Edmonton’s Real Estate Forecast for February 14, 2011
Well folks I am back from my trip to China and I am here to let you know what is happening to the Edmonton real estate market.
As of today “Valentine’s Day” there are 2, 034 single family dwellings for sale in Edmonton proper. That is a much lower number of listings than we were seeing at the end of last year which I see as a positive sign.
However in the last 30 days there has been only 429 single family dwellings sold in Edmonton proper. This is also a drop from the volume of sales that we were seeing at the end of 2010.
This gives us a listing to sales ratio of 4.74:1. That ratio is still a little bit high. If you remember we need a ratio of 4:1 for a neutral or balanced market. So based on this ratio in the short term I still expect that there will be some downward pressure on valuations and only those homes that are priced very competitively are going to be the ones that sell.
I think that we might see this change soon as we see the buyers come back to the market as we get deeper into this early spring market.
