Up and Down!
Saturday, July 17th, 2010Edmonton Real Estate continues to ride the roller-coaster. The good news is that single family house prices have risen almost 6 per cent from one year ago to an average selling price of about $391,500.
However that upward trend has been tempered by a 37 per cent decrease in sales compared to June 2009. 1,539 residential sales were recorded in June 2010. In other words, half of the realtors in Edmonton did not register a sale in the previous month!
It also should be noted that the listing inventory at the end of June was 9,406 which is only 500 shy of the record set in September 2007. Buyers will be happy with the large selection. Sellers, on the other hand, need to be aware that in this over-supplied marketplace, price and condition have become huge issues in this ‘buyer’s market.’ Only if a home is priced right and shows well will it have a reasonable chance to sell!
The Realtors Association of Edmonton is now forecasting a slowdown in sales and falling prices in the next few months!
A stable marketplace is nowhere in sight!
