Well high inventory levels continue to be the story the latter half of this year. We are now at 8822 homes for sale in the Metro Edmonton market. This is down only marginally from July's 8892. Normally we see the inventory fall as we go into the fall. This year things are different. So what is going on?
It is actually a combination of two things. The sales were very low, we only saw 1195 homes sold in August. In the last 4 years, we've averaged 1635 sales for August. The other stat that jumps out is the increase in new listings in August. Normally we see about 1582 new listings (average of previous 4 years for August), in August this year we saw 2700 new listings. That is why our inventory has crested but not started to fall.
How is this impacting prices? Well they are starting to fall. Single family homes are down almost 2% from July and Condos are down 3.4%.
It is actually a combination of two things. The sales were very low, we only saw 1195 homes sold in August. In the last 4 years, we've averaged 1635 sales for August. The other stat that jumps out is the increase in new listings in August. Normally we see about 1582 new listings (average of previous 4 years for August), in August this year we saw 2700 new listings. That is why our inventory has crested but not started to fall.
How is this impacting prices? Well they are starting to fall. Single family homes are down almost 2% from July and Condos are down 3.4%.
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