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…

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We've been hearing lots of good forecasts for the Alberta economy lately, but the real estate market remains relatively slow in Edmonton. The real estate market tends to lag behind other economic factors, so I'm not surprised that the market is a little slow, even though the year started off showing lots of positive signs. The REALTORS® Association of Edmonton released their report on the Greater Edmonton Area: “We are in the middle of our busiest season for real estate,” says James Mabey, REALTORS® Association of Edmonton Chair. “More sellers are entering the market and are motivated to move their properties before the summer months, which provides the best selection of properties for buyers who are actively looking and taking advantage of the…

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The REALTORS® Association of Edmonton has released their monthly report on the real estate market saying:

“Average monthly prices across all categories have increased,” says James Mabey, REALTORS® Association of Edmonton Chair. “Despite slightly slower April sales, the spring buying season is off to a solid start.”

I had a different interpretation of the numbers when I first published the numbers on Monday: "Whatever improvements we were seeing in the market for the past few months seem to have come to a screeching halt in April. After a few months of year over year increases in sales, sales of both condos and single family homes dropped in April." I'll let you decide which opinion you think is more realistic. Here's our snapshot on the real estate…

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The REALTORS® Association of Edmonton released their monthly report on the real estate market in Edmonton this week, saying:

“We generally see activity in the housing market start to increase at this time of year,” says James Mabey, REALTORS® Association of Edmonton Chair. “Buyers can look forward to more inventory to choose from and sellers can count on more buyers in the marketplace.”

There are some interesting sub-plots going on when you dig into the numbers. First off, luxury home sales have significantly increased in the first quarter of 2017: As you can see from our snapshot on the market below, prices are up slightly, while inventory is down and sales are up: The board changed the way they report sales, so I won't have to make adjustments…

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Things are looking a lot better than last year in a few real estate categories in Edmonton this month, with supply coming down, and demand coming up. Sales were up over last year, and sales tend to be a leading indicator for prices - when sales go down, prices inevitably follow and when sales go up, prices tend to rise as well, in time. The REALTORS® Association of Edmonton released their report on the Greater Edmonton area market today, saying:

 “As we head into the spring buying season with stable prices, coupled with increases in unit sales and seasonally-appropriate inventory levels, it seems like a positive sign for our market,” says James Mabey, REALTORS® Association of Edmonton Chair.

Here's our snapshot on the real estate market in the Greater…

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I'm going to change things up a bit...Normally I post a preliminary report on the Edmonton market on the first of each month, and a second report on the greater Edmonton area when the REALTORS® Association of Edmonton releases their stats. From now on I'm just going to publish one report on the 1st of the month, and add the greater Edmonton area stats as an update, when they're released. Hopefully you agree this is a good idea :)

Greater Edmonton Area

In an interesting turn of events, demand is up, supply is down and prices are up on a year over year basis in the Greater Edmonton Area, according to stats released by the REALTORS® Association of Edmonton yesterday.

“2017 has started strong, with an increase in year over year unit sales and prices…

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Our preliminary monthly report on the Edmonton real estate market for December shows that we ended 2016 in much the same way we normally do. Sales of single-family homes were right in the normal range for December; 392 homes were reported sold in December, up 3.4% from last year. Condos sales were down slightly from last December; 181 condos were reported sold compared to 184 last year. The average price of single-family homes was down 2.5% from last December to $416,234 while the median price was basically unchanged at $379,900 (it was $380k last year). The average sale price of condos was up 0.9% to $250,358 and the median sale price was down 2.5% to $230,000. The average price per square foot for single-family homes was down $1 to $273 and…

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The REALTORS® Association of Edmonton released their monthly report on the Greater Edmonton Area real estate market today showing lower demand and higher supply than last year, much like we've seen all year. In these conditions, it's surprising that the overall average residential sale price increased by 1%, but this was partially due to a number of luxury sales (nearly twice as many as we saw last November), including one at $3million. As we reported yesterday, the size of homes sold in Edmonton reached a new record in November: The increasing size of homes sold at least partially explains the stable average prices in Edmonton while sales have been dropping. While the value of most properties has declined, buyers still qualified for the same amount of…

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