Edmonton Real Estate Market – Weekly Update, Jan. 28/11
EdmontonRealEstateMarketUpdate
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets).
For the past 7 days:
New listings: 339 (370, 336, 270)
# Sales: 153 (132, 128,106)
Ratio: 45% (36%, 38%, 39%)
# Price changes: 121 (91, 90, 93)
# Expired/Off Market Listings: 102 (131, 100, 643)
Net loss/gain in listings this week: 84 (107, 108, -479)
Active single family home listings: 1906 (1880, 1825, 1776)
Active condo listings: 1344 (1275, 1234, 1185)
Homes 4-week running average: $363k ($364k, $354k, $354k)
Condos 4-week running average: $218k ($214k, 215k, $215k)
I just attended a terrific presentation by Benjamin Tal from CIBC - I can't even begin to summarize all the items he talked about (but I will try to put up another post about it). The key point he drove home with regards to Canadian real estate was that he sees the next 10 years as slow and steady growth and not nearly exciting as the last 10. I like slow and steady 
The other key item I learned from him today was that for there to be a bubble in our market today we would have to see a massive and quick rise in interest rates, and a major sub-prime lending practices. He does not see either of these factors in our market in the near or distant future. I know many of you are going to say we are currently lending sub-prime mortgages but he is talking about the kind of lending we saw in the U.S. in the years leading up to their bust. Our lending practices are growing more responsible as we speak.
Looking at our market in Edmonton... The REALTORS® Association of Edmonton is reporting only 590 sales so far this month, well behind the last few years. Interestingly, the weekly numbers for only Edmonton look quite normal compared to '09 and '10 - sales outside the city must be slow. We will see next week when I publish the monthly report.
Edmonton real estate listings and sales
Edmonton Average home prices
Have a great weekend!
Edmonton sees slow real estate market in July
We've been tracking low sales and high inventory in Edmonton for a few months now, wondering when prices would be affected. It looks like prices have finally taken a hit this month, and a pretty big one at that. The average sale price of single family homes in Edmonton in July was $388,549 down from $397k in June and $400k in May. Condos were not hit as hard and sat at $237,112 in July down from $239k in June and $246 in May.
The decrease in average sale price was partially due to lower luxury sales - 18 homes over $750k sold in July compared to 28 in June. There seems to be a lot of bargain shoppers out there right now as many offers are being written but few sellers want to lower their expectations to buyer's levels. In turn many home owners are opting to take their homes off the market and wait for a better market.
On a price per square foot basis condos actually improved from $232/square foot in June to $234 while single family homes decreased from $269/square foot to $264.
It is not unusual for condos to outperform single family homes at this time of year. Most families want to be moved into new their homes before the new school year starts, while many parents of college aged kids are out shopping for condos for them to live in while at school.
As always, these numbers are for the city of Edmonton only, when the REALTORS® Association of Edmonton releases the final monthly numbers in a couple of days we'll have our final monthly report for the greater Edmonton area.