Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 686 (627, 757, 660)
# Sales: 310 (257, 280, 287)
Ratio: 45% (41%, 37%, 43%)
# Price changes: 693 (628, 617, 671)
# Expired Listings: 74 (202, 625, 103)
# Canceled/withdrawn/terminated listings: 290 (62, 62, 73)
Net loss/gain in listings this week: 12 (106, -210, 197)
Active listings for single family homes: 4415 (4382, 4287, 4371)
Active listings for condos: 3111 (3105, 3061, 3233)
That’s the most number of sales in a week since I’ve been keeping track (October ’07). Sales to new listings ratio is solidly in a balanced market, and the average price is up slightly from last week at $345,740. Last week we suggested we could be nearing the peak of inventory, and this further suggests we could be close. On the street, things definitely seem busy – Sheldon and I have been going like stink for the past few weeks.
If you compare the above chart to previous weeks, say back in April or March, you can see the difference in the trend lines is lessening, hopefully sales will catch up with listings soon… I think we are a ways off there though.
Wow, what a consistently stable market in all sorts of ways. 567 sales 1st 2 weeks, 567 sales the last 2 weeks and prices that don’t seem to change by more than a fraction of a percent up or down from month to month. Even inventory seems to hit a plateau….7604 4 weeks ago and 7526 this past week.
Not sure what to think from here. My gut feeling is that we’ve probably peaked inventory wise at the normal June time instead of Sept/Oct like last year. Prices is anybodies guess but with the very stable prices we’ve seen I wouldn’t expect much change there either. If it was to stay this high into Oct. I would expect a very modest decline this fall.
The sales have gone up by quite a margin. But, in a nutshell, it looks really stable. As a Toronto real estate agent I guess that it is only good for the market. I mean that a certain stabilization after the process of the past few years is a good thing, isn’t it? But I’m sure that we’ll have to keep track a bit longer to make conclusions.
Thank you Sara and Sheldon for pulling out the data. Gr8 work
Cheers
The average price/median looks stable, but the fact is that asking prices are down since January across the board. It depends on the location, but asking prices are down at least 10,000 since Jan 07. Anybody who bought in the last year is under water if they want to sell today. After commissions, fees, etc., a person who bought in 2007 would lose money if they had to sell today. If anything, the stats are showing that buyers are still spending the same amount of money on a home, but a review of the listings would suggest that they are getting a newer or much better home for the same money than they would have at any time in the past 18 months.