EdmontonRealEstateMarketUpdate
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 599 (594, 504, 610)
# Sales: 271 (245,245, 303)
Ratio: 45% (41%, 49%, 50%)
# Price changes: 421 (412, 332, 396)
# Expired/Off Market Listings: 173 (302, 142, 149)
Net loss/gain in listings this week: 155 (47, 142, 158)
Active listings for single family homes: 3185 (3083, 3045, 2972)
Active listings for condos: 2212 (2151, 2147, 2108)
The REALTORS® Association of Edmonton is reporting 599 sales so far this month, which should put us around 1700-1800 for the month (below average). The average residential sale price sits at $337k (down $2k from last month), single family homes at $384k (down $4k from last month) and condos at $244k (down $4k from last month).
Edmonton residential real estate listings and sales
Inventory continues to climb, we are well above last year’s levels but still well behind what we saw in 2008. We expect to see lots of expired listings by the end of this month which could bring inventory down a bit, we’ll have to wait and see.
Edmonton single family home inventory
Looks like it’s going to be a beautiful weekend in Edmonton, hope you enjoy it!
Looks like Sheldon/Sara were on the money when they said this year would look like 2008 in terms of sales, I wonder if we’ll also see a similiar price correction or if it will be moderated by the fact that there is still somewhat less inventory then there is now.
Most of the houses around me for sale (at least half) are actually vacant so I am guessing thoselisting will be either renewed or listed off the mls…so not sure the expiring listings will have a huge impact on the total inventory (as many bought elsewhere and probably don’t want two mortgages) , Mind you my nieghborhood may not be a microcosm for the entire market either,
That’s an interesting point.
Sheldon/Sara, Can you guys do up a “vacant listing” for edmonton? Similar to what Bob Truman does for Calgary?
Sure…what does he do just post the number of vacant listings? I can’t find what you’re talking about on his site.
There are currently 573 single family homes in Edmonton listed as vacant or new (never occupied), that’s 18% of active listings. For condos there are 591 vacant which is 27% of active condo listings.
Is there any historical or geographical context for that vacancy number? I agree that it’s an interesting statistic, but really only in the face of comparitives.
I will have to build up the data over time….for now that’s all we have
Yepp, thats all!! he has the histprical numbers as well which is good as well but tis in table format. I love the graphs you guys do though!
By the way, you guys are doing a great job!
Do listings that are being currently rented get included in the vaccancy list or would they exclude a listing from making that list?
Also, thank you for the graph-porn (har har). I look forward to it every friday.
It’s my experience that vacant listings are usually understated. Many homes I know are vacant are listed as occupied. This info. is provided to the MLS by the realtor/seller and there are some that understandably don’t want to advertise that thier property is vacant either because they don’t want to invite thieves and/or they don’t want to have the buyers percieve them as desperate.
That is a good point. When you list a home as vacant on the MLS® system, by default it does not show up on the map search on realtor.ca or any other site showing all MLS® listings. Some people are getting around that by listing the home as owner occupied. The correct procedure is to have the clients sign a form stating they understand the risks of listing a vacant property and they will not hold the REALTORS® Association liable if anything happens to the property as a result of the listing. If this form is sent into the Association the property will show up on the maps. So yes, you are correct not all vacant properties are actually listed as vacant.
I just wanted to say thanks. I watch the housing # every week. Your guys honesty is refreshing. Just remember there is bears and bulls in every market, each has there own agenda.
Thanks everyone for all the positive feedback!
Can I get the Vacant:New number for condos please?
Hi Paul,
That number includes vacant, new (never lived in) and show homes. Thanks , Sara
Can I get the Vacant:New only (not pre-ownen) number for condos please?
Hi Paul, that number would not be relevant… I am only reporting the numbers that are listed on the MLS system, not all vacant new homes. That inventory is estimated in the reports from CMHC, the most recent of which is here: http://www.cmhc-schl.gc.ca/odpub/press/2010/2010_06_08_0900_EPE.pdf.
Love the website. We just sold our home in Edmonton. We priced aggresively and it sold in a little over 2 weeks. The realator was representing both us and the buyer in this transaction. Outside of controlling the flow of information what exactly does a realator do to justify collecting >$13K in commision? There was no open house and 4 showings. Lets say that a total of 20 hours over 2 weeks was spent “selling” this property, that works out to an un-godly hourly wage. Hi end lawyer, doctor type dollars. Keep in mind that we sold our house, so I can only imagine the frustration that some must feel if their property sits for a long period of time.
Don – You obviously saw the value in hiring a Realtor when you signed your listing agreement that specified the commission. If you think you wasted your money it’s not the Realtors fault he or she just did what you hired them to do.
Perhaps without the Realtor nyour house would have sat on the market longer…typically after June we start seeing less sales and lower prices so the quick sale may have saved you money.
I am not a Realtor – but if I consign my car to a delaership and they sell it in a day and make $1000 for themselves (this has happened to me) I can’t really say the car deaer is gouging me as they just fulfilled the terms f the agreement I made from them. If your Realtor slipped you a ruffie or held you at gunpoint and forced you to list your house with them that would be another matter but methinks you agreed to pay x for a service and now are complaining that the realtor did what you mutually agreed to.
Not complaining so much as wondering what exactly the service is that they provide that would justify the commision received. It would seem to me, and I am a newbie in this regard having only been involved in the sale of this one home, that they control the flow of information between seller and buyer. My comment is not so much a criticism of the agent in particular but of the industry as a whole. In terms of the quick sale, we not the realators suggested the aggresive pricing and in fact came in with a number ~8K lower than what was suggested. If I had to guess this is probably what facilitated, at least in part, the rapid sale.