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: 394 (396, 404, 329)
# Sales: 205 (204, 179, 157)
Ratio: 52% (52%, 44%, 48%)
# Price Changes: 137 (123, 104, 110)
# Expired/Off Market Listings: 109 (87, 222, 228)
Net loss/gain in listings this week: 80 (105, 3, -56)
Active single family home listings: 1820 (1781, 1728, 1686)
Active condo listings: 1439 (1388, 1334, 1263)
Homes 4-week running average: $396k ($391k, $388k, $387k)
Condos 4-week running average: $235k ($223k, $216k, $217k)
Sales are ramping up. More listings are coming on. Nothing new but it sure feels different for February. Case in point: I have some listings where we can barely keep up with the showing activity, and I have others where we are struggling to figure out why or how we will generate activity.
Flying back from a meeting in Calgary I had my Liv button on and the lovely lady next to me asked me what it meant, so I explained our brokerage and values. Within moments the seats around me were abuzz with questions.
A guy working in Ft. Mac was very respectful but also very upset about the price of real estate. Prices are significantly lower where he is from. But when I asked why he was working here that was easy to answer: he’s making over $200,000.
The lady next to me who works for a publisher loves where she Liv’s. She brought out pictures of her beautiful 1930’s, brick semi-bungalow. Immaculately maintained, she told me how her 4 grandchildren put on a play every summer there and they sell tickets to raise money for the humane society. This, I told her, is what we are all about. We want our clients to love where they Liv. This is exactly the response I hope to hear from my when they talk about where they Liv.
Another guy across the aisle from me was telling me he works in Yemen 5 weeks on and then spends 5 weeks at home in Devon. He could Liv anywhere in the world, and makes some seriously good coin, yet he travels for 2 days to get back home to Devon every 5 weeks. He lives in Devon because it’s where he grew up and he loves it. The opportunities he has had growing up and working in Alberta are obviously something he feels will benefit his family.
All in all it never surprises me the very different perspectives on real estate. It is certainly a nice reminder that sure, there are people who come here only for work, but there are plenty of others who love living in Edmonton, myself included.