A recent article in the Globe has made some predictions on how far prices will drop in 2009. They say 8%. This is of course across Canada so in pockets it will likely be more. Alberta…sigh is certainly one of those areas. Considering median prices for Singe family homes has dropped 15% in Calgary since the height of the boom in June ’08 until now. Also add the fact that absorption has increased from a manageable 4 months of supply this time last year to 8 months now, and that sales to new listings rate has dropped to 26% then EVERYTHING is pointing to dropping prices.
Sellers, if you want to sell your home you need to get realistic, fast. Over priced homes NEVER sell in a falling market. If you don’t need to sell and you are not happy with the price your Realtor is telling you then PLEASE don’t list your home, you are not helping. More inventory is not what we need. Particularly inventory that is over priced and ill advised.
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