Here is our update on the Edmonton real estate market. (Previous week’s number are in brackets).
For the past 7 days:
New Listings: 296 (144, 66, 149)
# Sales: 119 (81, 87, 144)
Ratio: 40% (56%, 132%, 97%)
# Price Changes: 81 (46, 23, 69)
# Expired/Off Market Listings: 120 (459, 141, 273)
Net loss/gain in listings this week: 57 (-396, -162, -268)
Active single family home listings: 1632 (1594, 1836, 1908)
Active condo listings: 1227 (1162, 1301, 1338)
Homes 4-week running average: $388k ($402k, $401k, $400k)
Condos 4-week running average: $227k ($226k, $224k, $226k)
There is no write-up this week.
weekly chart 1
weekly avg
Have a great weekend!
About Sara MacLennan
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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that’s quite a bit of a dive for avg price of 4-weeks (but seems similar to last years)
If we keep going like this the number of sales is going to approach zero.
Sorry… I was not able to do the weekly update this week (our assistant posted them), I will have a closer look at the numbers and give some input next week. Thanks for your patience.
Ok, I’ve had a chance to take a look at the numbers more closely, to find an explanation for the sudden drop in single family home prices. Here is how it breaks down…
Dec. 17-31 / Jan. 1-14 / Change
Avg sale price: $405k / $354k / down $50k! (-12.6%)
Median sale price: $357k / $335k / down $22k (-6.2%)
Avg size: 1,600 / 1,424 / down 176 feet (-11%)
Price/square foot: $26o / $261 / down $1
# sales over $750k: 9 / 3 / down 6
# sales over $650k: 18 / 5 / down 13
# sales under $200k: 9 / 14 / up 5
As you can see in the past two weeks we’ve seen both a large drop in high end sales, and a large jump in low end sales, bringing the average down significantly.
Your math is wrong. Price/square foot is up by $1.
There was actually a large number of sales, just a lot of new homes on the market this week.
Spring should be interesting this year. Interest rates are still at historical lows, but all the new mortgage and HELOC rules are here now.
Most interesting spring season we have had in a long time from my view. If it is disapointing sales and price wise with all the in migration and ultra low rates it will definitely be a signal that people are “bought out” for whatever reason.
We will have to wait and see!
I just opened up my home assesmenti got in the mail the other day. The value of my place has gone down 25,000. WTF!? I live in the South West Rutherford. Theres still lots of building going on right behind my property. Media and the realitors are saying that house values have gone up, and are still increasing? Somethings wrong here. Last year i showed a increase in value.
Please understand there is a difference between a house’s “market value” and “city assessment”.
Hey Chief,
Look at it this way, you are paying less taxes than you would if it went up!
That’s what I call day dreaming. You pay less tax only if the increase of city tax target is less than the growth of tax polls.
The city will lower the assessment across the board, if there are too many complaints last time. And then increase the mill rate.
I believe the city’s assessment is only based on your lot location and size and house location and size and whether there are other reported additions. So if you have a new house with a bunch of interior upgrades the city won’t know about it. Hence the city’s assessment should, in general, be lower than what the actual market value is assuming you have some valuable upgrades in the house.
Wsn, it was a totally general one off goofy statement, and I fully understand the way the tax minicipal tax system works.
Good Lord….
I have a mixed bag this year. One house up a bit, one house down a bit according to the tax man. Funny thing is that I would say the are both fairly accurate in terms of what I think I could sell either of them for, which I could not say every year.
It’s not appearent from your prior comment.
I think the city assessments are screwed up, not because they are lower for some and higher for others. I have a bunch of houses and over the years consistently one has been about 10-12% higher than the other and it should be as it is larger, better specs, and in a relatively better neighborhood. This year the more expensive one has dropped (along with a bunch of other houses I own) and the other one has gained to the extend that now the smaller and cheaper one is estimated at about 5% higher than the bigger/better house. There is something seriously wrong with this picture…
Maybe the land value of the smaller place went up faster than the other place. More desirable area Closer to downtown?
I wouldn’t call 12% “screwed”.
I do know certain properties that actually sold for $600k are assessed at $300k.