Weekly Update on the Edmonton Real Estate Market

qwlimited

WeeklyupdateHere is our update on the Edmonton real estate market. (Previous week's numbers are in brackets). For the past 7 days:

New listings: 434 (486, 616, 542)
# Sales: 274 (243, 300, 258)
Ratio: 63% (50%, 49%, 48%)
# Price changes: 441 (434, 478, 405)
) H4 [- Z4 k* p1 f/ j% K) N# Expired Listings: 209 (298, 225, 692)
# Canceled/withdrawn/terminated listings: 49 (52, 60, 44)
, L# D2 _+ R1 ~Net loss/gain in listings this week: -98 (-107, 31, -452)
Active listings for single family homes: 3651 (3683, 3738, 3730)
, |. e. V9 M0 GActive listings for condos: 2428 (2454, 2503, 2466)
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63% sales to new listings ratio! Wow! 1496 sales for far this month! Lets just say....that's not what Sheldon and I were expecting. One thing we were expecting was a price drop, and the average prices have slid to $323,206 for the month so far (down from $329 at the end of August) just like last September.
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We are asked everyday: "Do you think the high sales are related to the end of 0 down 40 year mortgages in October?" There must be some affect, but my thoughts are it is minimal at best. We haven't had a single deal (ever) with 0 down, so maybe it's just our clients. But we've talked to a lot of other companies and they seem to feel the same way - the 0/40 is not the cause of the increase in sales.

2 c: p" C8 _3 L1 ~# l( F3 }Just what kind of increase in sales are we looking at? Last September there were only 1042 residential MLS sales in the Edmonton area. That was the worst September in years so it's not really fair to compare this year to last year. We normally see about 1400-1500 sales in September, and this month we could see more than 1700 sales. Also, sales this month would be higher than August, which is very rare.
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