Freeway, Henday and the Yellowhead.
- King Edward Park 99.46% This Mill Creek Ravine neighbourhood continues to be high on the list. Many infill homes have been built in King Eddy. Positives of this neighbourhood include the ravine, Whyte Avenue nearby and easy access to Bonnie Doon Shopping Centre.
- Blue Quill 99.31% is a south side of Edmonton neighbourhood that is near the Century Park LRT station. It is also one of the fastest selling neighbourhoods in Edmonton.
- Brander Gardens 99.31% is an old Riverbend neighbourhood with great access to the Whitemud Freeway and perched above Fort Edmonton Park and the North Saskatchewan River Valley.
- Prince Charles 99.23% is a neighbourhood that is also seeing quite a few infill properties being built. It is located next to the old Municipal Airport land that is being redeveloped. Property values have started to rise in the area due to the increased new construction.
- Belle Rive 99.23% is tied with Prince Charles. This northeast Edmonton neighbourhood which translates from French to "beautiful shore" reflecting the fact that there is a man made lake in the area.
- McKernan 99.08% is another University of Alberta neighbourhood to make the list. Compared to Garneau, homes tend to be newer in this neighbourhood.
- Tipaskan 98.97% is a Mill Woods neighbourhood that borders 91st street and 34th avenue. It has remained popular despite the Grant Macewan south campus closure.