Edmonton Real Estate Board | July 2019 Market Stats

Edmonton Real Estate Board | July 2019 Market Stats


– Hey, everyone! Rich here. The numbers are in for the
Edmonton Real Estate Board for the month of July, and I
got some pretty decent news for you if you’re working
in the Edmonton area, so let’s have a look at these numbers. Well, if we look at
January, about 800 sales took place in January, and, of course, as always happens in the
spring, sales started to climb, and we got May, look at this,
we got up to 1984, or 81, which is more than double
what we did in January, and then what was interesting, June dropped off a little
bit, went down to 1811, so May was your strongest month, but look at July. We’re at 1921. July is your second
strongest month of the year. Really good news. Sales were up by 6.1% over the month of June.
Now, I can say to you this: Based on these reports we do, you’re the only market where
sales were actually higher in July than they were
in June, so good news. Look it here, active listings about 7100. Of course, it climbs, climbs, climbs. We get up to 9500 in
May and then about 9400, but look at this. We’re
only at 9000 in July. So look it, our sales were
up by 6.1%. Good number. Our listings were down by 3.6%. Well, what’s happening to
our months of inventory, which is the active listings,
and you divide the sales into it and gives us monthly inventory, so we’re at 4.7, which
is the lowest number we’ve had so far this year. Look at this. Months of inventory, 8.9.
That’s a buyer’s market. 7.5, buyer’s market. 6.9, buyer’s market. 5.4, 4.8, 5.2, 4.7. You’re in a balanced market right here, but this is starting to move into a market where your prices might start
to strengthen a little bit. Remember, four to six months, balance. Above six months, buyer’s. Below four months, it’s a seller’s market. If we look at our prices
the last few months, we were at 365, 369, 366, 366. Why are prices not moving? Because your months of inventory says you’re in a very balanced market. Days on the market,
right now we’re floating right around 60, so it’s about two months for the average house to sell. Now, here’s some even
better news. Look at this. 2018, 1603 sales. 2019, 1921. You did almost 20% more sales
in the month of July this year than you did last year. Incredible number. What about prices? 366 a year ago. 366 now. Basically no change, right? 1% but not that much. So for the last 12 months,
your market has been very balanced in terms of price, but what we’re starting to see is our sales are starting to creep up. Now, the next slide I’m going to show you is 2017, 18, and 19 in terms
of months of inventory, so, if we look at this, and
this is some pretty cool news, so let’s actually forget
2017, which is here in pink. Let’s look at the orange or
the yellow one, which is 2018. We started, the white one is 2019, so our months of inventory started at nine months of inventory.
That was January of this year. January of last year in 2018,
we were sitting at seven, but look what happened. All of a sudden, our inventory’s dropping. Market’s getting stronger.
Dropping again in March. Dropping again here in April, and, right here, this white
line went below the yellow line, which means our market
started to get stronger than it was last year in 2018. Look it, the gap is getting larger. Our market’s getting stronger. Gap’s a little larger here
and got much larger here, so if you look what’s going on right now, we started the worst January in terms of months of inventory
in the last three years, and, right now, we’re at the best months of inventory in
the last three years, so we’re completely
trending the right way. So then what is my prediction? My prediction in the month of June, or I should say in the month of August, I don’t think it’s going to be that much different than July. It might be even a little bit off of July. People on holidays, you know,
kids going back to school. However, I do believe
September, October, November you’re actually going to see your market start to strengthen a little bit more. I think your number of sales
are gonna continue to increase. I think your months of inventory is going to continue to
decrease a little bit, and I think what’s going to happen is this trend line is gonna continue down with the possibility, with the possibility by the time we actually
get into maybe October, we might even be starting to move into a weak seller’s market,
so, anyway, all good news. Hope you’re having a great summer. I want you to have a
wonderful fall, and, remember, it’s a beautiful life,
everybody. Make it count.

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