Edmonton Real Estate Market Weekly Update – April 27/12
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: 536 (515, 493, 515)
# Sales: 311 (314, 245, 273)
Ratio: 58% (61%, 50%, 53%)
# Price changes: 285 (260, 267, 197)
# Expired/Off Market Listings: 66 (125, 82, 237)
Net loss/gain in listings this week: 159 (76, 166, 5)
Active single family home listings: 2924 (2831, 2809, 2714)
Active condo listings: 1887 (1836, 1764, 1696)
Homes 4-week running average: $393k ($394k, $392k, $389k)
Condos 4-week running average: $234k ($232k, $230k, $232k)
I would describe Edmonton’s spring real estate market this year as fairly typical thus far – certainly when compared to the last 5 years as far as sales go. In certain cases it’s difficult to make sense of what the values are since in some areas we are constantly dealing with multiple offers and in others there’s very little activity. Sellers can be stubborn about reducing their price when they hear their friends in another area of Edmonton received multiple offers and (according to them) their friends home was way over priced.
Last week we had one multiple offer $30k over list price in Devon and our client still didn’t get the property (actually that’s a bit of a relief). A property I was supposed to show today that was listed a few days ago in the Riverbend area sold in the high $500’s – $19k over list price. I caution you: this is not the norm for the entire Edmonton market, certain areas and types of housing are in higher demand than others.
One property we have had listed in Sherwood Park for sometime had no offers in 6 months and we have now had six and counting. If you are a buyer not interested in competing I’d suggest waiting until the fall market, or moving out of the hot zones. The only downside to that plan is there are often fewer properties on the market as well at that time so selection is reduced. As it’s shaping up it could be a pretty hot summer for single family home sales, and I’m optimistic that we will see improvements in condo sales as condos look more attractive and less over heated.
About Sheldon Johnston
Sheldon is very familiar with the ins and outs of real estate; he has been licensed to sell Real Estate in Alberta for over 25 years. Sheldon has served on the Real Estate Council of Alberta, the Real Estate Insurance Exchange and the REALTORS® Association of Edmonton. Find Sheldon on Twitter @edmontonsheldon.