I hope 2019 is being good to you so far!
Remember back during my video series on the 2018-209 Market Forecast updates? (Click here to view that playlist) Well in those videos I promised you some visuals on the stats I was referring to, and I thought now is the perfect time to make good on that promise!
Before I jump in, I think you should know something, a secret if you will: I don't think stats and graphs are everything, the end all-be all of how we should focus on getting you moving. I know! Seems like such a counter point doesn't it!? Especially with the way I go on and on about stats!
I will tell you this, the reason I DO like stats and graphs is they give us a system to benchmark things, a way to track.. that is how we predict markets too. That is how we plan.
(And by WE.. I mean the Chief Economist from the Bank of Canada, and probably a Chief Statistician of some kind... and maybe you if you are a banking chief too.. but definitely not me..haha.. I do get it though).
The stats and numbers people are so kind to share this with our Edmonton Realtor's Association, and I have included some screen shots, and a few points (including my perspective) below!
What did 2018 bring us in Edmonton real estate??
2018 First Quarter
- Year to date unit sales and sales volume were down
- Listings were up more than 10% over 2017
- Inventory up nearly 15% over 2017
2018 Second Quarter
- Unit sales continued to decrease in Q2 compared to same period in 2017
- Sales volume was down nearly 5%
- Prices were stable, with only minor decreases
- Listings and inventory increased, reaching the highest recorded level in June 2018
2018 Third Quarter
- Sales and sales volume dropped another 4%
- Average prices continued to hold steady
- Listings and inventory increase for third consecutive quarter
Breaking Through the Market - 2019 Predictions
- High inventory and slowing unit sales
- Average prices still remain stable
- Higher priced homes continue to keep average up
- Median price also remained stable
- Record-high inventory impacting unit sales
- Decreasing unit sales throughout 2018
- Shrinking sales volume
- 1.92% increase in single family home inventory
- 1.83% increase in condominiums inventory
- 0.6% decrease in duplex/rowhouses for 2019