Weekly & Monthly Update on the Edmonton Real Estate Market

Double whammy today - the final numbers are out from the board so you get the weekly and final monthly update at the same time!

The Journal bragged "City Home Sales Skyrocket in September" this morning, with talk of our strong local economy along lower prices and inventory to blame for the increase in sales. There was no mention of the end of 0/40 mortgages as part of the reason for the increase in sales, which we are starting to think may have had more of an impact than we originally thought. The coming months will tell...

No matter what has caused it, sales have been quite strong and almost made for a record September - up 65% over last year - while August and July were both up from last year as well. This makes for a pretty strong Q3.

For the first time this year, the inventory is lower than last year, at 8808 active listings.

Prices, as we know, have dropped during this period of high inventory:

From a supply and demand perspective...supply is dropping and demand is up:

 

We'll keep a closer eye on this with our weekly updates....if there is a drop after Oct 15 we'll know the 0/40 mortgages have at least something to do with the increase in sales. Here is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New listings: 479 (434, 486, 616)
# Sales: 255 (274, 243, 300)
Ratio: 53% (63%, 50%, 49%)
# Price changes: 457 (441, 434, 478)
# Expired Listings: 699 (209, 298, 225)
# Canceled/withdrawn/terminated listings: 68 (49, 52, 60)
Net loss/gain in listings this week: -543 (-98, -107, 31)
Active listings for single family homes: 3382 (3651, 3683, 3738)
Active listings for condos: 2200 (2428, 2454, 2503)

Happy Weekend!