Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 567 (479, 434, 486)
# Sales: 237 (255, 274, 243)
Ratio: 42% (53%, 63%, 50%)
# Price changes: 429 (457, 441, 434)
# Expired Listings: 211 (699, 209, 298)
# Canceled/withdrawn/terminated listings: 36 (68, 49, 52)
Net loss/gain in listings this week: 36 (-543, -98, -107)
Active listings for single family homes: 3433 (3382, 3651, 3683)
Active listings for condos: 2275 (2200, 2428, 2454)
"Steady Eddy" continues solid sales pace even as financial markets world wide tumble. If you remember recessions past, Edmonton real estate was always steady if not an under performer hence the name. The fact that sales continue to hold such a solid pace is a positive indicator for our market. However, the market is not with out risk so you have to look beyond the surface to see what’s really happening – every situation is unqiue. You can focus all you want on the down side – the media and plenty of blogs will even help you stay focused on the negative.
In the meantime consider this: Stats Can (Statistics Canada) Reported over 100,000 jobs were created in September. In addition positive moves by the Bank of Canada and the Federal Government will help to ensure continued liquidity and credit:
http://www.globeinvestor.com/servlet/story/RTGAM.20081010.wflaherty1010/GIStory/
What we are seeing on the street is that the financial landscape has changed somewhat in terms of financing requirements and programs, but on the whole the mortgage brokers I’ve talked to are still getting their of approvals and well priced properties are still selling.
Still, if you are in the market to buy or sell a home in Edmonton you should get expert advice on your situation.
