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?
Have a great long weekend!