Lots of Real Estate to Choose from in the Greater Edmonton Area in August
Plenty of people are trying to sell real estate in the Greater Edmonton Area with new listings and inventory up substantially over last year. The REALTORS® Association of Edmonton released their monthly report on the market yesterday showing increasing supply, lower demand, and stable prices. I was expecting to see the average residential sale price come down in August but we actually saw a 1% increase year over year.
“Edmonton continues to experience a relatively stable market with respect to year-over-year prices. A slower pace of sales, combined with growing inventories, are creating favourable conditions for entering the Edmonton market,” explains Geneva Tetreault, Chair of the REALTORS® Association of Edmonton. “We have a great selection of inventory this year, a luxury we did not have last year. Sellers may have to wait a little longer to sell their houses but they should still being getting a good price for their house. Buyers can take more time to select their home and have more choice than they would have last year.”
“While there is no doubt that oil prices and the resulting economic slowdown have impacted the housing market, Edmonton has been able to weather these changes better than other Alberta markets.” Tetreault continues, “New developments and projects both in the city and outlying areas have kept the housing market moving.”
Meanwhile, Todd Hirsch, chief economist with ATB Financial, (as well as many other experts and institutions), said this week that Alberta is in a mild recession this year.
“The metaphor I’m using right now is Wile E. Coyote. He runs off a cliff and is still hanging there for a second or two and he thinks he might be OK and then he realizes that he’s not OK. And that’s what happened to oil prices,” Hirsch said.
Here is our “snapshot” of the greater Edmonton real estate market in August:
There were 1553* residential sales in the greater Edmonton area in August, down 8.4% from last August.
The inventory was unchanged month over month in August, when we typically see inventory dropping. There were 7,227 listings on the market at the end of the month, up 35% from last year.
There were 2926 new listings in August, up 27% from last year.
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared to previous month. Our adjusted numbers are far closer to the actual numbers than those reported by the Association each month.
About Sara MacLennan
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.