Edmonton Real Estate Blog Weekly Update – Sep. 28/12

by Sara MacLennan on September 28, 201228. Sep, 2012 in Edmonton Real Estate Market, Weekly Update

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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: 354 (422, 437, 427)
# Sales: 243 (250, 225, 197)
Ratio: 69% (59%, 51%, 46%)
# Price changes: 288 (274, 296, 253)
# Expired/Off Market Listings: 212 (216, 224, 470)
Net loss/gain in listings this week: -101 (-44, -12, -240)
Active single family home listings: 2995 (2997, 3005, 3020)
Active condo listings: 1863 (1873, 1871, 1860)
Homes 4-week running average: $382k ($385k, $387k, $389k)

Condos 4-week running average: $225k ($228k, $229k, $232k)Sales have really picked up in the second half of the month, compared to the first half of the month. What originally looked dismal is now back up in the normal range for September. The REALTORS® Association of Edmonton is reporting 1198 sales so far this month for the Greater Edmonton Area, which should put us around 1350 for the month. 

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CMHC released their monthly report on new construction today, and even though starts are through the roof, inventory is still lower than last year (detached single family home inventory is down 7% down from last August). New condo inventory is creeping up and is 3.4% higher than last year. CMHC expects that number to continue to rise in coming months. 

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Multiple Housing Starts, Source: CMHC

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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3 Responses to “Edmonton Real Estate Blog Weekly Update – Sep. 28/12”

  1. SmokeyNo Gravatar 29. Sep, 2012 at 9:30 am #

    Sara, just wanted your thoughts. I have read and heard that there is a major influx of people coming out west, especially immigrants, people from down east, etc. Ive noticed with a couple of rentals of mine I have had no end of phone calls. I wanted to know if the increase I am seeing is do to the changing of mortgage rules (causing less people to buy, instead looking to rent), cause I never saw this level of interest in properties I had even during 2006-2008 when the there was large in-migration and people buying up properties.

    It seems to me to be a good time to buy rentals if I can, better then anytime in the last 5 years. Anyways trying to make an educated decision, any thoughts would be great.

    • Sara MacLennanNo Gravatar 01. Oct, 2012 at 2:40 pm #

      Honestly I’m not sure. The semi-annual rental market report from CMHC is due soon and that will certainly give us some more insight. My general feeling is that with all these people moving out here, we are not seeing the demand for housing we’ve seen in similar situations in the past. I don’t have any evidence to back that up though.

    • wsnNo Gravatar 01. Oct, 2012 at 8:19 pm #

      I believe it’s all due to the negative news coverage about the Canadian real estate market. New comers would like to be more conservative and wait and see.

      I prediction is that, after a couple years of relative stability and them getting used to this city, they will start to buy. By that time, there will be a reduced demand for rentals and an increased demand for entry level apartments.