Edmonton Real Estate Sales Watch

by Sheldon Johnston and Sara MacLennan on 29. Jun, 2009 in Edmonton Real Estate Market

As of yesterday there have been 2304 residential sales reported by REALTORS® in the greater Edmonton area. That's a record June for sales beating the previous record (June 2007) of 2203. With 2 days left in the month, how high will the new record be?

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9 Responses to “Edmonton Real Estate Sales Watch”

  1. Chris Davies 29. Jun, 2009 at 4:49 pm #

    Looking like it’ll be an interesting summer!

  2. Klaus 29. Jun, 2009 at 7:31 pm #

    To answer your question, volume-wise the record could be nicely higher without helping price at all. We just saw the same phenomenon in the US with market applauding a pickup in volume (it was seen as hope the market will clear the glut of foreclosed homes) in spite of anemic price growth. Yes this is a part of the market correcting itself, but certainly not a buy signal.

  3. Keith Lee 29. Jun, 2009 at 7:34 pm #

    Many buyers seemed to sit on their wallets until April. Then pent-up demand overcame lack of confidence and buyers entered the market. Expect prices to be up in June over May as well.

  4. George 29. Jun, 2009 at 9:25 pm #

    Well said Klaus. I’m with you, higher sales without price growth is certainly not a sign this market is turning around.

    It’ll be interesting to see the spin the local media comes up with. Let’s watch all the sellers up their asking price thinking it’s 2006 all over again!

  5. Duke 30. Jun, 2009 at 3:29 am #

    “higher sales without price growth”

    Well said George… except for the fact those words are IRRELEVANT. We’ve seen flat prices for the first 4 months of the year, and about a 2% per month increase in price per sq.ft for both May and June.

  6. Another Fred 30. Jun, 2009 at 8:00 pm #

    Isn’t price the most lagging indicator of the market? I.e., when things slowed down a couple years ago, it was volume that fell first, and only finally in the end did price start to fall, quite a while after volume fell and a big backlog of inventory was built. I believe the same phenomenon was observed in the US both on the up and downswing. So if the market is turning back up, I’ll let everyone come to their own conclusions on that one, then isn’t it logical that again, price would be the last indicator to show it?

  7. Jason 01. Jul, 2009 at 2:25 pm #

    Exactly Fred!

  8. George 01. Jul, 2009 at 3:16 pm #

    It’s linear thinkers like you that worry me and usually end up holding the bag when the dust settles.

  9. Klaus 04. Jul, 2009 at 4:05 pm #

    Huh? I don’t follow your logic. Yes price lags, but owners of real property don’t profit simply from an increase in turnover, though high finance could well structure a derivative product with that effect. We’re a long way from price growth in real estate or other risky assets for that matter – the 40% equity rally is deflating as capital moves back into Treasuries – sentiment had changed (people are naturally optimistic) but it turned out there was no data to support the euphoria. Look for deflation in risky assets.