Weekly Market Update, May 16/14

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: 676 (664, 615, 451)
# Sales: 432 (346, 369, 296)
Ratio: 64% (52%, 60%, 65%)
# Price Changes: 261 (284, 220, 178)
# Expired/Off Market Listings: 115 (90, 207, 67)
Net loss/gain in listings this week: 129 (228, 39, 91)
Active single family home listings: 2633 (2532, 2372, 2349)
Active condo listings: 1652 (1607, 1519, 1494)
Homes 4-week running average: $438k ($426k, $426k, $419k)
Condos 4-week running average: $248k ($252k, $251k, $250k)

Another week with lots of new listings. The number of new listings typically peaks in May, and we've seen over 600 listings per week in May in 2011, 2009 and 2008, but not for the past couple of years. The running average price for single family homes also jumped this week, and should be hitting it's peak for 2014 sometime between now and the end of June. 

ListingsandSales 2
Listings and Sales
EdmontonHomePrices 2
Edmonton Home Prices

Have a great long 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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40 Responses to “Weekly Market Update, May 16/14”

  1. TomNo Gravatar 16. May, 2014 at 3:16 pm #

    Nice jump in home prices, while condo prices haven’t moved much. My advice is to buy a house, and as close to the core (but not north of it) as you can afford.

  2. GMNo Gravatar 16. May, 2014 at 5:01 pm #

    To the moon!!!

  3. JoeNo Gravatar 16. May, 2014 at 6:08 pm #

    What a twisted conclusion…..high volume and your conclusion is that price will go up….????????

    The conclusion is that prices are flat and will go down….listings are up…..

    The beginning of serious cooling off..

    The truth is that even houses in hot areas don’t sell good…..
    We are living in this same world and having friends and real estate in families…
    Stop lying and tell the true …..compare to other provinces like
    Saskatchewan, New Newfoundland Quebec, Montreal…were real estate is flat or down…..,
    The Canadian economy slowing down…..no good jobs around…..except Super Store Cashier…..
    Do not make and illusion……and you know that…..

    Canadians are in serious debts…….Now is downturn…honey

  4. JoeNo Gravatar 16. May, 2014 at 6:24 pm #

    Realtors Association of Edmonton official news: stop lying……

    Edmonton, May 2, 2014: According to the REALTORS® Association of Edmonton the average price of a single family home (SFD) in the Edmonton Census Metropolitan Area (CMA)1 in April has dropped slightly from the high in March, even with the sale of 13 homes over a million dollars.

    In April, the average SFD price was down more than $5,000 to $427,685; a decrease of 1.5% from March but up 5.9% from the same month a year ago. The all-residential average price was $365,045; up 0.4% from March and up 4.5% from a year ago. The higher SFD prices this year have put pressure on affordability and increased demand at the lower price end of the market. The average price for a condominium rose 1.1% from March to $251,300 (up 2.8% Y/Y).

    There were 1,983 adjusted all-residential sales (1,836 reported) in April 2014 compared to 1,689 sales in March. Listings also rose in all categories to fill the demand which is common for this time of year. There were 2,977 residential properties listed in April compared to 2,548 last month; an increase of 16.8%. The overall sales-to-listing ratio in April was 62% compared to 60% last year and average days-on-market was 42. End-of-month residential inventory was 4,910, up 11.3% from March.

  5. Karl hungusNo Gravatar 16. May, 2014 at 6:44 pm #

    Wow joe, you might want to head back to turners blog, you might be more comfortable there. Edmonton real estate market is performing very well with Alberta having one of the best economies in North America. I see signs all over the place advertising for jobs that pay $40/hour plus.

    • JoeNo Gravatar 16. May, 2014 at 7:02 pm #

      You must be a realtor….

      Just buy a house…help the economy…

      and despite such a good Alberta Economy ….market is flat and huge volumes of listings……
      Just think about it…..why? Even with low interest rate……

      You have herd thinking…you don’t think by yourself….
      Keep reading newspapers and watch TV….

  6. Karl hungusNo Gravatar 16. May, 2014 at 7:31 pm #

    Okay fine, you’re entitled to your opinion. What’s your prediction for where prices are headed? Gimmie a % and a time frame

  7. leslieNo Gravatar 16. May, 2014 at 7:45 pm #

    Wow joe is everywhere….. even with a crash like 2008 the market has recovered to similar level within 5 years…so even the people who bought at 2008 got a place to live and broke even on property ..why not buy now

  8. JohnNo Gravatar 16. May, 2014 at 7:46 pm #

    Joe,

    Why are you coming here knocking the market and hoping it will come down. If you don’t have anything positive to say, not sure why you even post.

    It’s okay to be negative one week, but again? If you are a homeowner, then you should be happy if you did indeed buy a couple of years ago, in the mature neighbourhoods, like you claim.

    People in the last couple of years, not new homes have made decent money. Maybe you want to hope everyone sells cheap, so you can get in.

    Like everyone should know if your not in the game, wheather collectibles, solid stocks, your going to be left behind.

    • EdNo Gravatar 18. May, 2014 at 12:47 am #

      The market has recovered to its 2008 level, so the profit on anything bought in 2008 is roughly the rent you might have paid in that period (less expenses such as property tax that renters would not pay).

      If you had put the money in a TD in 2008, you would have received about 3% after tax, or about $1000 a month on a $400K house.

      Overall, I reckon both choices are roughly similar in terms of return. What counts is what happens from now onwards.

  9. JohnNo Gravatar 16. May, 2014 at 7:51 pm #

    Joe,

    Why you are claiming everyone’s a realtor here who is bullish about the market. I have 2 rentals and getting positive cash flow. Renters are paying down my mortgage and I’m making money while I sleep. Anybody who is in the market should be long term, like 10 years+.

  10. shawnNo Gravatar 16. May, 2014 at 7:54 pm #

    Ever heard of a know it all that knows nothing? This is Joe! Poor guy.

  11. JoeNo Gravatar 16. May, 2014 at 8:11 pm #

    You are like a good team guys…..unfortunately the spring market is a real disappointment for realtors….and surprise , surprise……no to many buyers….

    question is why ?
    So many good jobs $40/hours…..so many signs like house for sale…..and expect more…
    Looks like this blog has a underline theme to encourage people to buy house not matter what economic conditions…just buy it…..not for a discussion

  12. TomNo Gravatar 16. May, 2014 at 10:33 pm #

    Joe, I second that you should head to Garth Turner’s blog, who is continuously wrong about the real estate market.

    This blog shows that prices are hitting all time highs and that the pace of advance is increasing. I don’t understand how you can’t grasp basic stats.

    • tgreeNo Gravatar 16. May, 2014 at 11:15 pm #

      Prices hitting all-time highs is not a good thing.

  13. JoeNo Gravatar 16. May, 2014 at 11:48 pm #

    YOu guys are not reading the facts…read it below, your blog is a propaganda..but it is your problem….you simply refusing to read real statistics

    Edmonton Market Update May 2014
    Comments Off
    Edmonton Market Update

    North Central remains busiest sales region of Edmonton

    Edmonton, May 2, 2014: According to the REALTORS® Association of Edmonton the average price of a single family home (SFD) in the Edmonton Census Metropolitan Area (CMA)1 in April has dropped slightly from the high in March, even with the sale of 13 homes over a million dollars.

    In April, the average SFD price was down more than $5,000 to $427,685; a decrease of 1.5% from March but up 5.9% from the same month a year ago. The all-residential average price was $365,045; up 0.4% from March and up 4.5% from a year ago. The higher SFD prices this year have put pressure on affordability and increased demand at the lower price end of the market. The average price for a condominium rose 1.1% from March to $251,300 (up 2.8% Y/Y).

    There were 1,983 adjusted all-residential sales (1,836 reported) in April 2014 compared to 1,689 sales in March. Listings also rose in all categories to fill the demand which is common for this time of year. There were 2,977 residential properties listed in April compared to 2,548 last month; an increase of 16.8%. The overall sales-to-listing ratio in April was 62% compared to 60% last year and average days-on-market was 42. End-of-month residential inventory was 4,910, up 11.3% from March.

    “The Edmonton CMA is experiencing the highest job and population growth in Canada and that should continue for the foreseeable future,” said President Greg Steele. “Edmonton is a diverse city and housing options exist in all price ranges but competition at the lower-priced end of the market is increasing. Entry level buyers may have to be a little more patient or scale back their expectations to find the home they can afford.”

    The most active region of Edmonton is North Central north of Yellowhead Trail between 66 Street and 142 Street where there were 167 sales in April; an increase of 0.6% over March and 23.7% over last year. Fully 20% of all SFD sales were in North Central in April. Areas in the Southeast, Southwest, and South of the Anthony Henday each had sales of about 140 SFD properties in April. The only region of the city to see a decrease in the number of sales year-over-year was the Southeast (Millwoods).

    The highest priced homes were located, as usual, in the Southwest region but they saw an 8.7% drop in April compared to March. Homes in the West and Anthony Henday regions also saw price drops month-over-month. Homes in the North, Central, and Southeast were all sold on average below the city–wide average while homes in the West and southern regions (except Southeast) were priced $50,000 or more above average. (Next month we will feature outlying communities.)

    “New housing is being built all around Edmonton but the biggest region of new home construction is south of the Anthony Henday,” said President Greg Steele. “Because this housing is often sold directly by the builders and not listed on the MLS® System, our figures do not include many of these sales. Buyers should ask their REALTOR® to show them new home options in these areas as well.”
    Listings vs Sales 2013 – 2014

    YGE Chart 1

    YGE Table 1
    Average Residential SOLD Price 2013 – 2014

    YGE Chart 2

    YGE Table 2

    Comments are closed.
    More Posts

  14. TomNo Gravatar 17. May, 2014 at 7:09 am #

    Greg, we know you are Joe.

    You can’t look at a one month change and say that prices are falling. There is too much volatility from such things as weather, etc., especially in the spring in Edmonton, so year over year is the only thing that counts. SFD prices are up 5.9% year over year. So what’s this ‘real’ statistic I should be reading?

    Also, tgree, what’s not good about new highs for prices? It means the market is healthy, and everyone’s realizing that which can be seen in the very high sales we’re experiencing.

    • gregNo Gravatar 17. May, 2014 at 7:16 am #

      sorry Tom, wrong deduction. Was merely trying to make Joe think he won so he would leave , knowing he won.

  15. TomNo Gravatar 17. May, 2014 at 7:12 am #

    Again, this blog isn’t for people who want to talk about doomsday predictions. It’s quite clear that you don’t own a house, and that’s why you’re on the internet trying to convince people that record sales and prices is somehow bad news.

  16. ArfmooocatNo Gravatar 17. May, 2014 at 7:56 am #

    I don’t mind seeing one dump to off set 9 pumps on this board.

    • GMNo Gravatar 17. May, 2014 at 7:28 pm #

      I agree. Nothing wrong with a dissenting voice as long as the conversation is civil and maybe even supported by some facts.

      But personal attacks against others (both sides seem to be guilty of this) is something we need to address.

  17. gregNo Gravatar 17. May, 2014 at 11:08 am #

    …….o…k…..i will….and when ten year I looky again…..

    i doinng fine……, seeek……..help…….Joe….

  18. gregNo Gravatar 17. May, 2014 at 1:20 pm #

    good luck with that

  19. Karl HungusNo Gravatar 17. May, 2014 at 2:12 pm #

    Tgree,
    Everything goes up over time, wages, utilities, stocks, real estate. If you think house prices being high is a bad thing, prepare for a lot of bad news for the rest of your life.

    People like to check the price of their stocks and those same people who own real estate want to know what it’s worth, and this website probably offers the best statistics for that. Tell me joe, what’s wrong with that.

    • tgreeNo Gravatar 17. May, 2014 at 10:22 pm #

      The problem happens when prices are at an all-time and unaffordable high, which they arguably are at now.

      When people won’t sell their houses because they wouldn’t be willing to pay what other people are asking for theirs then the market is in a lot of trouble.

      The fact that there are such passionate and overheated opinions on this blog about it imply that maybe things aren’t so good for the market.

  20. DebNo Gravatar 17. May, 2014 at 3:17 pm #

    If you are going to correct spelling, at least spell ‘grammar’ right. Just sayin’.

    I personally think Edmonton’s real estate market will get stronger in the next few years as capital projects and more migration into the area occurs. I work in municipal government as a planner and I see the commercial and industrial sectors taking off again (and in more areas than the typical Nisku/Acheson locales). We’re a microcosm here in YEG so there’s no reason to point to the rest of the country for examples. Just my two cents.

    Love the blog and enjoy the more pertinent discussions that occur. The trolling is getting old though.

  21. 123kidNo Gravatar 17. May, 2014 at 3:37 pm #

    Joe, joe, joe. Please be quiet. Ive been dealing with you idiotic types since the 90s. Im sure your sentiments may bear somewhat true; there are always down turns… but your timing is simply off.

    Please do come back in shame since I assume you may disappear when your quack theories bear false.

    Also. Dude, learn proper english. Couple that with proper grammar and syntax. For you to compare yourself to a Jacques Demers is laughable.

  22. Sara MacLennanNo Gravatar 17. May, 2014 at 5:11 pm #

    Joe, you’re a troll, and everyone has had enough. Quit trolling or we will block you from the conversation as per our code of conduct.

    • gregNo Gravatar 17. May, 2014 at 6:54 pm #

      and……block

      good…bye…joe…

    • DougNo Gravatar 17. May, 2014 at 11:12 pm #

      Joe, you’re the biggest troll ever, you’re just making things up to get a reaction.

      “The fact that there are such passionate and overheated opinions on this blog about it imply that maybe things aren’t so good for the market.”

      Um, there are no dissenting opinions/discussion. It was one guy who must have been trolling who said the market has peaked, and now he is banned. Let’s get the discussion back to how great the stats are and how strong the market is in Edmonton!

  23. EdNo Gravatar 18. May, 2014 at 12:55 am #

    Très drôle. Before having go at Joe’s English, maybe some of you should try posting in Canada’s other official language – let’s see how well *you* know the languages of your own country.

  24. DougNo Gravatar 18. May, 2014 at 8:46 am #

    You’re right Joe, rising sales, and prices hitting record highs coupled with low interest rates which will continue for years, high income growth, and big migration to the province are all bad news for the market *rolls eyes*

    • tgreeNo Gravatar 18. May, 2014 at 5:56 pm #

      Well, we all know how bad Alberta is at managing boom-bust cycles. It happens every few years and when the bust comes everybody feels the pain. To me it looks like we are nearing the end of a boom cycle and I personally am not looking forward to the bust that is sure to come.

  25. TomNo Gravatar 18. May, 2014 at 9:17 pm #

    Tgree. Actually, I think the boom is just beginning. The oil sands are really supposed to expand in the next five years. Projects are going to start ramping up in the next few years, and that’s when wages will really spike up as it will be difficult to find the labour to run these oil sands projects, refineries, etc.

    • ArfmooocatNo Gravatar 21. May, 2014 at 6:14 pm #

      Just beginning? Where you been the last 5 years?

      • TomNo Gravatar 21. May, 2014 at 6:43 pm #

        Five years ago was 2009. We were basically in a recession, and are only now regaining our economic footing. 2009 was a bad year, but we’re finally where we were in terms of housing prices five years ago (although still less when you factor in inflation). IMO we are very close to the next leg up in the housing market. Another way to look at it is that we’re generally 18 months behind Calgary, which is increasing around 10% per year.

        • ArfmooocatNo Gravatar 22. May, 2014 at 9:04 pm #

          My box has gone up 150K the last 5 years. There’s nothing just starting.

  26. TomNo Gravatar 19. May, 2014 at 7:53 am #

    Joe,

    No one is making you invest in Edmonton real estate. You can keep renting from an owner, it’s your choice. You’ve said your opinion that prices won’t continue to set the record high prices they are now. Come back in a year or two and we’ll see if prices have fallen. Can you leave already?

  27. a common guyNo Gravatar 19. May, 2014 at 9:29 am #

    Enough already man! Enough.
    It’s a free market for God’s sake. If you like to buy go ahead. If you don’t like it nobody is forcing you to buy. If you think prices are going to crash you have already said it. Move on…

  28. wsnNo Gravatar 20. May, 2014 at 8:59 am #

    @Joe, if you are a true bear and correct at your prediction, you can simply short sell bank stocks, as they will fall sharply in a housing down turn. When you come and post again on this board, with your newly made $1M, you will be much more convincing.

    @tgree, it’s totally fine that the housing price is at an all time high. It means nothing more than that the purchasing power of the dollar is at an all time low. Unless they stop printing money and return to a gold system, the dollar will be lower and lower and lower. If you look at your 1% return GIC, it’s at all time high everyday!