There was an interesting comment from Ron Hutchinson (EVP of the Realtor’s Association of Edmonton) in the Edmonton Journal today:
"I think if we get our numbers down to around 6,000 units, that’s likely where we’ll see a balanced market as far as inventory is concerned."
Makes sense to me….but when will this happen? For the past five months the inventory has dropped an average of about 500 listings per month. If that trend continues, it will take 5 months until we hit that normal range. Of course, that trend won’t continue – we know the inventory tends to rise for the first part of the year. Perhaps by the end of next year we’ll be back around that 6000 mark:
As always, you can see the close relationship between inventory and price:
All in all the press release from the board focused on the fact that the market is steady. The sales for October were low (as we’ve already addressed) but within the normal range.
