Monthly Market Update - October, 2019 - UPDATED
Posted by Liv Real Estate on
Demand for real estate was up 16% from last October in the Greater Edmonton area last month - 1334 residential listings were reported sold in October - while supply dropped by 5%. If demand continues to increase, and supply continues to decrease on a year over year basis, we should see prices start to rise in the future - how long that is going to take is anyone's guess. The benchmark price decreased by 2.4% to $320,300 and the benchmark price for single-family homes was down 1.9% while apartment sytle condos saw the biggest drop at 5.3%.
The absorption rate slipped back into a balanced market in October, but it usually creeps up in November and December.
City of Edmonton Stats
Our initial report on the real estate market in Edmonton…664 Views, 0 Comments
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 367 (402, 337, 487)
# Sales: 209 (222, 192, 234)
Ratio: 57% (55%, 57%, 48%)
# Price Changes: 385 (399, 322, 390)
Expired/Off-Market Listings: 544 (210, 243, 257)
Net loss/gain in listings this week: -386 (-30, -98, -4)
Active single-family home listings: 3769 (3992, 4028, 4078)
Active condo listings: 2015 (2149, 2137, 2168)
Homes 4-week running average: $414k ($413k, $416k, $418k)
Condos 4-week running average: $226k ($224k, $217k, $212k)
Have a great weekend!
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 402 (337, 487, 473)
# Sales: 222 (192, 234, 226)
Ratio: 55% (57%, 48%, 48%)
# Price Changes: 399 (322, 390, 427)
Expired/Off-Market Listings: 210 (243, 257, 624)
Net loss/gain in listings this week: -30 (-98, -4, -377)
Active single-family home listings: 3992 (4028, 4078, 4045)
Active condo listings: 2149 (2137, 2168, 2179)
Homes 4-week running average: $413k ($416k, $418k, $417k)
Condos 4-week running average: $224k ($217k, $212k, $215k)
Have a great weekend!
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 487 (473, 471, 478)
# Sales: 234 (226, 235, 256)
Ratio: 48% (48%, 50%, 54%)
# Price Changes: 390 (427, 452, 437)
Expired/Off-Market Listings: 257 (624, 222, 227)
Net loss/gain in listings this week: -4 (-377, 14, -5)
Active single-family home listings: 4078 (4045, 4277, 3776)
Active condo listings: 2168 (2179, 2323, 2063)
Homes 4-week running average: $418k ($417k, $420k, $428k)
Condos 4-week running average: $212k ($215k, $217k, $220k)
Have a great weeekend!
Demand for residential real estate was up 13% on a year over year basis in September in the greater Edmonton area, but the number of new listings also increased and just barely pushed us back into a buyer's market with 6.14 months of supply, after spending the past 5 months in a balanced market. Here's our snapshot of the Great Edmonton Area real estate market in September:
I've added a few new charts to our monthly report including this supply and demand comparison, followed by a look at the absorption rate in two ways. As you can see, the story for the past few years has been one excess supply, with demand trending slightly downwards:
The absorption rate is still lower than the past two years and is following the normal upward…