Edmonton Real Estate Minute - Sept 25, 2022
We have all heard the expression "the trend is your friend "… Well, right now the trend is not our friend. Here are the Edmonton Real Estate Statistics.
The listings to sales ratio continues to rise moving towards a buyer’s market and we have downward pressure on valuations.
As of Sept 25th we had 3,712 single family homes listed for sale. In the previous 30 days 695 homes have sold. That gives us a listing to sales ratio of 5.34:1, starting to move us from a neutral or balanced market which is around 4.00:1 towards a buyer’s market.
The average selling price of a single family home is $455, 240
I expect this will trend to continue now and moving into the winter market. With further interest rate increases on the horizon, I expect sales volume to slow down, which is a function of seasonal slow down and the rising of interest rate, and valuations to continue to drop.
I am Serge Bourgoin of eXp Realty and www.FindmyHouse.ca and this is your Edmonton Real Estate minute.
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