Home prices seem to be following the price of oil. Maybe wealthy retirees from real estate appreciation in British Columbia will retire to Alberta and move back to British Columbia after the real estate market crashes there.Posted by Tony on Saturday, June 2nd, 2018 at 10:22pm
The headline on this Blog blares "Home Sales Pick Up in Edmonton in May"!!!
But below this, Sara says: "...showing a slight decline in both prices and sales..."
Marketers know that most people are heavily influenced by headlines, regardless of what the truth is.
Great Marketing but not exactly the truth.
People, sales are way down YoY and prices in many categories have followed suit. Don't pay any attention to average prices, it is basically a worthless stat.
The Greater Edmonton area saw a decline year over year, but if you read further down the post (which was the original post before I updated it with the Association stats) it says:
"Our preliminary look at the Edmonton real estate market in May shows homes sales were up, ever so slightly, over last May. 879 single family homes were reported sold in May, up 0.9% from last May. While the increase in sales over last year is slight, at best, we have moved from sales being well below average for the past few months, to roughly average for this time of year."
So uh, an increase of 0.9% justifies a headline about "sales picking up"? Noting it at all, yet alone in a blog headline, really is just a Marketing tactic.
With a sales to listing ratio well below 50% all year long and this week's mark of 34%, indicates that this market is essentially in free fall and I think you're going to have to work really hard to come up with your rosy headlines for the foreseeable future.