Weekly Market Update, March 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: 462 (474, 477, 479)
# Sales: 330 (289, 300, 225)
Ratio: 71% (61%, 63%, 47%)
# Price Changes: 153 (165, 147, 140)
# Expired/Off Market Listings: 79 (88, 82, 150)
Net loss/gain in listings this week: 53 (97, 95, 104)
Active single family home listings: 2104 (2090, 1993, 1907)
Active condo listings: 1371 (1333, 1311, 1275)
Homes 4-week running average: $431k ($430k, $424k, $422k)
Condos 4-week running average: $243k ($245k, $242k, $240k)

Well I think it's safe to say the spring market is officially here, and the inventory of single family homes on the market is the lowest it's been in at least 7 years. Our agents are having a tough time finding much to show - when we go to make appointments for showings we find about half the listings are actually pending. Full report on April Fool's Day!

ListingsandSales 3
Listings and Sales
 
SingleFamilyHomeInventory
Single Family Home Inventory
EdmontonHomePrices 3
Edmonton Home Prices

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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16 Responses to “Weekly Market Update, March 28/14”

  1. Inspector GadgetNo Gravatar 28. Mar, 2014 at 1:18 pm #

    Question for Sarah if she has time. How active is the ‘move up’ market these days?

    • Sara MacLennanNo Gravatar 28. Mar, 2014 at 1:38 pm #

      It’s good, really everything is pretty good right now. I would call the “move up market” $500k-$750k, I’m sure others would come up with different numbers, but using those, there have been 135 sales in the past 30 days, compared to 109 for the same period last year.

      • RippedNo Gravatar 28. Mar, 2014 at 9:23 pm #

        My sister and binlaw will be happy to hear that as they are down sizing and trying to dump the bungalow at $499K. Lot’s of tire kickers but no offers yet but it’s only been two weeks.

        • RippedNo Gravatar 30. Mar, 2014 at 3:46 pm #

          Sold $490K
          Real Estate agent says now’s the time to sell as there’s no competition. Everybody waits for green grass before listing.

  2. ChuckNo Gravatar 28. Mar, 2014 at 3:56 pm #

    Thanks for fixing chart to black and white, Sarah. Is the condo market for mid range tight? Know there are a lot of basic apartments being put up for sale, and lots of high end new units. The townhouse, carriage home, condo built buildings seem to be in reduced supply.

  3. DougNo Gravatar 30. Mar, 2014 at 9:15 am #

    This is good news for home owners. The average house price is now over 6% higher compared to last year at this time. Since the market is starting to heat up, hopefully this will convince those on the sideline to jump in before prices keep increasing and push the price of reach.

    The average price in Calgary for a single family home is $558k, compared to $431k in Edmonton. With the billions of dollars in industrial projects around Edmonton (in the heartland) beginning construction, we could pass Calgary in the next five to ten years in terms of house prices, as more new jobs will be created in the Edmonton area versus Calgary, in my opinion.

  4. DougNo Gravatar 30. Mar, 2014 at 9:15 am #

    That should say “out of reach.”

  5. Inspector GadgetNo Gravatar 30. Mar, 2014 at 2:28 pm #

    DOUG,

    If houses become ‘out of reach’ who will buy them?

  6. JohnNo Gravatar 30. Mar, 2014 at 6:37 pm #

    Look at Vancouver or Toronto, doesn’t matter how high in the end, most people want to have a place of their own. With no rental controls here, a disaster for renters and greedy landlords.

  7. DougNo Gravatar 30. Mar, 2014 at 7:42 pm #

    IG, people will buy them, just not your average person. It will be like Toronto; the average price of a SFH is $955k, yet each listing gets 20 bids. People will eventually have to buy in surrounding communities like Leduc or Spruce Grove if they want a detached home.

  8. JohnNo Gravatar 31. Mar, 2014 at 9:26 am #

    Being from Vancouver, if people want the dream of owning a house, kids will help the parents to work together to qualify, save for the downpayment and buy. Sometimes you will see extended families work togther just to obtain that dream.

    Since Vancouver and Toronto prices are so high, I have noticed lots of immigrants are now coming to Edmonton, especially in the last 2 years. I saw a study that immigrants within 2-5 years will always buy something. The reason why real estate always gets expensive because immigrants think the best investment they can make is owning a home and having a sanctuary to come home.

    In a way if you are an investor, have a couple of houses awesome, but for the average Canadian this really sucks. In Vancouver, finally the government decided to stop the investor program, which I think is a good thing. In the end, history will always show that owning your own home is the right thing to do.

    • wsnNo Gravatar 31. Mar, 2014 at 11:01 am #

      “In Vancouver, finally the government decided to stop the investor program”

      Read news plz. They have just reopened it, with higher net worth thresholds.

  9. JohnNo Gravatar 31. Mar, 2014 at 7:39 pm #

    WSN

    They must have just opened it, going to suck for the average person going to buy real estate.

  10. JohnNo Gravatar 01. Apr, 2014 at 8:33 am #

    WSN,

    Give me the link, can’t find it anywhere in Google that they opened it, thanks

  11. TarazNo Gravatar 01. Apr, 2014 at 11:00 am #

    It’s interesting – the number of cheap houses (under $175k) in Edmonton has dropped dramatically over the last few months. I think 2014 is going to be a good year for real estate – maybe my house will even get back to its 2007 value. :-p