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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.: f2 K5 Q- N" |
n: S/ F0 V# y* E. N$ Z0 A“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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, @. X- l9 }8 Q+ H$ wSingle 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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0 Z! `) @3 }: m( {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 $2.3 billion.3 D3 b O( K7 e
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions." N* a$ A0 ]1 Q* |
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# q: ?+ ]& E. r# NHighlights of MLS® activity: s5 }5 ]: e# a; T N) Y
7 `9 m, S$ i5 s$ d+ AApril 2008 activity Record for
& [) R+ {6 E i/ tthe month* % change from, E9 F0 f; \5 I* t8 E' \
April 2007
9 J/ _- y! n$ n% d! ~* [. QTotal MLSsales this month 2,047 -25.80%
6 O" m1 Q; M4 X) HValue of total MLSsales – month $699 million -28.80% 5 @* Q+ N, V3 e1 V0 m M
Value of total MLSsales – year $2.27 billion -27.50%
* M/ P" @0 o, M) `Residential¹ sales this month 1,823 -25.30%
" X2 d A4 M- m! Z% @/ ]. eResidential average price $336,931 -2.10%
0 c/ B' j+ k' t6 W8 vSFD² average selling price – month $386,033 -6.60%
& s: C8 a2 D5 c- Q4 TSFD median³ selling price $372,500 -6.60%
; m2 [ F6 A1 Z. YCondo average selling price $256,947 -1.60% |
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