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Jason Thomas BCom
Royal Lepage Summit Realty
2611 Ellwood Dr S.W., Edmonton, Alberta
P: 780.499.5696
F: 780.431.1600

Sunday, May 26, 2013 - Home Prices of Neighbourhoods near Edmonton's best schools

Home Prices of Neighbourhoods near Edmonton's best schools

The home prices of neighbourhoods near Edmonton's best schools tend to see their home values outperform the Edmonton average.  The average sale price of homes, days on market (the time it takes to sell) and how much the homes sell for versus their list price all tend to be higher in areas with these highly ranked schools.  This post will look at the real estate statistics of the areas around the top school in Edmonton based on the Fraser Institute rankings. By the way, this is not to say that these Provincial rankings are the only reason a school is considered good.  I know from personal experience that how your child performs in school has a multitude of other factors going into it.  For the Fraser Institute report where the rankings are visit Alberta School Rankings

The highest ranked school in Edmonton in the most recent Fraser Institute report is Mount Pleasant.  Mount Pleasant is located in the south central neighbourhood of Pleasantview.   I had a look real estate statistics at not only Pleasantview, but the surrounding neighbourhoods and compared them to the Edmonton average.  Parkallen, Allendale, Malmo Plains and Empire Park all border Pleasantview.  I looked at single family detached homes over the last 12 months (May 2012 to April 2013)

On an average sale price basis here are the numbers and ranking of the neighbourhoods.
Parkallen $431,491
Malmo Plains $396,310
Pleasantview $375,223
Allendale $374,390
Empire Park $332,500
Edmonton $372,000

The average sale price can be a little misleading, for a couple reasons.  First, it doesn't look at the average price per square foot see my other posts for stats on this at Edmonton selling price per square foot by neighbourhood.  So, areas like Parkallen and Allendale have much smaller homes on average than an area like Pleasantview, Empire Park or Malmo Plains.  Secondly, Empire Park as an example only had two homes sell in the last 12 months.   That is a pretty small sample size to base decisions and stats on.  The other neighbourhoods did have 20 or more home sales in the last 12 months.

Home prices of neighbourhoods near Edmontons best schools

On an average days on market basis:
Empire Park 22 days
Malmo Plains 26 days
Parkallen 33 days
Pleasantview 34 days
Allendale 39 days
Edmonton 48 days

The average days on market is a good indicator of a neighbourhood's popularity, this is the average amount of time it takes to sell a home.  Obviously the lower this number is the more desirable the area is. 

On an average sold price to list price ratio
Malmo Plains 98.92%
Parkallen 98.63%
Allendale 98.46%
Pleasantview 96.99%
Empire Park 95.49%
Edmonton 97.33%

The sold to list price ratio, shows how much the buyer is able to negotiate off the list price.  The higher the sold to list price ratio the more desirable the area is.  This can be a little misleading statistic too.  The sold to list price ratio is normally lower in higher priced range areas where there are fewer buyers as a percentage in the overall market.  Where, in the starter home market, this ratio is often much closer to 100% because of the high number of buyers in this price range. 

If you are relocating and need some assistance in your home search please contact me at  Home Prices of Neighbourhoods near Edmonton's best schools

posted in Edmonton Real Estate Market Reports by Neighbourhood at Sun, 26 May 2013 17:30:33 +0000



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