Weekly Update, Feb 7/14

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: 404 (342, 333, 307)
# Sales: 235 (199, 168, 129)
Ratio: 58% (58%, 50%, 42%)
# Price Changes: 109 (93, 110, 88)
# Expired/Off Market Listings: 217 (98, 85, 125)
Net loss/gain in listings this week: -71 (45, 80, 53)
Active single family home listings: 1738 (1761, 1731, 1658)
Active condo listings: 1106 (1074, 1064, 1030)
Homes 4-week running average: $415k ($415k, $420k, $424k)
Condos 4-week running average: $241k ($231k, $230k, $234k)

Prices keep heading back towards normal and inventory is still low. I expect things will start to turn around in a few weeks. There was an interesting article in the Journal yesterday about building permits in the City of Edmonton. They're up, waaaaaay up. 

“There is a feeling that there are going to be intense difficulties keeping up with building demand because of the shortage of skilled labour and every part of the construction. You’re going to need site supers and project managers and all these people to be spread thin in order to keep up. You know, Alberta is open for business.” Edmonton construction association executive director John McNicoll.

“The bottom line for people is this is a clear indicator that economic growth in Edmonton is going to be very robust,” said city chief economist John Rose. “It’s going to be very good news from the employment point of view. The great thing about the construction industry is that it has strong linkages to the local economy,” said Rose. “If you’re going to have an extra dollar of economic activity in the community, one of the best places to see it is the construction sector because it has such a direct impact on employment and related materials and services.

 
ListingsandSales
Listings and Sales
EdmontonHomePrices
EdmontonHomePrices

BuildingPermits
Building Permits

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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20 Responses to “Weekly Update, Feb 7/14”

  1. BOSSNo Gravatar 07. Feb, 2014 at 12:57 pm #

    I LOVE IT! Keep on building BABY!

  2. wsnNo Gravatar 07. Feb, 2014 at 12:58 pm #

    1) You data does not agree with your diagram.
    2) The total value of permits is no where close to being accurate. From my own experience, the city never asks to see your sales contract to assign a value to your house. The city will just use $190/sf for every single house, which has a margin of error in the range of 30%.

    • ShawnNo Gravatar 07. Feb, 2014 at 2:05 pm #

      Is the current average condo price 241,000 or not as your graph is not representative?

      • GMNo Gravatar 07. Feb, 2014 at 8:15 pm #

        Hmmm… stats say condos moved from 231,000 to 241,000, but the graph says prices went down…

        • Sara MacLennanNo Gravatar 10. Feb, 2014 at 8:33 pm #

          I apologize for the error and the delayed response. I have corrected the charts, so sorry for the mistakes.

          • ShawnNo Gravatar 11. Feb, 2014 at 4:50 am #

            No problem Sara! No Apology is needed….I am thankful for this blog and the stats.

  3. sandyNo Gravatar 07. Feb, 2014 at 1:02 pm #

    Why inventory is so low?

    Was there any correlation with higher house for sale listings in Kijiji ….perhaps…..

  4. karlhungusNo Gravatar 07. Feb, 2014 at 1:46 pm #

    Gonna be a busy spring

  5. GMNo Gravatar 07. Feb, 2014 at 8:15 pm #

    Natural gas prices are finally recovering. Drilling is going to ramp up again. Good for Alberta.

  6. TrevNo Gravatar 07. Feb, 2014 at 9:33 pm #

    Agreed with GM. Remember NG was our biggest revenue maker until it tanked a half-decade ago. NG up, plus oilsands, plus edmonton downtown = up

  7. MattNo Gravatar 08. Feb, 2014 at 8:01 am #

    2015 natural gas futures haven’t budged in price. The market knows this cold winter is temporary. NG production won’t be ramping up. In fact, it’s falling this year, hence the shortage.

    • DaBullNo Gravatar 08. Feb, 2014 at 9:00 am #

      So if production falls that usually means prices increase.. Doesn’t it? Maybe I’m wrong but usually if there is shortage of something prices go up.

      Future market change every day, that’s why the is HNU.TO and HND.TO to play. if you really want a good barometer on NG prices look at the the 12 month strip price.

      link to psac.ca

      Aeco 12 Month Strip (NGX) ($C/mcf) 4.65 - 2014 3.36 – 2013 up 38%

      NYMEX 12 Month Strip ($US/mmbtu) 4.63 - 2014 3.72- 2013 up 25%

      In the US there is not a lot of NG left behind pipe waiting for better days. All that gas that was waiting behind pipe skewed the supply side last year. Makes it look like there was a lot more production capability than there really was. This year and next will tell the true story on the big shale gas revolution. Will have to see how much extra drilling is need to keep supply balanced. The Red Queen most likely will have to run (drill) a whole lot harder to keep up. Canada included.

      • DaBullNo Gravatar 08. Feb, 2014 at 9:08 am #

        forgot to add

        look at the amount of contracts traded on the 2015 NG market. Not many. Only gamblers bet that far out. Trades usually only go the forward month and most companies that hedge are locking in the 2014 strip price, not a 2015 month contract.

        • wsnNo Gravatar 09. Feb, 2014 at 11:30 am #

          Brain Hunter?

          • wsnNo Gravatar 09. Feb, 2014 at 11:31 am #

            Typo. Should be:

            Brian Hunter?

  8. ShawnNo Gravatar 08. Feb, 2014 at 2:51 pm #

    Sara,
    Can you please correct the average condo price number to whatever the correct value should be either in the graph or the text?
    thanks.

    • RippedNo Gravatar 10. Feb, 2014 at 10:37 pm #

      Bob Truman in Calgary is more accurate on Edmonton, but it’s a monthly number.

      link to bobtruman.com

      link to bobtruman.com

      • Sara MacLennanNo Gravatar 11. Feb, 2014 at 10:28 am #

        Bob posts tons of great stats too, we try to add our local take on the numbers as well as the charts, but his site is definitely another place to find market stats.

      • GMNo Gravatar 11. Feb, 2014 at 4:45 pm #

        He doesn’t offer any graphs, which are really nice in seeing exactly where we are.

  9. 123kidNo Gravatar 13. Feb, 2014 at 11:08 am #

    Ternet Housing Price Index for January 2014 has just been released.

    link to housepriceindex.ca