Below is a chart which takes a few quotes from the Edmonton Real Estate Board and places them on a Average price chart.
March - “There are lots of stories about the slowdown or reversal of certain American housing markets,” said Pratt. “But all markets are local and Edmonton is unique in that the fundamentals of low interest rates, strong demand, low inventory, steady in-migration and high consumer confidence are still driving our local economy.”
April - “Price increases may moderate slightly as the market returns to pre-boom levels but I do not anticipate that actual prices will decrease.”
May - “With the average price of a single family dwelling rising by over $400 a day, you need the latest market figures that only a REALTOR® can provide.”
June - “The fundamentals of the Edmonton market are still strong and should sustain steadily rising prices for all classes of property,”
August - “REALTORS® are optimistic and see any price dips as temporary and within the normal range for this market.”
November - “As the current listings become sold or are withdrawn the current inventory will drop. As we move into the spring with a more normal inventory, we expect that prices will again begin to rise slowly,"
Update (thanks rj):
Added another chart based on the quote found in the Edmonton Journal
April 4, 2007.
In only the first three months of this year, average home prices have climbed 12.4 per cent, so Pratt has abandoned her earlier forecast of a 15 per cent increase for the full year.
"We're predicting that prices will continue to rise until August, at four to five per cent per month, then at two per cent per month," she said today.
This chart compares the prediction made by the EREB after March stats were released to what has actually happened.
In the August 2007 report the absorption rate just exceeds the balanced market.
For September 2007 the absorption rate heads up as sales decline and inventory increases. As this value goes way outside the balanced market range the label is conveniently moved up.
Update:
