Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days: New Listings: 404 (437, 415, 447) # Sales: 175 (183, 192, 195) Ratio: 43% (42%, 46%, 44%) # Price Changes: 365 (424, 436, 431) # Expired/Off Market Listings: 259 (668, 262, 328) Net loss/gain in listings this week: -30 (-414, -39, -76) Active single family home listings: 4008 (4007, 4227, 4241) Active condo listings: 2271 (2285, 2458, 2463) Homes 4-week running average: $438k ($432k, $427k, $430k) Condos 4-week running average: $220k ($219k, $223k, $230k) Don't get too excited about the average price of single-family homes, in the past 30 days there were 16 sales over $1million (including a vacant lot that sold for almost $3million!), which accounted for 3.2% of sales, whereas in the previous 30 days there were 12 sales over $1million - 1.6% of sales. Consumer confidence is taking a hit at the moment with recent headlines like these: It's normal for things to slow down at this time of year and when you add in rising mortgage rates, lots of negative media, and lots of inventory, there is a lack of urgency on the part of buyers, and the market is slowing down more than normal for this time of year. Have a great weekend! Posted by Liv Real Estate on
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Thanks for your weekly data! I am trying to understand your comment about number of sales over $1 million. There were 175 total sales, and so 16 sales over $1 million would be 9% of the unit sales, and the percent in value would be much more. Perhaps its 32% ?
And same for the week previous...I think you probably mean 16%, not 1.6%

Posted by Floyd on Thursday, November 8th, 2018 at 7:36pm

I also don't think that it is correct to dismiss the higher number of high value sales in a given week as an anomaly. You are accounting for this type of week to week variation by reporting the 4 week running average, which is good. The fact is that there are high valued houses being bought and sold, which is valid data that contributes to average home values in Edmonton.

Posted by Floyd on Thursday, November 8th, 2018 at 7:44pm

Sorry I wasn't more clear, I was basing those calculations on monthly sales. There were 498 sales of single family homes in the past 30 days, 16 were over $1million which is 3.2%.

Posted by Sara MacLennan on Thursday, November 8th, 2018 at 8:33pm

In a market with fewer than average sales a few sales at the top range can really skew the numbers.. especially like this week when there is 1 land sale for $3M. Additional commentary on these situations is necessary as it when most people look at "average price" they are looking for the "average price of an average house."

Posted by Greg on Thursday, November 8th, 2018 at 9:15pm

I wonder how much of a price reduction those million dollar homes had to take to get their homes sold.

Posted by GM on Thursday, November 8th, 2018 at 9:15pm

@GM I doubt much, if at all. The top end of the upper quartile in SFH generally isn't price-sensitive the way the rest of the market is, especially when it comes to the effects of lending standards.

It's certainly not as if there are fewer people in that market now as opposed to before the changes to B-20.

Posted by Anonymous on Sunday, November 11th, 2018 at 2:18am

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