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: 437 (427, 331, 395)
# Sales: 225 (197, 225, 235)
Ratio: 51% (46%, 68%, 59%)
# Price changes: 296 (253, 259, 243)
# Expired/Off Market Listings: 224 (470, 232, 161)
Net loss/gain in listings this week: -12 (-240, -126, -1)
Active single family home listings: 3005 (3020, 3101, 3162)
Active condo listings: 1871 (1860, 1932, 1992)
Homes 4-week running average: $387k ($389k, $395k, $399k)
Condos 4-week running average: $229k ($232k, $236k, $234k)
The REALTORS® Association of Edmonton is reporting 478 sales so far this month, which should put us around 1200 for the month – below average and well behind last year.
Big news coming out into the public realm this week regarding sales data (another article coming shortly on that) and “zero lot lines.” City councillors approved super skinny lots this week, despite concerns from the fire department. Home are built close together across the country, according to council zoning changes requiring extra fire proofing take care of the fire safety concerns.
Personally, I don’t see why you’d want to buy a detached skinny house instead of a half duplex. Later this fall, council will debate a motion to allow homeowners in some mature areas to divide a 15-metre lot in two to make it easier to build narrower, more affordable homes. There is huge demand for new homes on old lots, and I think this decision is a long time coming. I still see duplexes as the way to go on old lots as well. Our clients have built and sold some beautiful duplexes on wider lots near the University.
Have a great weekend!