Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 450 (516, 523, 538)
# Sales: 228 (276, 310, 262)
Ratio: 51% (53%, 59%, 49%)
# Price changes: 461 (469, 519, 448)
# Expired Listings: 162 (269, 219, 552)
# Canceled/withdrawn/terminated listings: 47 (54, 77, 33)
Net loss/gain in listings this week: 13 (-83. -83, -309)
Active listings for single family homes: 3972 (3986, 4003, 3999)
Active listings for condos: 2661 (2643, 2671, 2705)
The September slow down has begun – every year September see lower sales and generally a drop in prices. This is because people are more occupied with kids going back to school, and schedules changing and therefore aren’t as interested in looking for homes. This is the first week in two months where the inventory increased, and sales are definitely lower than what we’ve become used to for the past two months.
Monthly update in a couple of days….expect lower average prices and better sales than last year.
Happy Weekend!
Layoffs in the housing market!
Alberta housing seems to be poised to be as cold as the weather will surely get.
http://edmontonsun.com/News/Alberta/2008/08/23/6548181-sun.html
Enjoy your long weekend.
Please Fred – don’t overreact -
“Though 13% of the work force is getting cut, the company saw an increase in staff of 100% in the last three years to keep up with a peak building period. ”
Yes there are layoffs, yes they are admiting that home starts are slowing down, but let us take inventory of the situation over the last 3 years, not the last 6 months….
I’m sure those people won’t have too much trouble finding work…
The longest journey starts with a single step…
Take care.
Don’t think you can have bust-bust cycles so hold on to your homes, take care of them, and you’ll be fine in the long run.
The TSX lost 3% today alone. Will probably gain back 2% tomorrow. Extreme example but I thought I’d add it in.
Great post. For me, this makes for really interesting reading. I am a property investor in the UK, and I love following real estate stats from all over the world. It amazes me that you say there is a trend for September to slump. Here in the UK, it is the opposite. September starts to pick up after the summer holidays and the kids now back at school. It is a time when home owners are free to give some thought to selling there homes.
Great post. For me, this makes for really interesting reading. I am a property investor in the UK, and I love following real estate stats from all over the world. It amazes me that you say there is a trend for September to slump. Here in the UK, it is the opposite. September starts to pick up after the summer holidays and the kids now back at school. It is a time when home owners are free to give some thought to selling there homes.