Where is the Edmonton real estate market at? Where is it going to go? Is now a good time to buy? Should I sell now or wait? All of these awesome questions are questions that I get asked every day. My next blog series answers your top real estate questions.
Question 1: Where is the Edmonton real estate market?
We now have an inventory of 7,665 properties in greater Edmonton. Around 6,000 is considered to be a balanced market, so we are now squarely in a "buyer's market".
While we have had a lot of great press for the real estate market in
Edmonton, there is still a lot of uncertainty as to where the markets
are heading (real estate, stock, money markets, etc.). Developers and
home buyers in Edmonton seem to be holding off, as indicated by the 46%
drop in housing starts from last year by builders- see the Edmonton
Journal article from May 9:
You will see in the REALTORS Association press release (see my last blog article: Edmonton Real Estate Update May 2011) that there has
been a 23% drop in residential sales since last year in Edmonton. I
just finished looking through the RE/MAX "Top 100" agents for Western
Canada. Normally there are about 10-15 Edmonton agents on the list. For
the first quarter of 2011, there were only 3; 2 of the 3 agents specialize in
foreclosure sales. Where the Edmonton RE/MAX agents are in terms of
sales tends to be a good indicator, as RE/MAX consistently has a 45%
marketshare in all Edmonton real estate sales.
If you have any questions, please call me anytime! Everyone's situation is different and I'd love to help you with whatever your real estate needs are.
- Sara Kalke
On Twitter @sarakalke
On Facebook at http://www.facebook.com/sarakalkerealtor