The current inventory of residential properties is now 7,094 homes. The inventory will decrease through the year but the wide choice of properties will have a dampening effect on prices offsetting increased demand from in-migration and economic growth. Condominiums are expected to become a stronger option (especially for first time buyers) because of the lower price point.
The total number of residential sales in 2008 will probably drop slightly from 2007 levels. Perras expects that 19,100 residential properties will sell through the MLS® in 2008. There were 20,544 sales in 2007.Marc Perras,REALTORS Association of Edmonton, Jan 9, 2008
Dec 2007 Stats
Sales: 857 (-20% YOY)
“Near record January sales indicate that housing sales will remain strong in the Edmonton area as buyers and sellers adjust to the new pricing levels,”
Marc Perras,REALTORS Association of Edmonton, Feb 5, 2008
Jan 2008 Stats
Sales: 1227 (-21% YOY)
“We predicted that sales would be on par with the last ‘normal’ year that we had in 2005. So far the market is behaving as we anticipated.” The number of available residential properties listed on the MLS® at the end of February was up 12.7% from the previous month at 8,284 properties.
Marc Perras, REALTORS Association of Edmonton, March 4, 2008
Feb 2008 Stats
Sales: 1287 (-32% YOY)
"Now is the time to be buying," said Marc Perras, president of the REALTORS® Association of Edmonton. "The selection of available homes is very high and prices will increase by year end as inventory levels drop.
Marc Perras, REALTORS Association of Edmonton, April 3, 2008
Mar 2008 Stats
Sales: 1557 (-34% YOY)
Any ideas how EREB determined how inventory will drop? And when? Sales/Listing Ratio is at 37%. Inventory is rising at a rate similar to last year which didn't peak until September. See chart from Sheldon's blog.