Resale housing market maintains stability???

Edmonton, November 5, 2007: Edmonton’s housing market maintained stable through October with small changes in average prices for most types of residential property. Multiple Listing Service® inventory dropped slightly to 9,577 residential properties available on October 31.

Single family dwellings listed on the Multiple Listing Service® sold on average* for $397,198 in the Edmonton area in October. This is down just 0.6% from last month. Condominiums on MLS® sold on average for $262,875 (down 2.9%) and duplex/rowhouses were up 18.7% and sold for $367,964 on average (just 55 units sold). Increased duplex/rowhouse sales drove the average residential sales price (which includes all types of residential property) up 1% from last month at $347,668.
Coutesy of Realtors Association of Edmonton

Houses dropped .6% last month that would be 7.2% yr and condos dropped 2.9% last month thats 34% yr. Of course these stat are for 1 month Oct 2007 but prices have been dropping since July. Don't worry prices will start climbing again in the spring because the economy is so strong we keep hearing. Maybe...maybe not. Lots of houses and condos are still being built and 9000+ units are still unsold with 3745 new listings and only 1276 sales. The all telling 44 days to sell screams "buyers market".
Speculators that bought in the first quarter of 2007 are panicking and can't even unload there units with no money down deals. An awful lot of inventory needs to be sold before prices may once again start escallating.
Renters and side liners are gleefully relishing the downturn in hopes of getting in at the bottom. Speculators are getting disgruntled at how fast the tide has turned.
What do you think? Comments welcome.