Weekly Update, Feb. 28/14

EdmontonRealEstateMarketUpdate
Edmonton Real Estate Market Update

Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets).
For the past 7 days:

New Listings: 389 (370, 365, 404)
# Sales: 253 (217, 217, 235)
Ratio: 65% (59%, 59%, 58%)
# Price Changes: 126 (98, 94, 109)
# Expired/Off Market Listings: 73 (96, 85, 217)
Net loss/gain in listings this week: 63 (57, 63, -71)
Active single family home listings: 1838 (1786, 1781, 1738)
Active condo listings: 1231 (1196, 1131, 1106)
Homes 4-week running average: $414k ($409k, $408k, $415k)
Condos 4-week running average: $245k ($245k, $246k, $241k)

With threats of a housing bubble largely overblown, and some saying Edmonton is becoming too expensive, the market is picking up, at least in terms of sales and prices. In the past week I saw two luxury properties in the areas I watch closely sell over list price, one over $1.25 million. I certainly don't see that every week. Finding properties to show our clients has been a challenge of late, to say the least - if you make appointments more than a day in advance half the properties will go pending by the time you get there.

ListingsandSales 3
Listings and Sales
EdmontonHomePrices 3
Edmonton Home Prices

Monthly report will be posted tomorrow - have a great weekend!

About 

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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17 Responses to “Weekly Update, Feb. 28/14”

  1. Inspector GadgetNo Gravatar 28. Feb, 2014 at 12:03 pm #

    There is definitely a lack of quality listing unless you want to be super suburban. My question is why are there not more homes for sale as a result of the ‘trade up’ market? Surely not everyone who is buying is from out of province are they?
    Spending 1.25 in Edmonton blows my mind. It is a little cool and rainy in Socal today but it didn’t stop us from golfing this morning. Doing my Friday catch up on news at home hour and I see it is minus forty with the wind chill. Wow, wish I had spent more on my flooring in my house in E town, really makes up for it.
    No offence to our hosts, but that article raving about the growth in net worth is hogwash for many economic reasons. People love the story though because it makes them feel rich.

  2. Inspector GadgetNo Gravatar 28. Feb, 2014 at 12:16 pm #

    Oh, part of my ‘work’ on this trip is doing the families taxes. I have to tell anyone still scared of investing in other than housing that last year (and this year so far) was banner. My two properties in Edmonton might be worth a bit more but our investments are worth ALOT more than 12 months ago. I was actually shocked when I saw the numbers. Cheers to diversification!

    • PlasmaNo Gravatar 28. Feb, 2014 at 4:20 pm #

      Who cares how your investments are doing! This forum is not for discussing your personal wealth.

  3. karlhungusNo Gravatar 28. Feb, 2014 at 1:07 pm #

    IG,

    werent you the one saying prices were gonna tank in 2013?

  4. Inspector GadgetNo Gravatar 28. Feb, 2014 at 3:32 pm #

    Never said tank… Just pessimistic about having to much net worth in one illiquid asset. I own to houses in Edmonton after all. Pointing out that my low risk portfolio is kicking ass vs housing investments.

    • GMNo Gravatar 28. Feb, 2014 at 5:30 pm #

      Gadget,

      Please inform yourself on the difference between to – too – and two.

      It makes for easier understanding of what you are trying to say. Plus getting them right will mask your lack of education.

  5. Inspector GadgetNo Gravatar 28. Feb, 2014 at 5:37 pm #

    Good lord it happened due to auto fill and not proofreading on this tiny phone. My eyes are not what they once were.

    Nice personal attack…. Seems like I made some people grumpy mentioning some options to real estate and how they are performing.

  6. 123kidNo Gravatar 28. Feb, 2014 at 6:26 pm #

    My assumption is IG is near or at retirement age. So forgive me if you happen to be younger that I assume you to be.

    Things like IG happen when you give old people smart phones. Expect more of type of banter to hit the air waves as more baby boomers hit retirement age; bragging like roosters.

    Real estate is a fabulous investment for young folk.

  7. JohnNo Gravatar 28. Feb, 2014 at 7:47 pm #

    Not sure why people even question buying compared to renting. If you can qualify, your payments are way cheaper than renting. People are asking $1200-$1500 for main floors, when a $330,000 house mortgage payments are around $1,700 or less is you have variable including property tax. If you have a basement you can get almost half of your mortgage covered. If I can get into home ownership, I would evn suffer a little bit and rent oui rooms, sometimes if you sacrifice, it goes a long way.

    Until rent stabilizes or comes down, no way house prices will come down. With so much people coming here every month, prices go only go higher. I really surprised why we are not way higher, since Calgary in the last 2 years has gone up so much.

  8. CMDNo Gravatar 28. Feb, 2014 at 8:22 pm #

    The average number of people migrating to Edmonton CMA is approximately 49,000 per year and the average number of new housing starts is around 15,000-16,000 per year. Paints a picture doesn’t it.

  9. rbNo Gravatar 28. Feb, 2014 at 11:35 pm #

    CMD: what picture? whats the average number of people that live in a detached? 3? how many cheap ass 4 level condos do they rip up in a year?
    john: that is a very very simplistic analysis. though i agree rents are fairly high in edmonton. you can get a decent whole house for 1600 though. with insurance, interest rate risk, maintenance, etc it is not that simple to compare mortgage payments versus rent payments, obviously.

  10. rbNo Gravatar 28. Feb, 2014 at 11:39 pm #

    on AND cmd a 330k house is a dump. you are lucky in that price range to have a new roof and mechanical. probably a 1965 house, small lot, small (or no) garage. dated for sure.
    are you a realtor? its always a good time to buy (for realtors) right?

  11. JohnNo Gravatar 01. Mar, 2014 at 3:39 pm #

    ),

    No, I’m not a realtor, just an investor who has been doing this for over 10 years. I bought a couple of house 2 years ago in Westmount and Inglewood for around $300,000 and cash flow at 5 percent down and I haven’t spent much money on my properties.

    The perception people have with older homes, there is so much work that you have to do, they don’t realize that the older homes are really well built and the lots are way larger. With older home, if the foundation is cracked, mold, these are things I will definitely avoid, guess through experience you’ll know what to look for.

    Another secret is I don’t mind if the bungalow is smaller like 900 sqft, 2 bedroom main floor and a larger lot because a lot of people tend to stay away from these. 2-3 years ago that was something to get into. In the end when you have money, can always extend your house, but the location as time goes by gets too expensive.

    There is still a lot of areas in the North side that you can pickup for $330,000, but Northwest was my top pick 2-3 years ago and still think compared to southside still undervalued, especially with all the action downtown.

  12. JohnNo Gravatar 01. Mar, 2014 at 3:42 pm #

    Inspector Gadget,

    He is right, if you have margineed big cap stocks in the last 2 years they have destroyed real estate, even from someone who has done pretty well in real estate.

  13. EdNo Gravatar 01. Mar, 2014 at 8:13 pm #

    Have to take issue with the remark “With threats of a housing bubble largely overblown…”

    Looking at the supporting link, I see an article that starts off: “the media thrives on conflict, death, fear and destruction.” What it omits is that the mass media thrive even more on advertising – and that comes in generous amounts from real estate agents.

    The housing bubble is here already, at least in my mind. That’s why plenty of people with cash are renting.

    People with families and limited budgets should not overextend themselves to buy property on the basis that it will appreciate in future and can be resold at a profit. Buy something you can afford, and plan to keep, and sleep well at night.

    • Sara MacLennanNo Gravatar 07. Mar, 2014 at 12:12 pm #

      That was the headline of the article in the link, I think it’s a fair summary of what the article is about.

  14. SPENo Gravatar 02. Mar, 2014 at 5:56 pm #

    I think the 8 to 12 months behind Calgary is going to take place this spring. I am predicting a hot market.