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: 405, (429, 437, 435)
# Sales: 212, (261, 248, 303)
Ratio: 52% (61%, 57%, 70%)
# Price changes: 248 (302, 279, 297)
# Expired/Off Market Listings: 125 (360, 172, 183) Net loss/gain in listings this week: 68 (-192, 17, -51)
Active single family home listings: 3074 (3042, 3147, 3105)
Active condo listings: 2022 (2009, 2091, 2090)
Homes 4-week running average: $396k ($392k, $390k, $392)
Condos 4-week running average: $240k ($237k, $237k, $234k)
The REALTORS® Association of Edmonton is reporting 333 sales so far this month for the Greater Edmonton Area – a slow start for August for sure. Housing starts increased on a year over year basis for the 8th month in a row in July – details here.
“It’s reflective of the fact that the underlying economy is doing very, very well. The mystery so far in the housing market for Edmonton has been the demand for new housing has been relatively muted given very strong employment numbers. It suggests significant pent-up demand and that people are being a little bit cautious and perhaps reflective of the fact that everyone’s looking around at the global situations.” City of Edmonton chief economist John Rose said in an Edmonton Journal article.
In speaking with some new home sales people, traffic in show homes is very, very slow. Meanwhile some of our new home listings are getting tons of traffic while others are being ignored. Things ebb and flow for sure and sometimes there seems to be no rhyme or reason for it.
Have a great weekend!