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!).
Edmonton real estate prices
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.
Edmonton home listings
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.
Edmonton real estate listings and sales
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!
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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Thanks Sara for the very detailed break down of the info for the past week, to me things are looking good for this spring with such a tight inventory and increased sales activity of about 63% from the previous week.
That explains the condo prices plunge, but how do you explain the house price plunge?
Single house average price is $20k more than last year. Not a “plunge” in my dictionary.
$20k more than last year but how much is per sq ft to compare?
I forgot… also the price is over 4 weeks which is including the over $400k prices which are not normal….. In my opinion I think the houses are flat at the best year over year in reality.
I bet actual no improvment appreciation of the existing housing stock is as flat as the tire of a 59 chevy after a drive through a bottle recycle plant.
Or maybe it’ll be as bumpy as a ’72 Pinto travelling down an Edmonton street in spring (pot holes).
Ha!
Thank you for giving updates of real estate market and sharing with us.
when you estimate the prices for 2013 consider this:
link to theglobeandmail.com
The article is baseless. It mentions that the Alberta bitumen is fetching $40 less than Texas crude. That’s completely false according to my understanding of the big oils in Canada.
The Texas oil price is at $95 today. Tell me which Canadian company is selling at $55. I would like to know.
Here’s a quote sheet detailing different crude oil types:
link to psac.ca
You can see our Western Canada Select (WCS) trades at $57.50 while WTI is at $94.58.
WCS is in CAD while WTI is in USD but the forex difference is small.
If you’re selling WCS you get the WCS price.
PennWest just slashed 800 million from there development budget. Talisman is hacking costs by 20 percent, cutting its workforce.
Expect massive supply glut that we can’t get to market to persist and get worse through 2013 onward.
Stop. Listen to whats going on.
According to Suncor’s own report: link to suncor.com
They are selling at “WTI @ Cushing less Cdn$13.63 per barrel”.
The price of a product is what the market is willing to pay for it. There aren’t many customers for this product right here and there aren’t many means to ship/transport it elsewhere. This is the main reason there is a strong push for pipelines to south and east: to open it up to other options.
Hi, I was just reading this info (very helpful!) and was wondering, I’m currently thinking about selling my condo and purchasing a townhouse.
I was talking with a realtor today and she was saying to be tentative about buying a townhouse and that I would be better off buying a duplex or a single family detached home (My budget can go that high).
She said there is going to be a flood of condos/townhouses on the market and I may not get what I put in when I go to sell it. I imagine I’ll be there 2-3 years, maybe longer depending on how life pans out for me (I’m single).
Do you agree? I’m just looking for another opinion. I found a townhouse I really like and it has almost everything I want and can’t seem to find in a duplex and I really do prefer attached parking versus detached.
But at the same time, I don’t want to get myself into a huge problem in terms of resale down the road.
The type of information you are looking for is very specific and requires a great deal more information to properly answer so I will give you a general answer. To a certain extent i disagree with general statements such as buying a house is better or half duplexes are better than a condo. Maybe the area you are looking in has lots of future development. Generally though single family homes have out performed other categories in terms of appreciation but if you can only afford a real crappy sf home than dont do it. Not all homes and areas btw have performed equally as well.
As a side note when i started in real estate condos only made up about 5% of the market. Now its over 35%. This has been driven by a number demographic and economic factors. As for the supply demand issues that would require a detailed understanding of your situation and where you are looking. Based on that they may have given you excellent advice.
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If you’re only going to own it for 2-3 years and then sell, transacation costs could end up being larger than your returns, assuming they are positive. Run the numbers and see if renting makes more sense financially.
If you derive a great amount of personal happiness from seeing your name on a mortgage and property title regardless of what the numbers look like, then skip the calculations and go directly to worrying about what type of place to buy.
Thanks for the replies. So the area is Walker (Southern Springs townhouses). I live in a 1 bed, 1 den condo in the Tawa region and I’d really like to get out of it, just have something bigger, 3 bedrooms, etc. I’m not entirely sure how long I’d keep the townhouse, it mostly depends on whether I’d be married, etc. If I remain single I’d likely stay there for much longer, if I do get married, then I could see making the move to a larger single family home.
Financially, I can afford either quite reasonably but I’m just not so sure I want to move into a 450+ home and then have to turn around and possibly sell that in a few years. Plus if I was going that route, I’d likely build and then it’s another 8-10 month wait period.
Transaction costs do come to mind a bit. One option I thought about would be renting the townhouse and it seems I’d do better in that then the condo. (due to high condo fees and being able to charge more.
My mortgage would be very low on the townhouse (I have a large downpayment), so it’s far less costly for me to own right now then rent.
Yes with a large down payment and interest rates at historical lows you are far better off to purchase right now. Rents are high and will only be going higher through out the year with vacancy rates at 1.7% . Good luck in making your decision
OK, if that was not enough.. maybe this is more clear:
link to theglobeandmail.com
Be happy if we see houses prices at the same level at the end of the year… I don’t think so….
Yeah, and I could always rent out whatever I bought instead of selling as well. The rental market definitely seems to be a bit better with duplex’s versus condos (due to the condo fees).