With downturn ebbing, buyers flood market that's 'not going to get any better'The term ' buyers flood market' was not brought up by the industry insiders quoted in the article but created by the Edmonton Journal, demonstrating their own bias.
Bill Mah, The Edmonton Journal
Published: Thursday, September 04
These are the Edmonton sales numbers for August for the last several years. 'Ridiculously busy' is a great exaggeration at best. I have my own bias here so I will just present the numbers and the sales chart again (from Edmonton Real Estate Blog).
Marc Perras, president of the Realtors Association of Edmonton, said the figures confirm what he's experienced in his own real estate office.
"I've been run off my feet," Perras said. "July was ridiculously busy and August has been ridiculously busy, and when it shows in the numbers, it's not just me."
There were 9,612 residential properties in the inventory on Aug. 31, compared with 10,501 at the beginning of the month.
"The stats show buyers are confident with the Edmonton economy. It's a large selection to pick from right now, and I think they don't foresee a drastic dropping of prices, so they want to get into the marketplace and buy.
It is true that part of the inventory reduction is due to some recovery in the sales/listing ratio which is at 51%. What is not mentioned are listing that are removed or expired but did not sell. From the weekly update on the Edmonton Real Estate blog there were 692 delists last week alone. Another 'expert' chimes in:
"For buyers, it's not going to get any better than it is right now because of the supply, which is going to start to dwindle away," Goatcher said.Sales will start to dwindle as well going into winter. Actually they already have, but you wouldn't have guessed it from this article. Honestly, I do not know what will happen in 2009 but I still get aggravated at the certainty which these statements are made.