Here 
is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 499 (453, 448, 483)
# Sales: 337 (329, 421, 441)
Ratio: 68% (73%, 94%, 91%)
# Price changes: 191 (189, 203, 233)
# Expired Listings: 93 (308, 69, 102)
# Withdrawn/terminated/etc. listings: 26 (32, 34, 46)
Net loss/gain in listings this week: 43 (-216, -76, -60)
Active listings for single family homes: 2178 (2150, 2255, 2264)
Active listings for condos: 1828 (1797, 1908, 1934)
For the REALTORS® Association of Edmonton as a whole (including Edmonton and surrounding areas) there have been 619 sales so far this month, which could lead to over 2000 sales which would be another record breaking month. I don't expect the pace will continue though, as things tend to slow down each week into summer, but it's quite early to make any reliable predictions there yet.
The average residential sale price is sitting at $328k (about the same as last month), single family homes at $379k (up from last month) and condos at $237k (down from last month).
I had a quick look at what is happening in the $1 million plus market – so far this year there have been 26 sales in Edmonton over $1 million. High end sales have definitely picked up in the past two months - from January to the end of April there were only 7 sales over $1million, while in May there were 7, in June there were 10 and there have been 2 so far this month. The most expensive sale this year went for $2.25 million in Valleyview. It's still a tough market to compete in with 96 listings over $1 million currently on the market.
Happy Weekend!
Realtor post the third best sales month in history and June beats sales for the same month in the boom… and prices continue to increase for 5 of the 6 months this year. The numbers trend up for sales and prices in the first half and the naysayers all disappear?
EREB admits there might be seasonal price drops in the second half but doubt any “precipitous drop.” Of course sales will be down from the high point in June but consumer confidence is high and the rest of the year may see strong sales.
Hi, there seems to be a lot of good discussion on this blog, and I thought it might be a good opportunity to get some real estate advice. The market seems quite unpredictable these past couple years, so some feedback would be welcome. I am in my mid-twenties and I recently purchased a 3 bedroom townhouse in Fort Saskatchewan. I am very happy with it and got a fantastic interest rate. The problem is that I still have a 1 bedroom condo in downtown Edmonton. I have been debating whether or not to sell it. Currently, it is rented out and the rent is covering all my costs. However, I am feeling quite pessimistic about real estate going up over the next year (especially for condos), and I’m wondering if I should try and take advantage of the heated market right now. I bought during peak, so that would mean that I would lose quite a bit of money off the sale. However, the advantage would be that I wouldn’t have to hold on to it for another few years, and my money would no longer be tied up with this investment. I really feel that prices will be lower next year. Last time we had a recession, it took seven years for prices to rebound. Do you think that it is likely for that to happen again in Edmonton or am I being too pessimistic? What are some similarities and differences between the recession in the 80′s and this one in regards to real estate?
We’re just in the process of writing a blog on a very big driver for sales of condos like yours. People buying properties for their children who are going to be going to the UofA, Nait, or Grant Macewan. However it really depends on your long term plans and if you’re prepared to be a landlord.
Sheldon, thats quite interesting to know, I will have a look at your blog for those figures of big drivers.
We also in Vancouver, B.C. have had an increase in sales. June was the second highest sales month since the history of the Greater Vancouver Real Estate Board. Since July 1, 2009, we have had 112 properties sell over $1 million. At our sales meeting today, we are hopeful to continue this trend but “they” are stating that it will not last. Not sure about Edmonton, but we have had many multiple offers – some over list price – but I have also seen low balls in these situations. Just met a realtor today from Calgary and she has three homes that have not sold still, one high end in nice area and they even lowered the price $100K. Good luck out there! Keep it up.
Just want to first say that I am a big fan of this blog. I am currently in the market to buy a home. But here is my concern, and I don’t want to turn this into an argument. Seriously, jobless rates at their highest in 11 years (http://www.theglobeandmail.com/report-on-business/jobless-rate-inches-up-to-86/article1213423/).
Massive amounts of debt being accumulated by govt’s and companies alike. Does everyone really belive housing prices will continue to rise? I assume things will at least stagnant completely for the next few years, or drop significantly once interest rates return to historical norms. What will happen to all these insanely cheap mortgages once interest rates double or triple?
What is the motivation for buying right now? Other than low interest rates if the outlook for prices is not positive at all?