NWT, Alberta chiefs sign declaration against pipeline
Chiefs from Alberta and the Northwest Territories signed a declaration in Edmonton Friday which opposes the proposed Northern Gateway pipeline.
Mexico arrests man in beating of Canadian woman
A Mexican man has been arrested and will likely face an attempted homicide charge in the brutal beating of a Canadian woman at a five-star resort in Mazatlan.
What’s going on with Condo Prices in Edmonton?
Over the past 5 weeks we've seen the average price of condos drop from $230k to $208k. That's a pretty significant drop over a 5 week period, so a reader asked - "what's going on with condos?"
There are a number of answers to that question... first of all, when you look at the chart tracking the average price trends for condos and single family homes, you can see there are much greater fluctuations in average condo prices than single family home prices. The simple explanation for that is that there are more sales of single family homes in Edmonton, which means more data to work with, which means more reliable analysis of the data.
When you add in the fact that the number of condo sales is very low for the past month or so, you get even less reliable data.
I took it a step further though... I have tabulated the number of sales of condos in different prices ranges for the last 30 days, as well as 1 month with a high average price (August), one with a low average price (October) and 2 months with average prices somewhere in the middle (November and June).
In the past 30 days there have only been 172 total condo sales, 15 of which were under $100,000. When you look at June, there were 415 total sales, 17 of which were under $100,000. Sales on the bottom end of the price spectrum made up 9% of total sales in the past 30 days, and only 4% of sales in June. Here is how it all breaks down:
Condo Sales Breakdown
You can also see that sales over $400k made up only 3% of the past 30 days, VS 6% of sales in October. There are all kinds of inferences and deductions you can make from the above data, but the most important thing to keep in mind is that I post the averages so we can follow the overall trend, not get caught up in weekly fluctuations.
UPDATE:
I added a polynomial trend line to the average prices over the past year and its quite interesting. Even though the fluctuations in pricing for condos are greater on the short term, over the course of the year the fluctuation in pricing is greater for single family homes. The trend line only moves $10k for condos, but for single family homes the spread is greater - about $30k. So it would appear that seasonality has a greater affect on single family home prices than condo prices. Food for thought for sure...
Edmonton real estate price trends
Snelgrove resigns from Tory caucus
Lloyd Snelgrove has left the Alberta Progressive Conservative caucus.
Foulston faces weapons, drugs, property charges
The man serving parole for the shooting death of Const. Ezio Faraone 22 years ago faced 15 charges in an Edmonton courtroom Friday.
Edmonton road grit a hazard for asthmatics
The sand and dirt that helps us navigate icy Edmonton streets is becoming a hazard for those who have difficulty breathing.
Opium, khat seized at Calgary airport
Canadian Border Services agents have seized opium and khat at the Calgary airport.
Suspect arrested in beating of Canadian in Mexico
A Mexican suspect has been arrested in the brutal beating of a Canadian woman who was vacationing in a five-star Mexican hotel last week.Snelgrove resigns from Tory caucus
CTV News has learned MLA Lloyd Snelgrove has resigned from the Conservative caucus, and will serve out the rest of his term as an independent MLA.Edmonton Real Estate Market Weekly Update – Jan. 27/12
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: 358 (383, 438, 239)
# Sales: 177 (139, 109, 74)
Ratio: 49% (36%, 25%, 31%)
# Price changes: 119 (111, 125, 73)
# Expired/Off Market Listings: 122 (160, 143, 577)
Net loss/gain in listings this week: 59 (84, 186, -412)
Active single family home listings: 2020 (2013, 1972, 1843)
Active condo listings: 1237 (1182, 1139, 1067)
Homes 4-week running average: $358k ($353k, $357k, $366k)
Condos 4-week running average: $208k ($211k, $220k, $223k)
The REALTORS® Association of Edmonton is reporting 684 sales so far this month for the greater Edmonton area. The pace has picked up each week this month and we should end up with around 800-850 sales by the end of the month (similar to last year, but below average overall).
Edmonton real estate prices
Edmonton real estate listings and sales
Have a great weekend!