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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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. u5 j1 K5 w" _% N“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.
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, i1 e9 y- S0 m3 g; S0 \2 d9 C) u5 [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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There 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 $2.3 billion.4 ~: P% i. D. I3 V* E8 T8 Y% S7 i! E8 h
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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4 y: L) m7 ]5 m' L/ \Highlights of MLS® activity
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April 2008 activity Record for
; H: N8 D) v. C7 Uthe month* % change from: J9 b" b' d" Z! @+ G- Q% K$ ]
April 2007
9 M+ Y3 p' t7 ~# `0 w: `5 cTotal MLSsales this month 2,047 -25.80%
6 S, K# X. H) T9 e9 [/ m% F [Value of total MLSsales – month $699 million -28.80%
8 h% {# T1 h" S" Z# @& LValue of total MLSsales – year $2.27 billion -27.50%
g+ u+ D: u3 C) F' x, UResidential¹ sales this month 1,823 -25.30% % c! \. L- C$ H6 o( |7 D
Residential average price $336,931 -2.10%
8 |5 H8 A' f K4 R2 s4 _SFD² average selling price – month $386,033 -6.60%
) Z2 |, j4 I& h, ?SFD median³ selling price $372,500 -6.60% # D1 s7 U( \, ^& |. D6 L- T* s
Condo average selling price $256,947 -1.60% |
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