Weekly Update on the Edmonton Real Estate Market

by Sheldon Johnston and Sara MacLennan on 16. May, 2008 in Weekly Update

WeeklyupdateHere is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:

New listings: 709 (762, 671, 566)
# Sales: 299 (300, 279, 293)
Ratio: 42% (39%, 42%, 52%)
# Price changes: 605 (768, 603, 493)
# Expired Listings: 192 (161, 450, 115)
# Canceled/withdrawn/terminated listings: 55 (61, 71, 39)
Net loss/gain in listings this week: 163 (240, -129, 119)
Active listings for single family homes: 4223 (4163, 3985, 4088)
Active listings for condos: 3147 (3096, 2953, 2969)

The average sale price is actually up over last month to $348,044 (April’s average was $336,93) which is about equal with last June’s average but lower han last May.

There have been requests to compare the inventory and sales for condos and single family homes separately instead of lumping them together. I did some analysis and it really wasn’t that interesting, but I did find some interesting tidbits. First, the new listings to sales ratio has been is consistently worse for condos than single family homes for quite some time. At the same time, the number of new listings is increasing faster for single family homes than condos, I expect that trend to reverse as all the new condos currently under construction start to come on the market – then we’ll see even lower ratios for condos:

0516weekly

Second, the price per square foot for condos seems to be trending down of late, while single family homes is up and down:

0516sqft

Lastly, it’s a long weekend which normally means lower activity and sales, so expect to see lower numbers next week. Enjoy the beautiful weather this weekend!

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13 Responses to “Weekly Update on the Edmonton Real Estate Market”

  1. Felipe Crook 18. May, 2008 at 4:12 pm #

    Sara and Sheldon, I really like your blog. It’s great to see a real estate agents so committed to statistics of your market. I had one question, how are your investors doing right now? I’m seeing a lot of Canadian buyers come to Las Vegas to capitalize on our down market and your strong Dollar. Anyway, just curious. Keep up the good work. Do you mind if I link my blog to yours for my international clients? Let me know. Thanks!
    Felipe Crook
    Prudential Americana Group Realtors
    Las Vegas NV

  2. mnmnmmnnmnmn 18. May, 2008 at 5:05 pm #

    oh yeah, this blog is definitely the best place to get updates on edmonton housing.

  3. buff_butler 19. May, 2008 at 1:46 am #

    yes i’ve learned a lot from your guys blog. Thanks!

  4. Uncle John 20. May, 2008 at 10:59 am #

    ***Comment removed****ranting and personal attack. See code of conduct.

  5. roger 20. May, 2008 at 2:23 pm #

    Sheldon or Sarah, i have a question. I was wondering if you could comment about homes that are listed on both comfree and mls. Is this allowed? Is there some special deal with the agent? is it an agent home? Whats the scoop? Here is one of many examples that i have seen over the past few months:

    mls: http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d2%26Mode%3d0%26vs%3dResidential%26ret%3d300%26sts%3d0-0%26beds%3d0-0%26baths%3d0-0%26aid%3d6617%26MapURL%3d%3fAreaID%3d6394%26tte%3d1%26tt%3d1%2c2%26mp%3d0-375000-0%26mrt%3d0-0-4%26trt%3d2%26of%3d1%26ps%3d10%26o%3dA&Mode=0&PropertyID=6899148

    comfree:
    http://edmonton.comfree.ca/display.html?code=18469

    thanks

    ****There is nothing in the listing contract that we use that prevents the home owner from advertising their home for sale. In our opinion, if you’ve already paid your fee up front to Comfree, then why stop advertising it there? That being said, the home owner has signed an agreement with Comfree that may require the home owner to stop advertising it when they list with a Realtor….you’d have to check with them as I am not familiar with their agreements. Sara.

  6. Phil 20. May, 2008 at 2:43 pm #

    I’m sure I saw this house on MLS.ca back in December 07. I think it was listed for around 315K. Maybe Sara and Sheldon can confirm if it is the same house and the actual sale price back in Dec/Jan. It looks like somebody is trying to do a quick flip and make a quick 50K.

    ****Not the same house. Sara.

  9. roger 21. May, 2008 at 9:11 am #

    As i mentioned, there are many. Please comment sheldon/sarah.

  10. buff_butler 21. May, 2008 at 9:21 am #

    I’ve found comfree usuall only benifits the seller not the buyer. I think a majority of the places you find on both comfree and mls will have comfree being more expensive.

  11. Michael 21. May, 2008 at 12:43 pm #

    Interesting read about Canadian and US demographics and the potential impacts on home prices in the future:

    http://tinyurl.com/68334w

  12. Sean 21. May, 2008 at 3:25 pm #

    Phil,

    The last sale on that house looks to be in Dec 05 for 205k. So may not be the same house.

    Cheers

  13. roger 21. May, 2008 at 4:23 pm #

    Whoa! How do you find out that info Sean? Please divulge!