Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 200 (255, 286, 297)
# Sales: 107 (119, 125, 169)
Ratio: 54% (47%, 44%, 57%)
# Price changes: 159 (234, 297, 347)
# Expired Listings: 258 (191, 503, 139)
# Canceled/withdrawn/terminated listings: 31 (35, 46, 26)
Net loss/gain in listings this week: -196 (-90, -388, -37)
Active listings for single family homes: 2804 (2991, 3200, 3188)
Active listings for condos: 1934 (1975, 1986, 2158)
Many of the people we’ve talked to who were considering buying have decided to wait until the new year. We generally find the market crawls from mid-December to mid-January. This year it seems as if the slow down started about a week early. To be honest I’m a little surprised by the low numbers, since things seem to be rolling along quite nicely at our office.
There have been 461 sales this month, it’s tough to say where we’ll end up but it could be less than 700 sales for the month, which would be the lowest monthly sales in at least 5 years – given the current economic climate that is not a shocker. The overall average residential sale price has fallen to $309k down from $318k at the end of November. Average single family home prices have dropped to $349k from $364 and condos are up from $231k to $237k.
For those of you interested in rental information, I forgot to post the semi-annual rental market report from CMHC that came out last week.
The highlights from the report:
- The apartment vacancy rate across the Edmonton Census Metropolitan Area
(CMA) increased from 1.5 per cent in October 2007 to 2.4 per cent in October
2008. - The average monthly rent for a two-bedroom apartment in new and existing
structures in the Edmonton CMA was $1,034, up $76 from the $958 average
reported in October 2007. - In rental structures common to both surveys, the average rent for a two-bedroom
apartment unit increased by 9.2 per cent year-over-year compared with an 18.8 per
cent increase reported in last year’s fall survey.
Happy Weekend!
