Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
New listings: 424 (407,379, 473)
# Sales: 237 (263, 312, 311)
Ratio: 56% (65%, 82%, 66%)
# Price changes: 178 (213, 192, 210)
# Expired/Off Market Listings: 156 (346, 104, 111)
Net loss/gain in listings this week: 31 (-202, -37, 20)
Active listings for single family homes: 2102 (2070, 2177, 2197)
Active listings for condos: 1668 (1673, 1775, 1776)
So far this month for the REALTORS® Association of Edmonton there have been 569 residential sales. The average residential sale price is sitting at $322k, single family homes at $365k and condos at $248k, average residential and condo prices are up from last week. Single family homes average price was down slightly, and condo average prices were up from last month.
It is interesting to note that we haven't seen a large number of the listings which have expired at the end of August come back on the market. We are still seeing a lot of activity from buyers so this may be a lost opportunity for some sellers.
I totally agree with your analysis guys. Sellers who are holding out now will look back and wish they had unloaded when they had the chance. Prices will drop as these historically low rates phase out.
You guys wrote:
“So far this week, for the REALTORS® Association of Edmonton there have been 569 residential sales”.
You meant so far this month, right?
Sales are a bit down though… Still, the resilience in sales is a bit surprising for September (historically speaking) but not at all with the current context of affordability via low interest rates.
Will we have to change the notion that October will reveal the end of this 2009 “spring rush”?
The BOC have no intention so far to hike its rate until mid 2010 now. Could we see higher sales until then?
Will sellers take advantage and list?
I did forget one question:
Are housing starts in Edmonton stronger than last years? Anything to compare?
I know this is probably a dumb question, but when you say Edmonton sales/prices etc. do you mean Edmonton and Area (same criteria as the EREB stats), or is it just specifically for Edmonton?
Just curious. Im assuming its Edmonton & area, but wanted to make sure.
Alberta’s biggest export Natural Gas just keeps tanking, it’s now below $3.00
The bubble site has officially died away, lack of posts and followers. Hell they probably all bought homes!
Folks like Picasso have lost their audience so they’ll try their gloom here.
Do you know that the banks just lowered the interest rates again?!?!
Agreed!
Trying to understand the reason for the bubble prices staying bubblicious?
If you are using the early 80s, when housing prices did fall 50%, as your model, you’re missing a fundamental change. In the early 80s banks had to sell foreclosed houses to collect on the mortgage insurance. After that debacle, the banks and insurers made arrangements that didn’t require dumping houses on the market.
Can you (or anyone else reading) say anything more specific on those “arrangements?”
The blog had no chance of maintaining any new audience thanks to the non-stop drivel posted by Squidly and a few of the others. It was like talking to spam bots. Those guys would post dozens of times a day with the exact same messages and canned responses.
Firstly. The number of foreclosures has not even been close to those of the 80′s. Secondly CMHC learned in the 80;s that if you try and sell everything at once it costs you more money than if you trickle the properties on even if your carrying costs are higher.
Sheldon