Edmonton Real Estate Statistics – May 26, 2009
For those of you looking for this update on my usual Monday morning I apologize as it was a very hectic day yesterday.
Well the market continues to improve. As of this morning there were 2,458 single family homes on the market in Edmonton proper, while there were 869 sales in the previous 30 days. That give us a listing to sales ratio of 2.83:1. This ratio is again lower than last week and at this level is a strong indicator that valuations should be rising.
The biggest driver to the market has been the first time buyers as homes have become so affordable since the devaluations that had occured since May 2007. And these other statistics do support that. Of the 869 sales that occured in the last 30 days a full 56% of them were for homes under $350,000, 26% were for homes between $350,000 – $450,000, and only 18% were for homes that sold over $450,000.
Based on those kinds of numbers I would expect to see the rebound in valuations in the lower price ranges before we see it trickle up to the higher valued homes. Again making it all that more important that if you are a first time buyer or a buyer looking to upgrade to a more valuable home to act sooner than later.
