Tuesday, December 4, 2007

Edmonton Prices Tumble....

Finally, a no spin release from EREB, at least in the headline. No more 'stability'. No more balanced market. No more 'reintroduction of prices.'
A plain and simple- Prices 'tumbled' by more than 5.5 % in November. However, they do express their 'surprise' by saying that prices tumbled even though the 'inventory' decreased. Of course, the inventory fell as it always does during this time of the year. But not too much.
Inventory fell by a mere 600 units as compared to October. Not too big a change when you have more than 8600 properties still on the market in the MLS system alone.
The YOY gains appear to be evaporating pretty quickly as well, and the median is up only 10% from last November's values. I expect this to move into negative territory in the next few months.
Prices have now been falling since June. Is this still the best time to buy?
Here's another chance for bulls (speculator, banker, mortgage broker, flipper, used or new house salesperson): Make a cogent case for why anyone should buy in Edmonton now. Also explain why prices will go up next year when we'll enter the new year with at least 8000 listings in MLS , over 3000 in COMFREE and more than 15000 properties coming for sale next year?
Once again, Edmonton is toast.
blog comments powered by Disqus
Real Estate Blogs - Blog Top Sites