Good day everyone… Hi it is Serge here from FindMyHouse.ca and eXp Realty and this is your Edmonton 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 4,237 active single-family homes for sale in Edmonton proper. That number has remained fairly stable ranging from 4,200 – 4,400 for the past 90 days.
In the previous 30 days 741 single-family homes sold in Edmonton. That number of sales has been on the decline since our recent peak of 906 sales in the month of June. This is a pretty normal seasonal slow down and we should see a slight increase in the next couple of months before we start seeing the winter seasonal slowdown.
With 4,237 active listings and 741 sales in the previous 30 days that would give us a listings to sales ratio of 5.72:1. That number has also been on the rise since the month of June. The ratio of 5.72:1 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.
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