We are very excited to move into our new headquarters today. Our new space is perfectly suited to our needs with more space for training, more space for meeting with clients, and more space for collaborating and socializing. I'll post some pictures soon but for today bear with us as we will have some gaps in phone and internet service today.

Our new address is 18831 111 Ave, Edmonton, AB, T5S 2X4. 

MapToLiv

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

New Listings: 587 (568, 551, 481)
# Sales: 324 (305, 30S0, 334)
Ratio: 55% (54%, 54%, 69%)
# Price Changes: 253 (277, 232, 228)
# Expired/Off Market Listings: 124 (104, 228, 79)
Net loss/gain in listings this week: 139 (159, 23, 68)
Active single family home listings: 2603 (2505, 2382, 2346)
Active condo listings: 1939 (1873, 1816, 1822)
Homes 4-week running average: $415k ($411k, $407k, $411k)
Condos 4-week running average: $237k ($239k, $241k, $244k)

Condo inventory is right in line with where we were at this time last year, but single family home inventory is still well below the past three years. Sales are quite similar to what we've seen for the past few years, so rising prices continue to be a result of low supply more than high demand. Single family home prices have gotten so high I'm going to have to edit my template, since the price line is about to hit my title:

Real Estate Prices

Real Estate Listings and Sales

Have a great weekend!

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

New Listings: 568 (551, 481, 563)
# Sales: 305 (300, 334, 302)
Ratio: 54% (54%, 69%, 54%)
# Price Changes: 277 (232, 228, 216)
# Expired/Off Market Listings: 104 (228, 79, 125)
Net loss/gain in listings this week: 159 (23, 68, 136)
Active single family home listings: 2505 (2382, 2346, 2294)
Active condo listings: 1873 (1816, 1822, 1785)
Homes 4-week running average: $411k ($407k, $411k, $412k)
Condos 4-week running average: $239k ($241k, $244k, $239)

There has been a slight uptick in listing activity, but we're still well below last year's inventory levels. Builders are getting busy in Edmonton too - according to CMHC housing starts were up significantly in April. Sales have been below last year's levels in May so far - are we starting to see the market cool off already? 

Edmonton real estate prices

Edmonton listings and sales

Have a great weekend!

New Listings: 551 (481, 563, 500)
# Sales: 300 (334, 302, 267)
Ratio: 54% (69%, 54%, 53%)
# Price Changes: 232 (228, 216, 201)
# Expired/Off Market Listings: 228 (79, 125, 99)
Net loss/gain in listings this week: 23 (68, 136, 134)
Active single family home listings: 2382 (2346, 2294, 2252)
Active condo listings: 1816 (1822, 1785, 1694)
Homes 4-week running average: $407k ($411k, $412k, $405k)
Condos 4-week running average: $241k ($244k, $239, $245k)

I'll keep it short and sweet this week since we've talked a lot of stats already. 

Real Estate Prices

Real Estate Listings and Sales

Have a great weekend!

Edmonton Real Estate Market Snapshot, April 2013

There were 1645 residential sales in the Greater Edmonton area in April. This is about equal to last April when 1656 homes sold, and up from 1501 in March. 

Edmonton Real Estate Sales

The average price is up 2% from last April to $348,535 (compared to $342k last April and $355k last month). It is not uncommon to see the average price drop from May to April - it happened in 4 out of the past 7 years. 

Edmonton Real Estate Prices

The inventory continues to rise, as it should at this time of year, but it is still well below the levels seen in previous years. The current inventory is 5,294 down from 6,040 last year and up from 4,741 last month. 

Edmonton Real Estate Inventory

After three months of below average listing activity we started to get into the more normal range in April. 2,769 homes were listing for sale in April - about the same as last year (2,756) and up from 2,422 in March. 

NewListings

Overall we are seeing the same market forces at play that we saw last month; relatively low supply and good demand are keeping prices at higher levels than we've seen for the past five years. We are seeing some areas where homes are selling above their peak value (from 2007) and some areas where the current value of homes is still well below their peak value. 

Single Family Home Sales

Condo sales are in the normal range for this time of year. There were 421 condo sales in April through the MLS® system in Edmonton - up from 397 last year and 365 last month.

Condo Sales

Prices are on the rise in Edmonton; the average price for single family homes sold in April was $409,220, up from $395k last April and $406k in March. The median price for single family homes was $375k, up from $367k last year and $362k last month. Condo prices increased as well; the average price for condos was $243,757 in April, up from $235k last year and about the same as last month. 

Average Price

The average price per square foot for single family homes was $273, up from $265 last year and $268 last month. For condos the average price per square foot was $235, up from $222 last year and $234 last month. 

Average Price Per Square Foot

CMHC reported yesterday that new home construction continues to plow ahead, with total housing starts up 29% in the first quarter of 2013 compared to 2012. The report discusses economic trends including employment and migration in the Edmonton area. First quarter employment dropped slightly from the end of last year, but was still up over the first quarter of 2013. Our labour market outperformed most of Canada in the first quarter, and the unemployment rate dropped to 4.2% from 4.5% in Q4 2012. As we've already discussed on the blog, migration into the province was very strong in 2012 when net migration reached 85,978 people, more than doubling the 2011 tally as well as reaching a record high. I've yet to see any population stats for 2013 but will post them when I find some. 

Edmonton Employment

As always this is our preliminary report on the Edmonton real estate market, our final monthly report on the greater Edmonton area will be posted when the numbers are released by the REALTORS® Association of Edmonton.

I'm currently at a technology conference... comments to follow. Thanks for your patience. 

Edmonton Real Estate Prices

Edmonton Listings and Sales

New Listings: 563 (500, 394, 423)
# Sales: 302 (267, 182, 277)
Ratio: 54% (53%, 46%, 65%)
# Price Changes: 216 (201, 165, 150)
# Expired/Off Market Listings: 125 (99, 173, 56)
Net loss/gain in listings this week: 136 (134, 39, 90)
Active single family home listings: 2294 (2252, 2206, 2159)
Active condo listings: 1785 (1694, 1601, 1572)
Homes 4-week running average: $412k ($405k, $410k, $405k)
Condos 4-week running average: $239 ($245k, $248k, $241k)

Now matter how badly winter wants to stick around in Edmonton, the spring real estate market is definitely upon us. The gap between inventory available on the market now and previous years continues to grow, as we still sit with the lowest number of active single family listings in Edmonton for at least 6 years.

Real Estate Listings and Sales

Real Estate Prices

Have a great weekend!

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

New Listings: 500 (394, 423, 390)
# Sales: 267 (182, 277, 296)
Ratio: 53% (46%, 65%, 76%)
# Price Changes: 201 (165, 150, 158)
# Expired/Off Market Listings: 99 (173, 56, 85)
Net loss/gain in listings this week: 134 (39, 90, 85)
Active single family home listings: 2252 (2206, 2159, 2088)
Active condo listings: 1694 (1601, 1572, 1549)
Homes 4-week running average: $405k ($410k, $405k, $403k)
Condos 4-week running average: $245k ($248k, $241k, $241k)

Another interesting week. New listings are finally starting to come on the market - but we are still below last year's inventory levels and lower than at least the last five years. This shortage of homes for sale is causing prices to rise, and first time buyers are feeling the pinch according to a recent report from BMO that shows first time buyers expect to spend more in Alberta than anywhere else in Canada.

Single Family Home Inventory

 
Real Estate Listings and Sales

Real Estate Prices

Have a great weekend!

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

New Listings: 394 (423, 390, 455)
# Sales: 182 (277, 296, 243)
Ratio: 46% (65%, 76%, 53%)
# Price Changes: 165 (150, 158, 160)
# Expired/Off Market Listings: 173 (56, 85, 59)
Net loss/gain in listings this week: 39 (90, 85, 153)
Active single family home listings: 2206 (2159, 2088, 2065)
Active condo listings: 1601 (1572, 1549, 1549)
Homes 4-week running average: $410k ($405k, $403k, $402k)
Condos 4-week running average: $248k ($241k, $241k, $238k)

Just when things start rolling along, sales take a nose dive. It could be a Spring Break/Easter thing, that's my best guess, but it could be something entirely different. We'll have to wait and see what happens next week. 

Real Estate Prices

Real Estate Listings and Sales

Have a great weekend!