Edmonton, April 5, 2011: REALTORS® expect the local real estate market to follow a well-worn annual sales track. However, like the stock market, large external forces can skew the market. In 2010, the threat of increased mortgage rates and a change to mortgage qualification rules accelerated sales in the first quarter and caused a sales slump in the following months that took all summer to work through. This year there are no external influences on the market and it is operating normally again.
According to the REALTORS® Association of Edmonton, residential sales in the first quarter are normal for this time of year although lower than 2010 numbers because of the abnormalities imposed on the previous market. There were 3,479 residential sales in the first quarter, which is down from 3,890 last year.
"We will see sales number bounce back as we move into the spring market period," said REALTORS® Association of Edmonton President Chris Mooney. "All the fundamentals for this market are positive. There is job stability, low unemployment, income growth and in-migration. New home builders are busy and I expect buyers to be looking at the housing options which match their lifestyle changes."
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