ZT-Weekly Report

howardx

May 02, 2008
, R0 f0 y# I9 R  T6 wWeekly Update on the Edmonton Real Estate Market
8 q& T5 }) _9 }0 y8 c# P/ A: rHere is our weekly update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:
0 r+ Q. N( U# [  [! g
7 G1 s: c- u1 h5 u( d# c/ qNew listings: 671 (566, 823, 869)
# Sales: 279 (293, 336, 272)
  }. L. }, s) D2 o& M6 N6 L( C7 hRatio: 42% (52%, 41%, 31%, 36%)
# Price changes: 603 (493, 679,567, 550)
# Expired Listings: 450 (115, 181, 125)
: Y; c* v8 T* W& v1 K2 D# Canceled/withdrawn/terminated listings: 71 (39, 65, 65)
Net loss/gain in listings this week: -129 (119, 241, 407)
; M4 a) g3 @3 J- ~* QActive listings for single family homes: 3985 (4088, 4063, 3888)
Active listings for condos: 2953 (2969, 2921, 2851)
9 x; H3 o9 |: h  Q8 R% F  n
. w( C! Z' V0 TThat is the first decrease in overall inventory we've seen since January. Granted, we see a larger number of expired listings at the end of each month, which certainly contributed, but a shrinking inventory is good news for everyone right now in my opinion.

8 u& M* j4 d2 e4 C- K
5 S# n+ M- e1 D( L' W1 t; Q' F
Posted by Sara MacLennan on May 02, 2008 at 12:31 PM in Edmonton Real Estate Market, Weekly Update | Permalink | Comments (5) | TrackBack (0)
" F5 A/ f0 O9 G1 x% O
Technorati Tags: Edmonton real estate market, housing prices Edmonton
; F4 `. X) Q3 z" d3 v+ h% k
May 01, 2008
Edmonton Real Estate Market Balanced
After three consecutive months of a buyer's market in Edmonton, April saw some balance (barely). The new listings to sale ratio hit 42%, even with almost 4,500 new listings and inventory creeping over 11,000 homes.
9 O1 f- y  M+ R5 A! E6 _" T# O0 A

2 m2 w9 q8 _1 \2 e% x7 A8 C

$ f7 @& v( K9 L/ m1 @8 m8 O  D9 O% d2 RThe steep competition did affect pricing as the average sale price dropped slightly, falling just below last April's average:


# h. C7 |0 F3 S0 Q  k5 }8 T% f
8 [% ~7 Q! Y! Q% ?5 X" J1 {8 @As you can see, competition and inventory are closely related to the average price:

' S. C5 A$ d# `+ ]1 y: w

As we've seen in the weekly updates, the last two weeks of April saw the pace of new listings slowing, and we predict the inventory will peak sometime around June.
  p- [3 M' E9 a
' ?7 Y9 I: R- cThe one thing that seems normal in Edmonton are sales; they are following the normal annual pattern for our marketplace albeit slightly lower than average.



I haven't included any exact figures, since some of the data is still to come in. The Real Estate Association requires that all sales are reported within 2 business days, so we won't have the exact data until the monthly press release expected early next week. More analysis to follow tomorrow when we're not so busy with clients takeing possession of their new homes.
7 I$ D3 Z3 u6 V( Z# n2 M
, W, }& B6 ^' m  n8 HPosted by Sara MacLennan on May 01, 2008 at 03:47 PM in Edmonton Real Estate Market, Investing in Alberta Real Estate, Monthly Stats | Permalink | Comments (15) | TrackBack (0)

! Y) x: C3 P/ aTechnorati Tags: Edmonton real estate trends, real estate market in Edmonton
"The Tony" Catches On
A few months ago I suggested that "The Anthony Henday" needed a nickname - much like the freeways in many other cities.... I like to call it the Tony. I'd just like to point out that the Edmonton Journal is calling it the Tony now too. Perhaps if we get Garner Andrews on this it will catch on.

http://www.canada.com/edmontonjo ... a20d042&k=29101
9 F9 E$ B4 ~8 y( Q( ^9 k! V; D! Z
# ^# f, Q1 z5 Z; ^; c, w- r# LPosted by Sara MacLennan on May 01, 2008 at 01:51 PM in Around Edmonton | Permalink | Comments (0) | TrackBack (0)
6 a- E1 Y2 v  }
April 30, 2008
Housing Starts Down, Commercial Construction Skyrocketing
March housing starts were down 59% from March '07 and were down 31% for the first quarter according to a report released by CMHC today. Single family homes are down for the 9th month in a row, representing the lowest level of activity since 1996. Completions meanwhile are actually up 13% from last year - that means more inventory coming on the market now, but less in the future. Completed, unoccupied homes stands at 902 (a record) - although I'd have to disagree with this stat. By unoccupied I think they mean unsold, since there are clearly plenty of new, unoccupied homes listed on the MLS as resale that the builders would consider occupied.
! P8 `  _9 T+ P+ h& Q" \, k8 P: ^
The sale price for a new single family home is up 33% from last year, setting a new record of $501,499, but CMHC cautions that most of these prices were negotiated before construction on the home even began.

& C7 J( q2 Z7 O# uAs for multi-family starts, they're down as well - 57% since last March. Units under construction are up 42% from this time last year though, and CMHC expects unoccupied inventory to increase from the current "normal" levels.
, u* }6 v) C: ?  f# q- t* [% N
" s5 D0 E2 u- d; b"Condo resale inventories were looking very well supplied in March and new units will face stiff competition from these existing units that are in many cases priced below the current cost of new construction."
% I- o% z. T9 _  q
9 T8 N9 F8 `. F$ U% VMeanwhile there are new retail developments popping up all over the city. Retail vacany rates have been steadily decreasing while rental rates are on the rise, so developers have responded to the demand by building all kinds of new space.

Windermere in South West Edmonton will add about 1 million square feet of retail space on about 100 acres featuring Wal-Mart, Home Depot and Canadian Tire making it Edmonton's second largest outdoor shopping centre, after South Edmonton Common which continues to grow.

The Meadows in South East Edmonton has about 500,000 square feet of retail space planned with another Home Depot and a Superstore.

. f4 U" E2 o3 d' V* C! F" N2 ~Existing malls are also expanding (South Gate and Kingsway) and there are also large developments in Spruce Grove, Sherwood Park and Leduc.

Makes me wonder if the commercial guys have learned

howardx

file:///C:/Documents%20and%20Settings/Owner/My%20Documents/My%20Pictures/apr08sales