Expect More Pressure on Valuations

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As of today in Edmonton proper there are 3,244 single family homes listed for sale. That is a number that has remained fairly stable for the last few weeks.

In the last 30 days there has been only 457 sales of single family homes. That is approximately a 10% drop in the number of sales since last month. Not totally unusual for this time a year when sales have a tendency of slowing down.

That does however give us a listings to sales ratio of 7.098:1, an increase since last month. The ratio that we need for a balanced or neutral market we need a listings to sales ratio of 4:1.

With this in mind I expect that there is going to be continued downward pressure on the valuations of homes.