After three consecutive months of a buyer’s market in Edmonton, April saw some balance (barely). The new listings to sale ratio hit 42%, even with almost 4,500 new listings and inventory creeping over 11,000 homes.
The steep competition did affect pricing as the average sale price dropped slightly, falling just below last April’s average:
As you can see, competition and inventory are closely related to the average price:
As we’ve seen in the weekly updates, the last two weeks of April saw the pace of new listings slowing, and we predict the inventory will peak sometime around June.
The one thing that seems normal in Edmonton are sales; they are following the normal annual pattern for our marketplace albeit slightly lower than average.
I haven’t included any exact figures, since some of the data is still to come in. The Real Estate Association requires that all sales are reported within 2 business days, so we won’t have the exact data until the monthly press release expected early next week. More analysis to follow tomorrow when we’re not so busy with clients takeing possession of their new homes.
