Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 382 (446, 390, 380)
# Sales: 167 (145, 111, 82)
Ratio: 44% (33%, 28%, 22%)
# Price changes: 233 (274, 242, 156)
# Expired Listings: 106 (197, 215, 171)
# Canceled/withdrawn/terminated listings: 19 (23, 21, 11)
Net loss/gain in listings this week: 90 (81, 43, 116)
Active listings for single family homes: 2472 (2419, 2350, 2347)
Active listings for condos: 1830 (1777, 1688, 1625)
So far this month there have been 671 sales, which is well below the average for the last 5 years. The average residential sale price is $313k (same as last week and up slightly from December), single family homes are $347k (down from $350k) and condos are at $238k (up from December).
The update is short this week because Sheldon and I are at the Banff Western Connection real estate conference filling our brains with new information about the market, marketing, technology and more… looking forward to putting it to use. Have a great weekend!
It will great if you guys could brief us on the marketing details discussed in the Banff Western Connection real estate conference. It would help us to be more aware of the mis-information out there and not het fooled.
I dont think that I could ever work for the ReMax or Royal LePage brokerage if I was to become a REALTOR.
The propaganda they spew in the media is deplorable. They should not be making predictions. They have lost legitamacy to do so.
Just like the radio advertising says, if you need a new car…..buy it. In this case, you need a place to live… just bye it. So what if the sky is falling, you will need a roof to protect yourself.
I had a client this week who is ready to purchase a home because they are tired of paying someone elses mortgage. They say they have good credit, no credit card debt, small student loan payment, enough income BUT huge, deal killing car payments. People…buy a home first then a new vehicle later.
I have been shopping my competition and there are some great deals on completed condos. Remember buy quality over size.
Also please, please, please get pre-approved before you go looking for a new home. It will make your life easier.
Well said Home Searcher.
I find it funny how people constantly critisize the remax guys for their forecasts. With prices stagnant or falling, everyone is quick to blame these poor guys for their predictions that may be overly optimistic. Seriously, what would you expect from them? They are not exactly impartial. If you were selling your home, would you point out every little fault to potential buyers? Unlikely.
Everyone likes to point out how ridiculous their forecasts are, and it’s very easy to do so when you have the benefit of hindsight. Sure, give em heck for their overly optimistic forecasts, but I remember only a few years ago they were predicting gains of around 8 – 10% for all of 2006, and boy were they wrong, real estate went up about 50% that year. I don’t recall anyone complaining back then how badly their predictions lowballed the market.
It would be interesting to see over the last 10 years, what remax predicted each year, and what the actual return was for the year. If you compare their overall predictions to the overall change in house prices during that time, what would be greater? My guess is remax predicted gains would be higher, but maybe not by as much as people think.
who builds the good qaulity condos? if you can give some advice as to which builders to trust with new homes that would be much appreciated!
OFF TOPIC: “Show more comments…” not working
Just a tip for all my fellow RE bloggers. When the “show more comments…” link shows up at the end of a series of comments, it seems to stall badly when you left click on it.
For some reason, when you RIGHT-CLICK (just once) on this link it works as at it should.
Just a tip for all the bubbleonious bulls and bustimonius bears out there!
Cheers,
E-town