Here 
is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 536 (516, 469, 406)
# Sales: 359 (377, 437, 316)
Ratio: 68% (73%, 93%, 78%)
# Price changes: 246 (207, 239, 216)
# Expired Listings: 112 (204, 85, 129)
# Withdrawn/terminated/etc. listings: 29 (21, 27, 19)
Net loss/gain in listings this week: 36 (-86, -80, -58)
Active listings for single family homes: 2320 (2326, 2400, 2456)
Active listings for condos: 1969 (1935, 2008, 2007)
So the big question on my mind is, has the market peaked? I'm going to go out on a slightly shaky limb and say yes, May was the peak for this year. We've seen an increasing number of new listings for the past 3 weeks, and decreasing sales for 2 weeks. We also saw the 5-year fixed mortgage rates go up this week.
All that being said, if you're looking to buy it's starting to be a better time for you, especially if you followed our advice and got a rate hold from your lender (now would be a good time to try and extend your rate hold so you can shop in July when it should be even slower). In May it was tough to find anything to show in a lot of price ranges, since all the good homes were selling very quickly. I expect over the next few weeks we'll start to see things lasting on the market a little longer.
Sales seem to be following a very typical pattern this year, and I don't see any reason it won't continue. Once the kiddies are out of school and Albertans head off on their summer vacations things tend to slow down.
So far this month the REALTORS® Association has reported 1000 residential sales in the greater Edmonton area – if that pace continues (I don't think it will) there could be 2700 sales this month (about 50% more than last year). My best guess at this point is we'll see around 2200 sales in June. The average sale price sits at $329k, single family homes at $373k and condos at $246k (all up from the end of May).
Have a great weekend, it's going to be a hot one!
