Edmonton Real Estate Statistics – November 02, 2009
While some real estate markets in Canada are really hot it would appear that we are cooling down. That is not to says we were really hot to begin with.
As of this morning there were 1,810 active residential single family dwellings listed for sale in Edmonton proper. That is down 6.2% from last weeks number of 1,930. The number of sales were also down 9.3% last week from 652 to 604.
That would give us a listing to sales ratio of 3:1 a slight increase over last week. Looking at that number alone would indicate that the market is still strong and we should not be concern. However the trending of listing dropping is a concern, but what is even more disturbing is the number of sales is dropping at a faster rate than the listings.
If that ratio get to 4:1 or greater expect it to become a buyers market here again, but for right now we are still in a slight sellers market.
If you are a buyer are you willing to roll the dice that things will get worse and maybe better deals might be out there? But remember the number of listings are dropping which means there would be fewer homes to choose from and it might be more difficult to find the right home.
As for sellers are you will to roll the dice that things will turn around and valuations start to rise again?? Remember that economic numbers as of late shows that the economic recovery isn’t that great as a matter of fact based on the last numbers it might be getting worse again. Are you prepare to take the chance, and possibly have to sell your home at an even lower price in the near future?
Only you can make those decisions. As for me I will continue to give you the statistics every week and give you my opinion. And right now I am concern because unlike the rest of the year where I was able to accurately forecast increasing valuation, right now I am not sure which way we are going to go.
