Edmonton Real Estate Market Update
Here is our update on the Edmonton real estate market. (Previous week’s number are in brackets).
For the past 7 days:
New Listings: 384 (296, 144, 66)
# Sales: 194 (119, 81, 87)
Ratio: 51% (40%, 56%, 132%)
# Price Changes: 113 (81, 46, 23)
# Expired/Off Market Listings: 187 (120, 459, 141)
Net loss/gain in listings this week: 3 (57, -396, -162)
Active single family home listings: 1677 (1632, 1594, 1836)
Active condo listings: 1229 (1227, 1162, 1301)
Homes 4-week running average: $375k ($388k, $402k, $401k)
Condos 4-week running average: $201k ($227k, $226k, $224k)
Ok… we have some interesting stuff going on this week! When I saw the results I re-ran all the numbers a second time just to make sure everything was correct. So, lets start with the obvious first… Prices are plummeting. The average price for single family homes is still above last year’s average, but condos have really dropped (almost right off my chart!).
Really, single family home prices are just coming down around where they should start for the year – the run up at the end of last year was quite uncharacteristic. There were half as many single family home sales over $750k in the last 30 days, than in the previous 30 days, partly explaining the drop in average prices.
Condo prices have been dramatically impacted by the sale of an entire complex that was in foreclosure (sold unit by unit, by the same agent, last week, presumably to the same buyer) in North East Edmonton, each unit was under $100k. If I remove those sales from the total, the average price is $222k. In the last 30 days there were 50 sales under $100k and 3 sales over $500k, compared to 20 under $100k and 8 over $500k in the previous 30 days. In three weeks, when these sales are no longer included in the average, we will see it rise again (unless another similar complex sells!).
Prices are not the only interesting thing that is happening though… The inventory of homes on the market is lower than we typically see in January.
Sales appear to be ahead of the past few years. With the recent changes to the reporting structure, I’m not confident posting the actual numbers, but my tracking shows sales are looking up. The sales to listing ration is well up from the past few years.
I was hoping to post the results from our annual poll this week, but responses are down from previous years, and the results for some of the questions are quite tight. If you’d like to have your say, take our quick poll here.
Have a great weekend!