Weekly Market Update, Oct. 6/17
Posted by Liv Real Estate on
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!
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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:
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 524 (573, 552, 509)
# Sales: 274 (255, 216, 261)
Ratio: 52% (45%, 39%, 51%)
# Price Changes: 519 (512, 466, 428)
# Expired/Off Market Listings: 305 (253, 565, 550)
Net loss/gain in listings this week: -55 (65, -229, -302)
Active single family home listings: 3735 (3734, 3683, 3649)
Active condo listings: 2888 (2922, 2875, 2866)
Homes 4-week running average: $430k ($435k, $436k, $437k)
Condos 4-week running average: $250k ($245k, $246k, $247k)
Have a great weekend!
The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Area Market Today, saying:
“Entry level buyers appear to be turning their attention to semi-detached product for the best value, as opposed to condominiums. Changes to mortgage rates and qualifying rules may be impacting these segments. In the current market there is significant selection for the value conscious buyer. We continue to monitor the market closely to gauge the longer-term impact of the new mortgage rules,” says James Mabey, the REALTORS® Association of Edmonton Chair. “A drop in month-over-month units sold in August is historically normal activity for the Edmonton region,” says Mabey. “But average sales prices were higher this August than in any…