Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 250 (290, 335, 356)
# Sales: 203 (204, 161, 185)
Ratio: 81% (70%, 48%, 52%)
# Price changes: 180 (220,227, 259)
# Expired/Off Market Listings: 153 (216, 178, 551)
Net loss/gain in listings this week: -106 (-130, -4, -380)
Active single family home listings: 2600 (2664, 2753, 2749)
Active condo listings: 1640 (1668, 1682, 1673)
Homes 4-week running average: $367k ($362k, $363k, $364k)
Condos 4-week running average: $223k ($225k, $225k, $230k)
The REALTORS® Association of Edmonton is reporting 953 sales so far this month, which should put us over 1000 by the end of the month (below average).
A rising listings to sales ratio is normal for this time of year, as new listings tend to slow down more than sales do. It looks like the residential average sale price could end up higher this month than last as well, we'll see next week for sure.
Have a great Grey Cup weekend!
Go Alouettes Go!!!
Once again, normalcy reigns in these stats. Sure, SFH resale prices were up a tad, but still within the norms. Expect a slow 10% downturn between now and April, then prices should hold for rest of 2011.
… Forgot to add the abnormal sales to listings ratio. Should return to +/- 50% levels soon.
Just for the record, this October’s sales volume tally was the lowest since 2000. I’m not sure that qualifies as “normal,” but to be fair to you that data is not presented in this particular chart.
However, I think one thing bulls and bears alike can agree on is that we are entering an interesting period of time for Edmonton (and Canadian) real estate valuation.
Personally, I think a decline of more than 10% could be in the cards for Edmonton, but if I’m wrong, I’m completely satisfied to continue renting as even the most conservative rent vs buy calculations don’t favor buying with prices at or slightly below these levels, given current rental costs.