Hats off to the Realtors Association of Edmonton for putting together the monthly stats and press release in only 1 day! The numbers released yesterday show 1380 residential sales which is what we were expecting, as opposed to what we reported the other day:
The end of month inventory is much lower than last year, but on the rise as expected:
The number of new listings are increasing at a normal rate:
The sales to new listings ratio is solidly in the "balanced market" range:
And the absorption rate has dropped significantly and sits close to the balanced range as well:
The average days on market has dropped, and appears to be following the seasonal pattern albeit higher than previous years:
“Hats off to the Realtors Association of Edmonton for putting together the monthly stats and press release in only 1 day!”
Well, they are selling any houses so they’re might as well being productive doing something else.
In a previous post, there was a lot of talk about $/square foot. One stat I noticed in particular was how $/square foot for SFD’s fell from around $330/sqft at the peak of the boom to around $240/sqft now.
My house is about 1800sqft. Based on those numbers, it would have peaked at a value of about $600K, and should now be around $432K. I can tell you, that’s rather bogus. It was never worth that much, nor would it sell for the lower number in today’s market. This despite the fact that it has a number of redeeming features, that in my opinion ought to put it on the high side of $/sqft (i.e. things like double attached garage, fully finished walkout, nice neighbourhood, etc).
So I’m questioning the $/sqft number. What am I missing here? Are houses with a lower number of sqft generally higher priced on a $/sqft basis? What other factors influence the value of your home, on a $/sqft basis? Thoughts?
Fred, keep in mind that those stats reflect what sold not what something is worth. Your home did not drop that much however others that were way over priced to begin with or were just not as much of a home have dropped to sell or are just less of a home to sell.
Stats don’t tell you where you are going or even where you are, they tell you where you were.
To see what your home is really “worth” get an appraisal or have a realtor do some comparisons to other homes that sold in your area or are similar to your home.
That is how you can find out what your home is really worth.
What makes you think you couldn’t get 432 k for that now?? I’ve been watching properties in certain neighborhoods, and I’m pretty sure if you are in a good neighborhod and if there’s nothing obvious like a powerline or freeway right behind you, you’ll get pretty close to that!