Weekly Market Update, Oct. 27/17
Posted by Liv Real Estate on
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 418 (442, 399, 536)
# Sales: 250 (254, 241, 246)
Ratio: 60% (57%, 60%, 46%)
# Price Changes: 381 (429, 382, 469)
# Expired/Off Market Listings: 231 (256, 234, 624)
Net loss/gain in listings this week: -63 (-68, -76, -334)
Active single family home listings: 3537 (3562, 3602, 3617)
Active condo listings: 2654 (2662, 2678, 2711)
Homes 4-week running average: $426k ($424k, $423k, $421k)
Condos 4-week running average: $250k ($249k, $250k, $250k)
Well, after a brief period of optimism, CHMC stepped up to the plate and took some wind out of our sails (or should I say "sales?") yesterday. There are growing concerns about…
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For the first time in a long time, I'm seeing a lot of positive headlines related to Edmonton, and Alberta as a whole, the economy and the real estate market. I don't know about you, but I kind of forgot what that's like! Here's what people are saying...
A report released Monday by the Real Estate Investment Network named Edmonton the top spot to invest in Alberta, and one of the top 10 in Canada, saying Edmonton is poised to outperform the rest of the province for the next 5Â years or so. Our stable economy, affordable housing, falling rent and rising vacancies indicate that Edmonton is in the middle of a slump, making it a good time to buy.
“The fix-and-flippers, the HGTV-watching guys, it’s not the greatest market for them, because it’s a slower…
New Listings: 399 (536, 465, 524)
# Sales: 241 (246, 237, 274)
Ratio: 60% (46%, 51%, 52%)
# Price Changes: 382 (469, 478, 519)
# Expired/Off Market Listings: 234 (624, 234, 305)
Net loss/gain in listings this week: -76 (-334, -6, -55)
Active single family home listings: 3602 (3617, 3746, 3735)
Active condo listings: 2678 (2711, 2897, 2888)
Homes 4-week running average: $423k ($421k, $427k, $430k)
Condos 4-week running average: $250k ($250k, $253k, $250k)
Have a great weekend!
A kitchen renovation will increase your personal enjoyment of the space and increase your home’s resale value. Kitchen renovations offer one of the best returns on investment compared to other home renovations. In fact, you can expect to recoup over 80.2% of your renovation costs at resale, according to Remodelling Magazine’s Cost vs. Value Report for 2017, and that is for a minor kitchen remodel.
Photo Credit: Cooperrider Painting
The biggest component of your kitchen renovation will be your kitchen cabinets. A full kitchen cabinet replacement can be very expensive, but you don’t have to spend that fortune for a freshly upgraded kitchen.
New Listings: 536 (465, 524, 573)
# Sales: 246 (237, 274, 255)
Ratio: 46% (51%, 52%, 45%)
# Price Changes: 469 (478, 519, 512)
# Expired/Off Market Listings: 624 (234, 305, 253)
Net loss/gain in listings this week: -334 (-6, -55, 65)
Active single family home listings: 3617 (3746, 3735, 3734)
Active condo listings: 2711 (2897, 2888, 2922)
Homes 4-week running average: $421k ($427k, $430k, $435k)
Condos 4-week running average: $250k ($253k, $250k, $245k)
The single family average price chart is starting to look a bit like the "Matterhorn." I'll be keeping an eye on inventory over the coming weeks and we'll see where things go.
Have a great weekend!
UPDATE - The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Real Estate Market this week showing fairly stable prices amidst lower than normal sales. As we've been discussing on this blog all year, the big story in Edmonton is inventory, which is well above normal levels. Meanwhile, builders have been busy adding new homes to the inventory available for sale. Demand has been somewhere between average and below average so far this year. Throw in rising interest rates, and a shrinking population (?), real estate is hanging in there pretty well.
Here's our snapshot of the Greater Edmonton Area real estate market in September:
And our charts showing trends and comparisons: