Weekly Market Update, April 18/14

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: 567 (581, 492, 462)
# Sales: 411 (327, 334, 330)
Ratio: 72% (56% (68%, 71%, 61%)
# Price Changes: 155 (186, 161, 153)
# Expired/Off Market Listings: 84 (59, 167, 79)
Net loss/gain in listings this week: 72 (195, -9, 53)
Active single family home listings: 2274 (2234, 2120, 2104)
Active condo listings: 1462 (1424, 1350, 1371)
Homes 4-week running average: $419k ($422k, $431k, $431k)
Condos 4-week running average: $250k ($248k, $247k, $243k)

That's a lot of sales in one week! In fact, we haven't seen that many sales in one week since June, 2009. The running average price of single family homes dropped a bit again this week, meanwhile condo prices seem to be on the rise. 

AveragePrice 2
Average Price
ListingsandSales 2
Listings and Sales

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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9 Responses to “Weekly Market Update, April 18/14”

  1. DougNo Gravatar 18. Apr, 2014 at 11:47 am #

    Wow, sales are heating up! Things are looking good for Edmonton real estate!

  2. DougNo Gravatar 18. Apr, 2014 at 12:42 pm #

    And to all the people who will fixate on falling prices, it’s only a blip, likely not a trend. Also, there are so many houses in the $350k – $450k which are selling to young people who just moved to Alberta which would explain it. Even if there are the same amount (or more) of high priced homes selling as compared to before, a great number selling in the $350k – $450k range would account for the drag on the average price.

    • FeatNo Gravatar 18. Apr, 2014 at 8:39 pm #

      Anyway, you always give positive explanation no matter the average price is going up or down.

  3. GMNo Gravatar 18. Apr, 2014 at 6:15 pm #

    Wonder if the price per square foot is also falling…

    • DougNo Gravatar 18. Apr, 2014 at 6:41 pm #

      Ya, that’s the real question. Average price falling just tells you that there are more young people new to Alberta buying their first home, therefore more less expensive houses being sold and bringing the average price down.

  4. curtisNo Gravatar 18. Apr, 2014 at 11:23 pm #

    Maybe its because most first time home buyers can’t actually afford anything more than a $400k house on their $120k household income. Perhaps they can, barely with an interest rate holding at 2.99.

  5. DougNo Gravatar 19. Apr, 2014 at 8:22 am #

    Curtis, I agree that people starting out don’t have much equity and can’t buy a million dollar plus house, but with $120,000 income and these interest rates, they would qualify for a $600,000 mortgage, plus whatever downpayment they choose to add to it. But your average young person doesn’t start off with an income of $60,000 in Edmonton. Many are working retail.

  6. curtisNo Gravatar 19. Apr, 2014 at 11:04 am #

    But lots are working trades. still if you have one guy making lots of $$, wife may not be working and staying home raising the kids for a few years. I can’t blame buyers for jumping at the 2.99 right now but IMO I don’t see this rush as sustainable.

    • DougNo Gravatar 19. Apr, 2014 at 1:10 pm #

      Yes, low interest rates are certainly a big reason that we’re as high as we are. But that doesn’t mean there isn’t further room to move up in the next couple years.