This week’s Edmonton Real Estate vital statistics

This last week we have seen the market start to settle down and remain fairly constant in comparison to the week before. Let’s hope that this is a good sign that we have bottomed out and that the market will stabilize, and then possibly start going back up in values come September and the fall market.

As of today there are 3,391 single family homes for sale in Edmonton proper. That is only a slight change from last week’s inventory level of 3,353. Hopefully this is a start of a trend in stabilization of the inventory levels.

In the previous 30 days there were 598 single family homes sold in comparison of 590 from the previous week.

The result is that we have a listings to sales ration of 5.67:1 in comparison to last week’s ratio of 5.68:1. Even though it appears to be stabilizing we are still way higher than the 4:1 that we need for a balanced or neutral market.

The short of it is that we are going to see more downward pressure on valuations in the short term, but I am still hopeful for a fall rally.