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End of May 2009 Metro Edmonton Real Estate Market update

By
Real Estate Sales Representative with Royal LePage Summit

Hi everyone. It looks like we will end up with close to 2250 sales for May (up from 1843 in April)and an inventory of 7500 homes for sale (close to April's numbers). The market is now tipping more towards a Seller's Market than a balanced market. We only have a 3 month supply of homes for sale with the current rate of sales. The market currently is very strong.

The only thing that could pour some cold water on the market is the talk that interest rates are going up. Our market has been very price sensitive. 50% of the sales are under $300,000 and that has not changed since the beginning of 2009. I think an interest rate increase combined with price increases will knock out alot of buyers that are in the market right now. So, I am cautiously optimistic on the market.

I will be putting out the official stats once they are posted by the Edmonton Realtors Association.

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