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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: 562 (490, 480, 371)
Sales: 509 (377, 366, 280)
Ratio: 91% (77%, 76%, 75%)
Price Changes: 243 (219, 190, 210)
Expired/Off-Market Listings: 125 (140, 265, 162)
Net loss/gain in listings this week: -72 (-27, -151, -71)
Active single-family home listings: 1319 (1293, 1401, 1488)
Active condo listings: 1860 (1807, 1769, 1791)
Homes 4-week running average: $467 ($459, $447, $442)
Condos 4-week running average: $222 ($225, $220, $223)
Wow! The market is busy!! Sales this week are at about the same level as the peak of the market last year. We have definitely seen an increase in out-of-province inquiries, from investors and people considering moving. It's a very stressful time for buyers; things are moving extremely quickly and depending on what they're looking for, buyers may need to be prepared to move on a moment's notice.
This Spring is going to be insane. With our housing so cheap compared to Toronto and Vancouver, and very low inventory, we certainly have a lot of appreciation to catch up on this year in order to align with other large cities. We're closing in on half a million average for SFD, and I think we could hit $600K to $700K before we know it. At that point, we'd still be a bargain to most investors! Anecdotally, I'm hearing that it's becoming the norm for bidding wars for detached homes, and no conditions.
Posted by Tom on Friday, February 18th, 2022 at 1:22pmThank you sharing for this great post.
Posted by infosecTrain on Wednesday, March 23rd, 2022 at 12:17amLeave A Comment