Good day everyone… Hi it is Serge here from FindMyHouse.ca and eXp Realty and this is your Edmonton Luxury Single Family Home real estate update for the week beginning Aug 19, 2019
Well as most people can feel out there we still have a weak local economy. The unemployment numbers are still very soft with really nothing to indicate that they are going to change anytime soon.
Now currently there are 253 active single-family homes for sale over $1,000,000 in Edmonton proper. That number has remained fairly stable ranging from 235 to 263 for the past 90 days.
In the previous 30 days 15 single-family homes sold over $1,000,000 in Edmonton. That number of sales has been on the rise since our recent low of 6 sales in the month of June. Also worth noting is that no single family home has sold over $2,000,000 in over 5 weeks. The number of sales over $2,000,000 have been very few and far apart.
With 253 active listings and 15 sales in the previous 30 days that would give us a listings to sales ratio of 16.87:1. That ratio indicates that we are going to continue to see downward pressure on valuations in the short term.
I know we have been seeing in the news that there has been stabilization in the real estate market in Edmonton but that is more a reflection on the average selling price which is different from valuations which is what you get for the dollar invested when buying a home.
So what does that mean? Well in the short term expect valuations to continue to drop continuing our current buyer’s market in Edmonton. If you are thinking of buying this makes it an ideal time to buy before we see the market change.
Thinking about buying a home? Call me today at 780-995-6520 and we can discuss how I can help you get into your next home.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.