Thursday, July 5, 2007

Record High Inventory in Edmonton

First the big one, not a surprise.
The residential inventory at the end of June 2007 was a whopping 6367. This is higher than inventory in any other month since January 2004 and pretty close to the all time high in June 1994. But considering the inventory on COMFREE which probably wasn't around then (or didn't have as many listings), Edmonton inventory is the highest ever on record.

One important consideration should be the growth of Comfree in Edmonton during last two years. Comfree now has over 2000 listings, or close to 1/3 of the MLS listings. MLS's share has been falling, which means the growth in MLS inventory is even more staggering.
Based on about 2000 listings in Comfree, there were 8367 properties for sale in Edmonton.

The average price has fallen and is almost back to where it was in April. The average is now 348, 056, down from 354, 410 in May. Of course, the YOY number will still be a huge increase.

The sales to listings have fallen to almost the buyer's market level of 44%.

What will July bring? I expect more inventory and fewer sales.
blog comments powered by Disqus
Real Estate Blogs - Blog Top Sites