Weekly Market Update, October 4/19
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: 473 (471, 478, 562)
# Sales: 226 (235, 256, 237)
Ratio: 48% (50%, 54%, 42%)
# Price Changes: 427 (452, 437, 442)
Expired/Off-Market Listings: 624 (222, 227, 263)
Net loss/gain in listings this week: -377 (14, -5, 62)
Active single-family home listings: 4045 (4277, 3776, 4222)
Active condo listings: 2179 (2323, 2063, 2341)
Homes 4-week running average: $417k ($420k, $428k, $430k)
Condos 4-week running average: $215k ($217k, $220k, $228k)
Have a great weeekend!
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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…
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 471 (478, 562, 567)
# Sales: 235 (256, 237, 212)
Ratio: 50%, (54%, 42%, 37%)
# Price Changes: 452 (437, 442, 403)
Expired/Off-Market Listings: 222 (227, 263, 547)
Net loss/gain in listings this week: 14 (-5, 62, -192, -14, 28, -9)
Active single-family home listings: 4277 (4258, 4222, 4164)
Active condo listings: 2323 (2332, 2341, 2322)
Homes 4-week running average: $420k ($428k, $430k, $433k)
Condos 4-week running average: $217k ($220k, $228k, $231k)
Have a great weekend!
I've been wondering what this month's stats were going to look like, ever since we saw the absorption rate fall below the rates we've seen for the past three years last month, and Robert Hogue, senior economist with RBC Economics declared the housing correction of the last 18 months is over. (
I will update this post the REALTORS® Association of Edmonton releases their monthly report on the Greater Edmonton area
).
Our market snapshot shows sales and new listings are basically unchanged from last August, while the benchmark price dropped 2.5%. Inventory dropped 8% from last year, keeping us in a balanced market for the 5th consecutive month.
The average price was up 0.7% from last August and the median price was up 1.5%: