Edmonton Weekly Market Update, April 11/14

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

New Listings: 581 (492, 462, 474)
# Sales: 327 (334, 330, 289)
Ratio: 56% (68%, 71%, 61%)
# Price Changes: 186 (161, 153, 165)
# Expired/Off Market Listings: 59 (167, 79, 88)
Net loss/gain in listings this week: 195 (-9, 53, 97)
Active single family home listings: 2234 (2120, 2104, 2090)
Active condo listings: 1424 (1350, 1371, 1333)
Homes 4-week running average: $422k ($431k, $431k, $430k)
Condos 4-week running average: $248k ($247k, $243k, $245k)

AveragePrice 1
Edmonton Real Estate Prices
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Listings and Sales

The average price for single family homes took a bit of a nose dive this week! I had a quick look into the numbers and there was a slight increase in sales of homes at the bottom of the market, and the same number of homes over $1million sold in the past 30 days as did the 30 days worth reported last week. So, either prices have come down (doubtful) or there was an increase in sales the mid to lower price range that brought the overall average down. The median was $389k last week and $387,500 for the past 30 days. We will keep an eye on it!

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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14 Responses to “Edmonton Weekly Market Update, April 11/14”

  1. JohnNo Gravatar 11. Apr, 2014 at 1:39 pm #

    What I’m noticing is that a lot of new listings are coming onto the market. The problem is that most people now want $320,000+ for any area, which is either the top end areas are underpriced or the mid to lower range houses are overpriced.

  2. jkNo Gravatar 11. Apr, 2014 at 1:59 pm #

    I believe below figure arrive by new listing – sale – expired listing
    Net loss/gain in listings this week: 195

    if it is true than it should be 95 instead of 195. Is that correct?

    Thanks

    • Sara MacLennanNo Gravatar 13. Apr, 2014 at 12:54 pm #

      No I’ve got 581-327-59=195.

  3. GMNo Gravatar 11. Apr, 2014 at 5:26 pm #

    ??? I thought things were booming. Prices falling???

    • wsnNo Gravatar 11. Apr, 2014 at 5:39 pm #

      Yes, some of the auto dealers are slashing car prices by as much as $5000. At this rate, they would need to pay car buyers to sell cars in a few months.

  4. Inspector GadgetNo Gravatar 11. Apr, 2014 at 6:04 pm #

    Did everyone expect prices to keep flying up? People move here for work and to work, not because they have money…they come here to make it. It only makes sense that prices will only inflate so far barring huge wage increases. The Edmonton working person (almost everybody) only has so much cash or access to credit, especially with the new mortgage rules and limits.

    No surprise.

  5. a common guyNo Gravatar 11. Apr, 2014 at 7:10 pm #

    I.G. I’m not saying prices keep going up for ever but please please stop being so negative. Yes, I think the prices keep going up (seasonally they should go up) and yes, the prices YOY will be higher than last year throughout by about the same %.

  6. BUBUNo Gravatar 11. Apr, 2014 at 8:56 pm #

    When taxi drivers and hair dressers buy $0.5M houses run away……

    • GMNo Gravatar 11. Apr, 2014 at 10:15 pm #

      Are you kidding? Both of those occupations receive tips, which aren’t taxed. Lots of tax-free cashflow that can easily go towards a big down payment. Half million $ house is no problem.

  7. MattNo Gravatar 11. Apr, 2014 at 10:07 pm #

    BUBU, assuming a hairdresser married to a taxi driver make $45,000 each, they’d be able to afford a half million dollar house easily. $500,000 buys you a bungalow in a decent neighbourhood in this market.

    • EdNo Gravatar 12. Apr, 2014 at 7:04 am #

      It’s very irresponsible to egg people on to buy houses that they obviously cannot afford, when all of their financial needs are properly taken into account (for example, buffer for periods of unemployment, loss of income and expenses when kids come along, savings for post-retirement, house upkeep and so on).

    • RippedNo Gravatar 13. Apr, 2014 at 12:11 pm #

      I made 45k a year 12 years ago when a bungalow cost 120K, mind you my rate on a 5 year term was 8.5%

  8. Inspector GadgetNo Gravatar 11. Apr, 2014 at 11:17 pm #

    Not that negative just realistic. I own two properties here but like to keep expectations in check. Like what is happening for sure as an owner but not banking on a ton of capital appreciation is all.

  9. MattNo Gravatar 12. Apr, 2014 at 7:49 am #

    Ed, it’s better than renting in this market. That’s part of the reason prices are up so much, people do the math and work out that they might as well buy since their mortgage payments aren’t that much more than rent. Tight rents and rising prices always push people from renting to owning.