Edmonton Real Estate Market Cools During a Hot July - UPDATED
Posted by Liv Real Estate on
During one of the hottest months Edmonton has ever seen, the real estate market certainly cooled off in July. While it's normal for sales to drop from June to July, a 19% drop is bigger than normal, however, we did come down from an all-time high and sales were up 2% from last July. The drop is due at least in part to summer holidays - with travel options finally opening up a bit, many Edmontonians have hit the road and put house hunting on the back burner for now. The inventory of homes on the market increased 4% over last year and was basically the same as last month - we typically see the inventory start to decline in July. With 3.6 months of supply, we've almost edged back into a balanced market, bringing some much-needed relief to buyers that have…
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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 564 (540, 662, 679)
# Sales: 365 (373, 352, 433)
Ratio: 65% (69%, 53%, 64%)
# Price Changes: 471 (451, 468, 484)
Expired/Off-Market Listings: 221 (232, 240, 223)
Net loss/gain in listings this week: -22 (-65, 70, 23)
Active single-family home listings: 3400 (3385, 3415, 3362)
Active condo listings: 3039 (3021, 3044, 3024)
Homes 4-week running average: $452 ($464, $465, $474)
Condos 4-week running average: $242 ($240, $253, $242)
We know it’s been a long hot summer, and summer floods are the last thing from our minds, but those summer storms can sneak up on us here in Edmonton. Is your home ready for it?
One way to protect your home from flooding is having a backwater valve on your main sanitary sewer pipe. While these are required and come standard in newer homes, homes built prior to 1989 may not have this device. If you own an older home and don’t have a backwater valve, don’t worry, you’re not out of luck; you may qualify for the EPCOR Backwater Valve Subsidy Program.
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 662 (679, 627, 672)
# Sales: 352 (433, 376, 408)
Ratio: 53% (64%, 60%, 61%)
# Price Changes: 468 (484, 443, 445)
Expired/Off-Market Listings: 240 (223, 380, 211)
Net loss/gain in listings this week: 70 (23, -129, 53)
Active single-family home listings: 3415 (3362, 3265, 3250)
Active condo listings: 3044 (3024, 3010, 3108)
Homes 4-week running average: $465 ($474, $473, $469)
Condos 4-week running average: $253 ($242, $239, $242)
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 679 (627, 672, 771)
# Sales: 433 (376, 408, 492)
Ratio: 64% (60%, 61%, 64%)
# Price Changes: 484 (443, 445, 470)
Expired/Off-Market Listings: 223 (380, 211, 186)
Net loss/gain in listings this week: 23 (-129, 53, 93)
Active single-family home listings: 3362 (3265, 3250, 3179)
Active condo listings: 3024 (3010, 3108, 3121)
Homes 4-week running average: $474 ($473, $469, $468)
Condos 4-week running average: $242 ($239, $242, $232)
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 627 (672, 771, 824)
# Sales: 376 (408, 492, 502)
Ratio: 60% (61%, 64%, 61%)
# Price Changes: 443 (445, 470, 457)
Expired/Off-Market Listings: 380 (211, 186, 198)
Net loss/gain in listings this week: -129 (53, 93, 124)
Active single-family home listings: 3265 (3250, 3179, 3080)
Active condo listings: 3010 (3108, 3121, 3091)
Homes 4-week running average: $473 ($469, $468, $467)
Condos 4-week running average: $239 ($242, $232, $231)
The average price of single-family homes sold in Edmonton reached a new all-time high in June - $473,876, up 15% from last June! The median sale price also reached a record high - a 12% year-over-year increase at $418,000. Luxury sales were well above normal levels with a home selling for $5million, another for $3.15million and 27 houses in total selling for $1million or more. In comparison, 9 homes sold for over $1million last June and in June 2019.
Our market has gotten the attention of investors, according to Patrick Francey, CEO of the Real Estate Investment Network:
"Investors can expect to generate a positive cash of about $300 to $700 a month after costs in monthly rent based on the average price of a home in the city. At the same, investors…
If you’ve recently looked at listing your home or spent any amount of time watching HGTV, you’ve likely heard of home staging, but is it necessary?
The short answer is yes.
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 672 (771, 824, 833)
# Sales: 408 (492, 502, 439)
Ratio: 61% (64%, 61%, 53%)
# Price Changes: 445 (470, 457, 493)
Expired/Off-Market Listings: 211 (186, 198, 376)
Net loss/gain in listings this week: 53 (93, 124, 18)
Active single-family home listings: 3250 (3179, 3080, 2982)
Active condo listings: 3108 (3121, 3091, 2985)
Homes 4-week running average: $469 ($468, $467, $462)
Condos 4-week running average: $242 ($232, $231, $227)