Edmonton Real Estate Market Weekly Update – May 11/12

by Sara MacLennan on May 11, 201211. May, 2012 in Edmonton Real Estate Market, Weekly Update

EdmontonRealEstateMarketUpdate
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: 591 (596, 536, 515)
# Sales: 330 (336, 311, 314)
Ratio: 56% (56%, 58%, 61%)
# Price changes: 298 (262, 285, 260)
# Expired/Off Market Listings: 139 (277, 66, 125)
Net loss/gain in listings this week: 122 (-17, 159, 76)
Active single family home listings: 2963 (2895, 2924, 2831)
Active condo listings: 1962 (1882, 1887, 1836)
Homes 4-week running average: $399k ($395k, $393k, $394k)
Condos 4-week running average: $234k ($237k, $234k, $232k)

The REALTORS® Association of Edmonton is reporting 617 sales so far this month, which should put us around 1900 for the month (similar to last year). 

May1112Avg
Edmonton real estate prices
May1112
Edmonton real estate listings and sales

Have a great weekend!

About

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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25 Responses to “Edmonton Real Estate Market Weekly Update – May 11/12”

  1. LyleNo Gravatar 11. May, 2012 at 12:55 pm #

    Wow, that is a nice looking average sales price chart.

    Last year things faltered in mid March, this year we just keep rolling.

    Add to that a great national jobs report today and the future looks good.

    • JillNo Gravatar 11. May, 2012 at 6:17 pm #

      The main reason the average price is up is the slightly larger proportion of high end homes selling. Credit has tightened disproportionately on lower end homes, as first-timers and the self-employed require higher-ratio CMHC mortgages.

      Teranet provides an accurate measure of price fluctuation, if you are willing to wait the extra months.

  2. A commong guyNo Gravatar 11. May, 2012 at 2:05 pm #

    some people are just haters. I see one has voted 1 star for an unknown reason. I don’t know what they would expect from a weekly report of numbers. Perhaps s/he is just unhappy to see the prices going up…

  3. birdladyNo Gravatar 11. May, 2012 at 2:57 pm #

    I am amazed at how close the inventory is compared to the same period 2011. Wow, Edmonton really is predictable – with the exception of average price which is up by 19K.

    Now, if we can get the inventory dropping and the prices continuing to rise, we may have a spring season to talk about.

  4. ErikNo Gravatar 11. May, 2012 at 3:07 pm #

    What is the highest the 4week running average home price has ever hit?

    • Sara MacLennanNo Gravatar 14. May, 2012 at 11:22 am #

      I have only been tracking the 4 week running average since September, 2010. This was the highest week since I’ve been tracking it.

      • SanjayNo Gravatar 15. May, 2012 at 10:00 pm #

        Sara, why did you remove my comment in response to GM? There was nothing offensive! Don’t you like people who speak their mind respectfully??

        • Sheldon JohnstonNo Gravatar 15. May, 2012 at 10:25 pm #

          We have no problems with respectful differences of opinion. However your comment was not trashed it was caught in our spam filter for some reason.

  5. GMNo Gravatar 12. May, 2012 at 12:55 am #

    Hey, I told you months ago that prices were going higher.

    It’s going to be a good summer for home owners. Not so good for those sitting on the sidelines waiting for the end of the world.

    • EdNo Gravatar 14. May, 2012 at 12:01 am #

      “It’s going to be a good summer for home owners. Not so good for those sitting on the sidelines waiting for the end of the world.”

      Can’t buy a house unless there is a seller. So who do you think will have the better summer – one who sells, or one who buys?

      • GMNo Gravatar 14. May, 2012 at 10:15 am #

        The one who already owns.

  6. GMNo Gravatar 12. May, 2012 at 11:26 am #

    Ummm… where exactly did I say that realty will guarantee a consistent return indefinitely?

    All I said was that I believed prices were going higher and a that it will be a good summer for home owners.

    Where you came up with the other stuff is beyone me.

    • StephNo Gravatar 12. May, 2012 at 11:37 am #

      ” Sitting on the sidelines waiting for the end of the world” I think speaks volumes and is very condescending to those that know now is not the time to get into the market. Your logic and smart attitude reminds me of my teen age son. Perhaps your silver spoon was lodged in your brain as a teen and you never grew up.

  7. GMNo Gravatar 12. May, 2012 at 12:11 pm #

    Sorry to disappoint you, but there was no silver spoon in my childhood.
    Everything I have I earned myself. Everything.
    I now have a house of my own which I paid for by saving my money from the jobs I worked at all of my life.

    I’ve never been on welfare, never been on UI, never received student loans or bursaries or scholarships. My parents never gave me ANY money. Not even an allowance in case you’re wondering.

    And I have never won the lottery.

    So sorry to disappoint you.

    If you are interested in succeeding in life then maybe pick up a copy of Rich Dad Poor Dad or something like that and read it.

    • SanjayNo Gravatar 12. May, 2012 at 6:00 pm #

      Dear GM, your good luck and success has made you too much arrogant. Life’s successes and failures do not entirely depend on how hard work you do. There is something called “destiny” which too plays a very important role in many lives. The universe is not so simple as you might think.

  8. StephNo Gravatar 12. May, 2012 at 12:56 pm #

    Good on you GM for making it. Count your blessing. Not everyone succeeeds no matter how hard they try.

  9. A commong guyNo Gravatar 12. May, 2012 at 2:29 pm #

    Many people can save a lot if they change their habits a bit:

    - do not eat out, say more than once a month. It’s possible and you’ll save a
    bunch. Even that cup of coffee you buy everyday, bring your own bag of tea/coffee and make your own.

    - If you are a smoker there goes a good chunk of your income (aside from health problems).

    - Do you really need $120/month of TV cable? do you really “need” all the $70/month of cell phone usage? many people use things because they like and are convenient, not because they need. If you add up all these savings ….

    I shake my head when I see a single male earning $60k/year and cannot save a dime at the end of each year and has been a renter always. Obviously these are the people who cannot be a homeowner…

  10. StephNo Gravatar 12. May, 2012 at 3:19 pm #

    Lots of good comments comin guy. Can’t get no 300k mortgage on 60 grand a year though.

  11. A commong guyNo Gravatar 12. May, 2012 at 3:28 pm #

    A single guy on $60k should be able to save $15-20k per year and after 3 years you have enough down payment for a $300k condo (or semi-detached) and the rest in mortgage. You can qualify for a $250k mortgage with $60k income if you don’t have other debts.

  12. bubuNo Gravatar 12. May, 2012 at 5:29 pm #

    commong guy, you can qualify for $300k even with less than that.. the problem is $250k is 4 times your income and you must be stupid to get into that debt for an asset which is staying at the best at the same price for the next 7-8 years if not more. What would you do with $300k cash and income of $140k. Would you buy or rent today in Edmonton?

    • A commong guyNo Gravatar 12. May, 2012 at 9:54 pm #

      Really? let’s see. A semi-detached house rent is at least $1500.
      If you buy that at the prices listed above, your mortgage with 20/year amortization with a 3.99% 10-year fixed (as of now0 is the same as the rent. You pay your utilities regardless in each case. You’d pay taxes when you own which is around $200/months, say another $50 for other cost of maintenance. I am assuming your rent remains the same in that 10 years which we all know is never going to happen.
      After that 10 years you have paid $100k of your mortgage and have paid a little extra taxes/maintenance which should be easily off-set by the increase in rent.
      Even if the prices remain the same for 10 years (which history shows the chances are much more for the prices to be higher than the same) then the guy who buys is ahead.
      I don’t know how much return you can have on your $50,000 down payment in that 10 years, but I suspect it won’t be much (unless you are a good poker player or lucky with the stock markets).

      • wsnNo Gravatar 14. May, 2012 at 9:21 am #

        I agree. Technically, rate of return on stocks are better than real estate. However, for the average Joe, he

        1) Needs somewhere to live. Will need to pay rent if not buying a property.

        2) Can borrow money to buy a property, thus increasing the total stake to offset the lower return rate. (He can use margin to invest in stocks too, but that’s not for the feint of heart.)

        • rnsNo Gravatar 15. May, 2012 at 10:46 am #

          15% return are pretty common after 2008 crash without worrying about how to sell.

          1. Average Joe never save money so never dream of stock investment.
          2. Average Joe does not understand mutual funds,etf, CDS, MBS, Hedging and portfolios.
          3. There is no Stock CMHC for making stock socialism.
          4. Average Joe just compare rent with mortgage+taxes.

          • wsnNo Gravatar 15. May, 2012 at 3:36 pm #

            From the last trading day of 2008 to present, TSX gained 6.9% per year and DOW gained 10.0% per year. But the problem is that you never know when it’s the bottom. So people would naturally buy before the bottom is reached, or long after rebound took place.

  13. A commong guyNo Gravatar 17. May, 2012 at 8:57 am #

    It appears things are really picking up in Calgary, most likely it would be the highest (yes highest) avg price for SFH ever (even higher than the peak in 2007). It’s natural to assume Edmonton follows the same pattern (perhaps with a little bit of lag).
    Interesting summer to watch….