Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 307 (351, 415, 382)
# Sales: 222 (254, 266, 297)
Ratio: 72% (72%, 64%, 78%)
# Price Changes: 188 (217, 269, 272)
# Expired/Off Market Listings: 177 (161, 379, 143)
Net loss/gain in listings this week: -92 (-64, -230, - 58)
Active single family home listings: 2466 (2523, 2539, 2629)
Active condo listings: 1595 (1616, 1635, 1729)
Homes 4-week running average: $394k ($397k, $406k, $411k)
Condos 4-week running average: $238k ($241k, $240k, $241k)
CREA released the national sales stats this week, and even though we all know real estate is local, there was a relevant national trend to discuss. We were pretty excited about the year over year gains in sales and prices in Edmonton in September, citing all kinds of fundamentals including massive population growth. Well, it turns out numbers were up in a number of markets across the country in September, including Calgary, Toronto and Vancouver.
“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said Gregory Klump, CREA’s chief economist.
“While the momentum for sales activity began improving a few months ago, it may be losing steam after having only just climbed back in line with an average of the past 10 years. Even so, one can see large year-on-year changes when comparing activity to a month like September 2012, when sales dropped to the lowest level for that month in more than a decade.”
With that being said, last years sales in Edmonton were basically equal to those in 2011, and well ahead of 2010. So CREA's explanation doesn't hold too much water for our local market.
Diana Petramala, economist with TD Economics, said no two major markets in the country are the same. “Momentum may prove more lasting in markets with fewer excesses, like Calgary and Edmonton where homes appear fairly valued and sales are being supported by decent labour markets and population growth,” she said.
Another big bank came out with a report today further proving that Edmonton (and Calgary) are quite affordable compared to the rest of the country. Seems to point towards a pretty strong market in Edmonton for the foreseeable future, what do you think?
Have a great weekend!