Weekly Update, May 15/20
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 497 (536, 378, 304)
# Sales: 174 (141, 157, 107)
Ratio: 35% (26%, 42%, 35%)
# Price Changes: 249 (242, 230, 190)
Expired/Off-Market Listings: 216 (419, 386, 146)
Net loss/gain in listings this week: 107 (-24, -165, 51)
Active single-family home listings: 3432 (3363 ,3249, 3327)
Active condo listings: 2075 (2032, 1975, 2047)
Homes 4-week running average: $407k ($407k, $407k, $404k)
Condos 4-week running average: $202k ($220k, $216k, $223k)
It’s nice to see sales picking up, although they are still well below normal. There are a lot of people looking right now – traffic to our website is hitting all-time highs, and our agents are very busy showing homes. It takes a little more time and effort to put deals together at the moment, and more deals are happening in the lower price ranges. For example, there is about a 4 month supply of single-family homes priced between $300-$400k, and a 40 month supply of homes between $1million-$2million… nothing over $2million has sold since February. I also found an interesting report from RBC about how COVID-19 is expected to affect the economies of each province; not surprisingly, Alberta is going to get hit hard.
I don’t usually post promotional stuff in my weekly reports, but this might be of interest to some of you – we’re hosting our first-ever Virtual Open House LIVathon on Monday, check it out on our Facebook page.
Have a great weekend!
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.