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Edmonton, May 5, 2008: The REALTORS® Association of Edmonton reported that the average price for single family homes dropped less than half a percent after three months of small increases. April sales of all types of residential property through the Multiple Listing Service® were lower than the two previous years at 1,823 units but higher than the more typical years of 2004 and 2005.
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* x! I4 U9 X& B! f/ C“The Edmonton housing market is stable and buyers and sellers seem to be coming to a realistic view of housing prices,” said Marc Perras, president of the REALTORS® Association of Edmonton. “In this market, with a very high inventory, pricing is a key component of a successful sale.” While the typical sale is completed at 97% of the asking price many sellers have had to reduce their price to find the level that would attract a buyer.7 k+ V2 H- W% \! }$ {
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Single family dwellings sold on average* for $386,033 in April just 0.4% down from the previous month. SFD prices are still 6.6% lower than April 2007. Condos sold on average for $256,947, a decrease of 2.3% from last month. On the other hand, duplexes and rowhouses sold during April were priced 2.3% higher at $316,065 on average. Overall, the average price for all types of residential property was down 2% at $336,931 when compared to March and down just 2.1% from a year ago.
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$ ]" S5 q! Y' @& g$ S- { S6 U6 HThere are 10,606 residential properties currently available on the MLS® (up 12% from last month’s record inventory). The average days on market was just 52 days; up one from March. There were 4,471 residential listings during the month and the sales to listing ratio is a low 41%. Total residential sales were $1.99 billion and total MLS® sales were $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.' c U$ o7 a2 y% ~" b0 _
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+ j8 O/ @' i3 o! I( g* {6 V2 cHighlights of MLS® activity
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* ^# L# J$ C R9 n TApril 2008 activity Record for
E* m8 w) }* `the month* % change from# t7 g, J c: ]% [8 M+ g8 S9 Y, o
April 2007
9 E& C/ S$ u% F# e% c2 X& }Total MLSsales this month 2,047 -25.80%
, g1 l4 b% x1 D) k- \% uValue of total MLSsales – month $699 million -28.80%
* |) ?- G4 j7 g$ T$ d* W0 \* k# k' q, Y) ZValue of total MLSsales – year $2.27 billion -27.50% 9 j- y% ]& [$ ~* X! C
Residential¹ sales this month 1,823 -25.30%
+ _$ A2 m+ ` Z0 @Residential average price $336,931 -2.10% ) E' D; w7 F: L+ |" P& [. _
SFD² average selling price – month $386,033 -6.60% ' z6 y6 H6 ?4 E. S8 J5 m
SFD median³ selling price $372,500 -6.60% ( @8 N _. n9 q1 n0 Y7 e7 D1 W7 |
Condo average selling price $256,947 -1.60% |
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