Weekly Update on the Edmonton Real Estate Market

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:

New listings: 286 (297 , 321, 356)
# Sales: 125 (169, 162, 146)
Ratio: 44% (57% , 50%, 41%)
# Price changes: 297 (347, 321, 357)
# Expired Listings: 503 (139, 231, 150)
# Canceled/withdrawn/terminated listings: 46 (26, 36, 47)
Net loss/gain in listings this week: -388 (-37, -108, 13)
Active listings for single family homes: 2991 (3200, 3188, 3236)
Active listings for condos: 1986 (2158, 2177, 2219)

That’s about half as many new listings and sales as the same time last year. This week is also the first week we’ve seen single family inventory below 3000 and since February, and the first week since January we’ve seen condo inventory below 2000.

If you add political turmoil to economic uncertainty, it’s no surprise many buyers may have jumped back onto the fence (or stayed on the fence!). There seems to be a "wait and see" mentality for both buyers and sellers in Edmonton right now, party due to the time of year, and partly due to the economic climate.

A lot of people ask us how close sale prices are to list prices, so I did some research and you can see the trend over time:

I found it interesting that at the peak of the market condos were seeing more over-bidding than single family homes, which makes sense since condos are less expensive in general than single family homes. Overall the two types of properties have followed a very similar trend.

Have a great weekend, and drive safely – looks like the roads are going to be very slippery.