Weekly Market Update, Aug. 25/17
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: 500 (571, 549, 596)
# Sales: 267 (252, 236, 290)
Ratio: 53% (44%, 43%, 49%)
# Price Changes: 510 (485, 402, 502)
# Expired/Off Market Listings: 224 (272, 235, 458)
Net loss/gain in listings this week: 9 (47, 78, -152)
Active single family home listings: 3780 (3776, 3728, 3662)
Active condo listings: 3012 (2984, 2956, 2942)
Homes 4-week running average: $437k ($441k, $443k, $438k)
Condos 4-week running average: $245k ($247k, $253k, $261k)
Looks like single family home inventory may hit a new record high in the coming weeks. Inventory is a leading indicator for prices, numbers this high suggests prices will be coming down…
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The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Real Estate market this week:
“Inventory is still strong for buyers, and marginal adjustments in year-over-year prices indicate a stable market for sellers,” said James Mabey, REALTORS® Association of Edmonton Chair. “Sellers must remain patient but mindful of their positioning in the market with many options for buyers to consider, so consulting with their REALTOR® to remain competitive is essential,” says Mabey.
Here's our snapshot on the market in July:
Sales in the Greater Edmonton area were up 2.8% in July compared to last year - the first time sales have been up on a year over year basis in 4 months.
The average price for residential sales in the…
Updated - the REALTORS® Association of Edmonton has released their monthly stats on the Greater Edmonton Real Estate Market, and the average residential sale price has reached the highest level we've seen in at least 9 years. Meanwhile, demand is normal, and supply is exceptionally high. So here's the deal... inventory is a leading indicator of prices. Earlier this year we had slightly lower inventory and slightly higher demand; prices typically rise for the first part of the year and conditions early in the year seem to have brought higher average prices than I was expecting. The opposite is now occurring, so prices could start to drop on a year over year basis, except for one foreseeable outcome; mortgage rates. Word on the street is that the Bank of…