Weekly Market Update May 25/18
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: 599 (765, 832, 781)
# Sales: 271 (346, 275, 296)
Ratio: 45% (45%, 33%, 38%)
# Price Changes: 507 (569, 536, 399)
# Expired/Off Market Listings: 195 (237, 194, 399)
Net loss/gain in listings this week: 133 (182, 363, 86)
Active single family home listings: 4342 (4256, 4109, 3898)
Active condo listings: 2990 (2932, 2888, 2754)
Homes 4-week running average: $449k ($436k, $425k, $417k)
Condos 4-week running average: $253k ($247k, $243K, $228k)
I thought this article was a good read this week, about the pricing trends in Edmonton. The benchmark price for single family homes in Edmonton is up 4.2% over 5 years, compared to…
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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: 781 (644, 627, 672)
# Sales: 296 (278, 294, 248)
Ratio: 38% (43%, 47%, 37%)
# Price Changes: 399 (455, 349, 386)
# Expired/Off Market Listings: 399 (159, 195, 198)
Net loss/gain in listings this week: 86 (207, 138, 226)
Active single family home listings: 3898 (3815, 3702, 3578)
Active condo listings: 2754 (2761, 2682, 2638)
Homes 4-week running average: $417k ($426k, $440k, $445k)
Condos 4-week running average: $228k ($242k, $231k, $235k)
The force is not strong in the Edmonton real estate market, unless you count the force of government regulations and mortgage rates. Sorry... Star Wars day was one of my dad's favourite…
You may have seen reports in the past referencing the MLS® Home Price Index (HPI) in other parts of Canada and noticed Edmonton was not included, well, the tool is now available in Edmonton! This means will be able to include "benchmark" prices and trends with our monthly stats, giving greater insight into what is happening in the Edmonton real estate market. We can also more accurately compare our market, with other markets across the country.
What exactly is the HPI?
It's a way of following pricing trends that is more accurate than using averages and medians which can swing dramatically when the volume of high-end or low-end sales change over time. A "benchmark home" is set for each area (based on the most common attributes of homes traded in that…
Most of the big banks in Canada raised mortgage rates over the past few days, delivering another hit to our slow real estate market. While the increase might cause a small short-term surge in activity, as buyers look to take advantage of any rate holds they may have, the overall effect will likely decrease demand even further in the months to come.
Our initial look at the real estate market in Edmonton showed lower than normal sales, and falling average prices. The REALTORS® Association of Edmonton has now released their monthly report on the Greater Edmonton area market showing an increase in year-over-year sales, which suggests there was an increase in sales in the areas around Edmonton (since my preliminary report only includes Edmonton…