Here's our initial look at the real estate market in Edmonton in December - I will update this post after the REALTORS® Association of Edmonton releases their monthly report on the market. Single-family home sales ended out the year like they normally do in December - 402 homes were reported sold in December, up 7% from last year. Condo sales were slower than normal, but similar to what we saw last year - 146 condo were reported sold in December (compared to 142 last year). The average price of single-family homes was $401,816, down 7% from last year and the median price was down 6% to $353,450. The average price of condos was $222,554, down 9% from last year and the median price was down 2% to $198,000. The average price for single-family homes…

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There was an interesting article published in the Edmonton Journal this week, discussing the rather rosy results of a report from the Real Estate Intelligence Network (REIN). “It’s in recovery — a slow recovery — that’s based on current and future GDP growth,” says Jennifer Hunt, vice-president of research at Real Estate Intelligence Network Ltd. “At REIN we are always looking at the health of the economy, jobs and migration.” All are connected, she adds. Economic growth creates jobs, which boosts migration. In turn, more people coming to the city for jobs will create more demand for housing — first rental units and then homes for ownership. The Real GDP for the City of Edmonton is up 0.5% from last year and is forecast to grow at about 1.4% next…

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Demand for real estate was up 16% from last October in the Greater Edmonton area last month - 1334 residential listings were reported sold in October - while supply dropped by 5%. If demand continues to increase, and supply continues to decrease on a year over year basis, we should see prices start to rise in the future - how long that is going to take is anyone's guess. The benchmark price decreased by 2.4% to $320,300 and the benchmark price for single-family homes was down 1.9% while apartment sytle condos saw the biggest drop at 5.3%. The absorption rate slipped back into a balanced market in October, but it usually creeps up in November and December.  

City of Edmonton Stats

Our initial report on the real estate market in Edmonton…

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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…

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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%:

City of Edmonton…

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The real estate market was busier than I expected in July in Edmonton. Nearly every one of our agents reported being in multiple offer situations on more than one occasion in the month of July. There are a number of stats that suggest the bottom of the current market cycle was a couple of months ago... Sales are up 20% over last July while inventory is down 10%. The absorption rate is at 4.73 months - the lowest it's been in two years. While prices are still down on a year over year basis, the benchmark price is down 3% compared to last year, while the past few months it was down 4-4.5%. Here is our monthly infographic on the greater Edmonton real estate market: Looking at benchmark prices, you can get an apartment-style condo for 13% less and a…

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Our preliminary look at the real estate market in Edmonton shows single-family home sales were up slightly over last year for the third month in a row. 859 single family homes were reported sold in June, up 2% from last year. Condo sales were down 2.4% from last June - 328 condos were reported sold. The average sale price for single-family homes was down 5% to $417,863 and the median price was down 4.7% to $379,900. The average sale price for condos was down 2% to $245,715 and the median price was down 1% to $220,000. The average price/square foot for single-family homes was down $16 to $269 and for condos was down $5 to $225. I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market in a few days.

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Prices are still falling in Edmonton, but there are some positive signs in the real estate market. Inventory has dropped, listing activity has dropped and sales activity has increased. Here's our infographic for the Greater Edmonton Real Estate market in May: If you've followed this blog for a while, you may recognize the chart below, and it's due for a comeback. The chart shows that when you compare sales and prices on a year over year basis, a cycle forms. We've been in phase 5 or 6 for quite some time, where sales are lower than or about the same as a year earlier, and prices are lower. Last month we saw sales increase year over year and this month sales are up as well, pushing us into phase 8 in the cycle. We still have higher than normal…

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After six months of below average sales, and year over year declines, Edmonton single-family home sales improved to near normal levels in April. 769 single-family homes were reported sold in April in Edmonton, up 3% from last year. The market feels different from any market we've experienced in Edmonton - I'm working on a separate article with tips for success including stories from our clients buying and selling in today's market. Condo sales were still well below normal levels - 307 condos were reported sold in April in Edmonton, down 2.8% from last year. I found an interesting article that suggests the multi-family sector is strengthening in Edmonton, it's worth a read. One thing we've noticed is with the increased availability of new rental…

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The trend of high supply and low demand continued in the Edmonton area in March and brought lower prices for all types of real estate. The benchmark price for single-family homes was down 4.25% from last year, and 2.83% from five years ago, while apartment style condos were down 5.86% and 11.07% and townhouses were down 6.14% and 9.18% respectively. The pace of new listings was lower than last year for the second month in a row, which might could lead to lower inventory in the months to come, we'll see. Here's our market infographic for March, followed by every imaginable real estate chart.        

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