Edmonton Real Estate Market Weekly Update – Aug. 31/12

by Sara MacLennan on August 31, 201231. Aug, 2012 in Alberta's Economy, Edmonton Real Estate Market, Investing in Alberta Real Estate, 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: 331 (395, 459, 405)
# Sales: 225 (235, 229, 212)
Ratio: 68% (59%, 50%, 52%)
# Price changes: 259 (243, 255, 248)
# Expired/Off Market Listings: 232 (161, 192, 125)
Net loss/gain in listings this week: -126 (-1, 38, 68)
Active single family home listings: 3101 (3162, 3125, 3074)
Active condo listings: 1932 (1992, 1999, 2022)
Homes 4-week running average: $395k ($399k, $395k, $396k)
Condos 4-week running average: $236k ($234k, $240k, $240k)

Edmonton area builders sure are optimistic about our market. We have been involved in no less than three multiple offer situations on infill lots in the past week. CMHC released their “Housing Now” report today showing multiple starts in July at their highest level in at least 3 years, and single detached starts at their highest level this year. With banks and other financial institutions, think-tanks, and the media extolling the virtues of our economy it’s easy to understand their optimism. Jobs, population growth and affordable housing: the trifecta for rising real estate prices. Of course the Provincial Government has to ruin the party with talks of slumping oil prices and a rising deficit. Can we just keep rolling along with oil prices on the decline? Once in a blue moon?

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Edmonton condo starts 

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Edmonton real estate prices
 
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Edmonton real estate listings and sales

Have a great long 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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6 Responses to “Edmonton Real Estate Market Weekly Update – Aug. 31/12”

  1. jasonNo Gravatar 31. Aug, 2012 at 2:29 pm #

    WTI @ 96$/bbl
    and
    Brent @ 115$/bbl

    is hardly declining oil prices.

    • wsnNo Gravatar 31. Aug, 2012 at 2:35 pm #

      Keyword “talks”.

    • GeorgeNo Gravatar 01. Sep, 2012 at 10:24 am #

      Isn’t $96 a decline, from over $110+ in the last couple years? Certainly a decline from $140+ in 2008. Not that our heavy oil receives WTI price, but pipeline bottlenecks are now discounting a further $10.

      • KenNo Gravatar 04. Sep, 2012 at 8:27 am #

        Its gas we need to be concerned about; other than the oilsands and a few other regions nearby (Pembina), most of the rock proximal to EDM in the deep basin is quite gassy. W/ AECO @ 2.00, companies can barely make positive CF, leaving them less confident to hire crews>less demand for housinhg. Oil >$80 is fine, most companies are using $85-$90 WTI in their budgets.

  2. imranNo Gravatar 31. Aug, 2012 at 3:01 pm #

    Hi Sara
    How many month’s inventory is available at this time? Is it above or below normal average?

  3. GMNo Gravatar 31. Aug, 2012 at 3:08 pm #

    Nothing stops this train.