Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New listings: 450 (465, 403, 358)
# Sales: 202 (193, 189, 177)
Ratio: 45% (42%, 47%, 49%)
# Price changes: 163 (147, 138, 119)
# Expired/Off Market Listings: 119 (89, 237, 122)
Net loss/gain in listings this week: 129 (183, -23)
Active single family home listings: 2207 (2123, 2008, 2020)
Active condo listings: 1388 (1317, 1236, 1237)
Homes 4-week running average: $368k ($366k, $359k, $358k)
Condos 4-week running average: $219k ($213k, $210k, $208k)
The REALTORS® Association of Edmonton is reporting 639 sales so far this month for the Greater Edmonton Area, which should put us around 1150 sales at the end of the month (right in line with last year). Our agents are very busy showing properties, but our clients are finding the good ones sell very quickly, and often with multiple offers. There is no particular price range or area that is performing exceptionally well (except for newer half duplexes in the south west), it just seems that well priced and well presented properties are gobbled up quickly. It's not like inventory is low, but there does seem to be a lack of really good properties for sale at the moment, so when something really good comes up it goes quickly. We think if there were more good properties on the market, sales would be higher.
I still don’t understand why some people prefer Duplex to Detached Family Homes. Maybe its the price.
Yes, it’s price.
Also consider the benefit of attached garages. In the $300~350k range, you either get a backlane single house with detached garage, or a duplex with one or even two attached garages.
I am in the market to purchase a condo (for my own reasons i.e. now single) in the Windermere area but not Terwillergar. A bit west of Windermere is also acceptable. I have had a few concerns when researching on line (I am in Ottawa area until August) and more and more “specialists” (economists, bank specialists and other analysts) are assessing that prices will decline again in Edmonton but also country wide. I have seen more price reductions than before in the Ottawa area. Now, I well know that no one has a cristal ball but are there indications that would point toward a decline in prices such as too much supply, etc with regards to Edmonton?
Thank you.
Overall in the city, a bit over supply is possible. However, as for new developments, such Windermere Waters, they are much nicer and cheaper than those sold at the peak. So, your risk is really small.
Considering 80% of the sales have price changes ( we know the direction) I would wait a little bit.
are you basing these numbers on your amazing psychic abilities.
no, on your numbers… 202 sales vs 163 price changes… I know you said your math is not your field but use a calculator and see the result.
BuBu, that would be 163 price changes out of aprx 3600 listings. We don’t know how many, if any, of the 202 sales had a price change.
Itchy, you are right…
Here comes the spring buying frenzy!!!
Hold onto your hats! She’s a-gonna be a doozie!
Ya, you know it really could be a nice little pop in prices in and around Edmonton over the next 6 months. Too many good things happening now, economy good, population increasing (net incoming migration) , supply likely a tad high but reasonable, interest rates low. All systems set for launch if you ask me.
To answer the Windermere question, I live in South Terwillegar and the Windermere area would be a good choice location wise. I am not an expert, however, my two cents worth is that if you have a reasonable time horizon i.e. 3 to 5 years, and employment I don’t see things coming off too much. Exceptional circumstances excluded, i.e massive spike in interest rates, global crisis and so on. I don’t see over supply here and I do not see the same micro + macro conditions as the over inflated areas i.e Toronto and Vancouver. I say BUY cheers as always make you own decision for your own circumstances though.
Oh yeah and come on down to T- Towne and you can buy me a coffee cheers Matthew
MustangMatt,
Be careful with predictions:
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/shale-oil-boom-drives-down-prices-versus-rest-of-world/article2343532/
Why do you think they’re trying for more pipeline access to the Gulf of Mexico, and the B.C. coast?
If Iran can’t find new markets, I think Canada will struggle a lot considering the labour price:
http://www.ft.com/cms/s/0/afb3f180-5b0f-11e1-a2b3-00144feabdc0.html
Iran, Russia or other country from that part of the world don’t pay the price we pay in Canada to extract the oil…. hard to compete if the economy is not booming again which I don’t see in the next 10 years.
I hope you are right and we’ll see better conditions for AB because we live here but there are too many things in the game…
I am visiting the US at the moment and I can’t help but wonder why there is so little freedom of information in the Canadian Real Estate world.
Here in the states everyone has access to the complete history of just about any propertyand a wealth of other info on Zillow. In Canada that info seems difficult if not impossible to obtain. Why such a huge difference?
All the information that Zillow shows is public information from tax records, it does not come from from MLS® data. You can access the same information in Canada, it’s just that no one here has decided to present it like Zillow has in the US. In reality, tax assessments are useless when it comes to determining the value of your home. I clicked on the first featured property on the Zillow home page this morning and the “Zestimate” was for $365k-$574k. If you don’t know your property falls within a $200k price range then I suppose a “zestimate” is for you. This is a whole other topic and not something we can’t adequately address in the comments section of weekly update. We will address it in the future when changes come down the pipe.
At least we get some information on MLS here in Edmonton such as age of home, size. If you look at Toronto listings, they sometimes include room sizes but don’t give an age of the home and very seldom mention the total sq. metres. They mostly mention land size – I guess that is important down east?
Thanks Sarah and I realize it is not all perfect information.
Having all the price changes, history of when the property has been bought or sold and for how much plus recently sold compatibles with prices is real and valuable info.
Renting a house in Cali this month, could buy it for around $250 000….in Edmonton it would be $500 000 easy.
Not implying any comparability, but I will contemplate what I am implying while golfing…no, swimming in the 85 degree pool,….no, skiing, no….
Why do we live in Canada again? Oh yea, those pesky things called jobs.
Go ahead and buy that nice property in “Cali” (whatever that is).
Why do we live in Canada again? Oh yea, those pesky things called muskies.
Ben you dont even live in canada anymore
Why so angry WSN? I’m just bringing up some valid real estate industry and location discussions is all.
I just know you are pulling my leg on the Cali thing…..
I was merely suggesting you to follow your gut instinct. It’s like, when a kid tells that he wants to be the prime minister, I would tell him to go ahead and do his best at it.