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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: 418 (296, 103, 178)
Sales: 156 (116, 129, 217)
Ratio: 37% (39%, 125%, 122%)
Price Changes: 230 (145, 69, 101)
Expired/Off-Market Listings: 185 (667, 160, 288)
Net loss/gain in listings this week: 77 (-487, -186, -327)
Active single-family home listings: 2280 (2252, 2577, 2649)
Active condo listings: 1438 (1388, 1540, 1572)
Homes 4-week running average: $428 ($444, $445, $451)
Condos 4-week running average: $201 ($195, $199, $212)
Hi Sara, that's a significant week over week drop in the SFH 4 week average.
Posted by Brandon on Saturday, January 14th, 2023 at 12:18pmDid some month-old high dollar sales come off the rolling average this week, or was there a bunch of lower priced sales that just got processed this week?
I see a similar drop happened last January as well, only later in the month, but it was quickly negated. I don't think this loss will be negated nearly as quickly due to the interest rates that will likely be moving even higher in Q1 this year.
Thanks.
Hey Brandon,
Posted by Liv Real Estate on Saturday, January 14th, 2023 at 2:06pmGood question. Two sales over $1 million dropped off this week, so that's part of it. It's also just the smaller sample size (fewer sales) creating larger fluctuations in the average at this time of year. It will be interesting to see how long it takes to come back up with the effect of interest rates and net migration - newly released numbers show Alberta's population was up by over 50,000 in Q3. I'll have more details after the annual forecast seminar next week.
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