Weekly Update on the Edmonton Real Estate Market

by Sheldon Johnston and Sara MacLennan on 06. Jun, 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: 757 (660, 608, 709)
# Sales: 280 (287, 245, 299)
Ratio: 37% (43%, 40%, 42%)
# Price changes: 617 (671, 572, 605)
# Expired Listings: 625 (103, 205, 192)
# Canceled/withdrawn/terminated listings: 62 (73, 57, 55)
Net loss/gain in listings this week: -210 (197, 101,163)
Active listings for single family homes: 4287 (4371, 4303, 4223)
Active listings for condos: 3061 (3233, 3210, 3147)

We haven’t seen that many expired listings since the last week of 2007! I guess that means a lot of people signed 6 month listings and didn’t get sold? However, with that many new listings and not a lot of sales it didn’t have a big impact on inventory, and we can expect most of those expired listings to come back on the market in the next two weeks.

0606weekly

Happy Weekend!

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

  1. Ken 07. Jun, 2008 at 11:42 am #

    Not sure if its just me, but I’m starting to see some late 2006 prices again. I’ve noticed entry level detached in some decent areas for under 300K now. The inventory seems to be non stop. It looks like sellers who were holding off listing are now reluctantly selling off the peak. The next few months will be interesting.

  2. Curious 07. Jun, 2008 at 12:04 pm #

    Is it possible that the number of new listings for this week includes the some of the relisted expired listings? There were 625 expired listings, but if they relisted immediately, they would come up as new listings, which could be why there were so many new listings this week. Just a thought, I could be totally wrong.

  3. jeff 07. Jun, 2008 at 1:25 pm #

    Curious,

    I would think that is a valid point. Many people still need to sell that 2nd home they are carrying, therefore would want minimum time in between. Hopefully they are re-listing at the right price!

  4. mdm 07. Jun, 2008 at 1:37 pm #

    Based on what I have observed following specific listings, it sometimes take weeks or even months before a listing that expired comes back as a new listing.

    In some cases, people change Realtors, and in other cases it looks like they take time to complete a few renovations.

  5. Greg 08. Jun, 2008 at 10:25 am #

    Hi…

    Strong dollar, low interest rates (which are forcasted to drop again by a .25% on the 10th June BoC meeting), high gas prices, slowly creeping inflation, combined with another 1000 jobs in the manufacturing sector in Ontario gone (although statistics show that 30,000 manufacturing jobs were created – where? who knows – probably Alberta)…

    So what am I driving at, prices seem to be stabilizing, the have for the last year – I think with inventory we reached the peak, and hopefully the builders put theri breaks on for a year due to the lack of demand….so 1 more year of stagnation and tehn return to resonable investment gains of 3-4% per year ……..well I hope…I really do hope… :)

    GREG