Huh?
I guess it all depends who you ask… The Realtor's Assocation of Edmonton reported yesterday that home sales in Edmonton increased 20% over December and prices were up in all categories. The Edmonton Journal reported today that sales "took a 40% tumble" and that "every indicator faired worse" than last January. I guess it is all a matter of perspective!
Anyway, here are the numbers we couldn't report the other day (because they weren't out yet!):
Inventory is lower than last year, but higher than average:
With new listings much closer to normal levels this year than it has been for the past two years, and sales lower that average, it will be interested to see what happens with the inventory. We have noticed a lot of activity in lower priced homes, while there is not a huge supply of affordable single family homes. At the same time, we expect condo inventory to substantially increase as the year goes on and more new complexes are completed.
As you can see, supply (aka inventory) has a close relationship with the average sale price:
The new listings to sales ratio points to a continued buyer's market in Edmonton:
The average number of days on market is 68, the highest in at least 8 years (that's how far back my numbers go) and the absorption rate is at 9 (the highest I have as well). I expect the absorption rate to fall to a more normal range in February as the number of sales increases.
Lastly, I had a request for the price per square foot graph so here she is!
We're always open to new suggestions so if there is something you'd like to see let us know and we'll do our best to provide it (we can't post stats over time for each neighbourhood in the city but we can provide reports on specific neighbourhoods).
