Inventory of Homes on the Market Continues to Rise in the Greater Edmonton Area
The inventory of homes on the market continued to climb in the Greater Edmonton area in May, up 12% from last May and 45% from two years ago, but still significantly lower than the record levels we saw in 2008. Residential sales were 5.3% lower than last May, but I don’t think we’ve hit our peak for sales this year – the peak usually comes in May or June, and based on the clients we’re working with, many buyers have done enough waiting for prices to come down and are ready to get moving.
Residential sales were right in the normal range for the Greater Edmonton area at this time of year, but were still down 5.3% from last year; 1877* residential properties were reported sold through the MLS® system in May.
The average residential sale price was $382,695 in May, up 0.4% from last May while the median price was equal to last May at $360,000.
The inventory is getting so high I literally had to move the title on my chart, but at least it’s not off the chart. There were 8,153 listings on the market at the end of the month, up 12% from last year.
There were 3,233 new listings in May, which are actually fewer than we’ve seen for the past few years and is down 2.4% from last year. The high inventory appears to be due to fewer sales, and possibly longer listings contracts.
*We adjust the residential sales total for the current month to account for unreported sales. Every month 6% of sales on average are not reported to the Association in time for the monthly report. The following month the numbers are updated to reflect the total sales during the previous month. That means the current month always looks worse compared previous months. Our adjusted numbers are far closer to the actual numbers than those reported by the Association each month.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.