As many of you know, I have frequentlyspeculated on the "goings on in the market" prior to month end. On a recentpost, Ian asked for a kind of mid-month update, so here goes… As it sits the accurate numberof active listings on the market as of July 23 on the MLS for Single family and Condo properties is 6720for all price ranges for Edmonton, St. Albert, Sherwood Park, Beaumont, Leduc,Devon, Spruce Grove and Stony Plain. This is below what I had been expecting from keeping an eye on daily new listings, which is good, but it also concerns me.
In months previous I could fairly easily plug in thenumber of new listings and accurately portray the currentinventory. With a large percentage of theproperties adjusting their price in recent weeks (mostly down but a few for the up side), I’venoticed a trend towards delisting and relisting. Basically, people are canceling listings, and then re-listing them so they appear as though they’ve been on the market for less time than they actually have been.
This means current inventoryis coming back on as a new listings, and this is skewing all the ratios. From adata perspective this is a nightmare. From a seller’s perspective, if you andyour agent want to try coming on as a new listing at any time youare allowed to do so under the current rules.
A few weeks ago our laughable listing of the week featured an outrageousprice in a complex that has seen the list price for the unit $80k more thancomparable sales in May and June. After 20 days the Associate – whois relatively new to the industry – reduced the price by just over 1% ($5,000) and while at itcancelled the listing and relisted it at the new price. If it wasn’t so funny itwould make me mad.
Buyers always should ask for ahistorical printout of any property they are interested in on the MLS. Comfree sellers or private sellerscan say what ever the bleep they want. Just check out the number of timesviewed at the bottom of the page, and look to the pictures for clues (ie snow, or trees without leaves) as most are too cheap to updatetheir photos. I know our neighbor down the street who has been trying on theirown for months would say anything to a buyer to get them to give them an offer.
