Edmonton Real Estate Statistics – November 09, 2009
There is no doubt that the fall market is here and we are seeing a slow down in real estate activity, but there are still some worrisome trends shifting.
As of this morning in Edmonton proper there are 1,789 single family dwellings for sales and that is down from 1,810 only a slight drop from last week. However the number of sales were 576 which is down from 604 last week and 652 the week before that. This gives us a listing to sales ratio of 3.11:1 which is still ok, but rising. The most discouraging numbers are the sales which are dropping at a faster rate the number of listings. If this trend continues it will have an impact on valuations.
The even scarier numbers come from the condominium market. As of this morning there were 1,493 condominiums for sale in Edmonton proper. In the last 30 days there were 345 sales. That gives us a listing to sales ratio of 4.33:1 and that is a ratio that is definitely too high for valuations to continue to stay the same. The pressure will be on condominium valuations to drop in the upcoming weeks.
Always remember that there is a difference between average selling price that is often published and valuations. Average selling price is just that the average price that homes are selling for versus valuation is what you are getting for that price.
Source of listing and sales data provided by the Realtors Assc. of Edmonton
