Edmonton Real Estate Market Weekly Update

by Sheldon Johnston and Sara MacLennan on 30. Oct, 2009 in Edmonton Real Estate Market, Weekly Update

Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:  

Weeklyupdate_2New listings: 341 (370, 333, 414)
# Sales: 275 (261, 256, 227)
Ratio: 81% (71%, 77%, 55%)
# Price changes: 189 (212, 168, 205)
# Expired/Off Market Listings: 98 (135, 161, 132)
Net loss/gain in listings this week: -32 (-26, -84, 55)
Active listings for single family homes: 1933 (1954, 1912, 1959)
Active listings for condos: 1576 (1560, 1562, 1587)

So far this month the REALTORS® Association of Edmonton has reported 1465 sales. The average residential sale price is $317k, single family homes are $361k, and condos $238k all of which are down from the end of last month. I am a little surprised with the stronger than usual sales that average prices have dropped but it seems sales in the higher price ranges are slowing. In September there were 99 sales over $500,000 and in October there have only been 78 so far.

Oct3009Weekly 

Happy Halloween!
 

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9 Responses to “Edmonton Real Estate Market Weekly Update”

  1. George 31. Oct, 2009 at 5:49 pm #

    The road of excess leads to the palace of wisdom; for we never know what is enough until we know what is more than enough.
    - William Blake

  2. Itchy 31. Oct, 2009 at 6:45 pm #

    Roses are red,
    Violets are blue
    I’m a schizophreniac
    and so am I

    Hey this is fun, but kind of irrelevant

  3. Edmonton Expat 31. Oct, 2009 at 8:34 pm #

    Alright. So we are near November.
    After studying Edmonton’s real estate resale market for the past 7 years, this is a clear anomaly.
    October is a clear sign- USUALLY- that sales go south until the “spring rush”.
    Not for 2009.
    Low mtg interest rates did it.
    Keep selling & good work for all happy sellers!

  4. Edmonton Expat 31. Oct, 2009 at 11:18 pm #

    Just so you all know, Garth Turner deletes posts on his website whenever a poster does not agree with him…

  5. IMF Report 01. Nov, 2009 at 2:18 pm #

    Alberta house prices are still overvalued by over 8%. With the resession hammering down jobs I expect it to fall much further than that.

    http://www.imf.org/external/pubs/ft/wp/2009/wp09235.pdf

  6. Spence 01. Nov, 2009 at 10:07 pm #

    George,
    Thanks for the quote. Very poignant and completely relevant in my opinion.

    Edmonton Expat,
    I found the Garth Turner site a couple of weeks ago. It seems like he posts a lot of comments that disagree with him. Did you swear of something? Or maybe you had some incredible evidence that would blow his theories apart. If so, why don’t you share your comments here. I’m sure it was some good stuff, so don’t leave us all hanging man.

  7. Spence 01. Nov, 2009 at 10:10 pm #

    Sheldon and Sara,
    Has the whole swine flu thing slowed down the traffic at open houses, etc? I’m just wondering if you have seen any impact in the RE industry.

  8. Sheldon Johnston and Sara MacLennan 01. Nov, 2009 at 10:58 pm #

    No I haven’t noticed any slowdown due to swine flu. I was wondering myself the other day as I was listening to Sonic while Garner Andrews was talking about people denying handshakes if there was any significant impact coming.
    For the most part it seems to me most people are living normal lives.
    I just returned back from a weekend of meetings in Banff and no one seemed to be denying handshakes or carrying purell with them everywhere. However its hard to say what the impact will be. Will it be Y2Kesque or very serious? I hope its not the latter.

    Sheldon

  9. Ian 03. Nov, 2009 at 8:08 am #

    Was that the whole Moby handshake thing? Funny story.