2008 went out with a fizzle…at least as far as real estate was concerned. December is always a slow month for real estate sales in Edmonton, but this December takes the cake. We didn't break the 600 mark for sale – 599 MLS sales could make this the slowest December on record! (Note – there have been no new sales posted for 2 days, so there may be a glitch in the system, the final 'official' numbers will come out next week).
The average residential sale price fell 2.5% to $310,727:
MLS wide single family home prices dropped from $364k to $351, and condos increased to $235 from $231. What's interesting is that if you look only at Edmonton prices (as opposed to the entire Edmonton MLS area) single family home prices actually increased slightly from $370k in November to $377k in December, and condos increased from $226k to $232k.
Interesting…
As for the weekly numbers…
Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 94 (107, 200, 255)
# Sales: 37 (65, 107, 119)
Ratio: 39% (61%, 54%, 47%)
# Price changes: 94 (75, 159, 234)
# Expired Listings: 851 (184, 258, 191)
# Canceled/withdrawn/terminated listings: 13 (17, 31, 35)
Net loss/gain in listings this week: -807 (-159, -196, -90)
Active listings for single family homes: 2258 (2722, 2804, 2991)
Active listings for condos: 1554 (1878, 1934, 1975)
I admit, I was shocked by the low number of 37 sales, the lowest number I had on record before that was last week at 65 and every other week has been at least over 100 (the chart below puts the low sales in perspective). The number of expired listings is similar to last year at this time, now we have to wait and see how many of those come back on the market and how quickly.
Have a great weekend! More charts and analysis next week.
