Which Way Is The Edmonton Real Estate Market Going?
Last week I was really excited to see the listing to sales ratio drop below the 4:1 ratio that we need for a neutral or balance market. I guess that was short lived because that ratio did not stay below the 4:1 ratio.
As of today there are 2,174 single family homes listed for sale on the Multiple Listing Service for sale in Edmonton proper. In the last 30 days there were 496 sales a slight drop from the previous week. This will give us a listing to sales ratio of 4.38:1 slightly higher than what we need for a balance or neutral market.
With the ratio bouncing just over and just under the benchmark ratio it is indicating to me that the market is not sure which directions it wants to go so we will probably see a fairly stable valuation of homes for the time being.
Once I see at least 3 consecutive weeks of the ratio being one direction of other we will not really know which way it is going.
