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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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: _, H' ]- v' I2 r- |$ h“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., u8 \3 R2 ]& j$ R, d8 T
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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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- R/ X; n" \6 N; i7 iThere 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.# S# h& @! {6 ]: F0 K8 i, k+ w* ]- d
/ y, Y2 Z8 b7 E- C7 c. G“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.' Y) U2 V! W; u) F# _% E' l6 m
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9 Y( r5 `. k7 J8 `# _0 n7 GHighlights of MLS® activity
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April 2008 activity Record for
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April 2007 / o9 c( S8 R: {& c, d( O5 p
Total MLSsales this month 2,047 -25.80%
( n- e8 S1 k6 {: S# r% _6 HValue of total MLSsales – month $699 million -28.80%
/ e% K9 v3 u: I- @! j- hValue of total MLSsales – year $2.27 billion -27.50%
% m V2 @" K) O$ K# l) _& mResidential¹ sales this month 1,823 -25.30%
0 l8 ~% B6 @0 f& H$ CResidential average price $336,931 -2.10%
. u3 ^8 s, H6 w9 ^( F- H" bSFD² average selling price – month $386,033 -6.60% 8 r3 L6 l. J% u4 k/ }0 l$ G H
SFD median³ selling price $372,500 -6.60%
- q. p& j& Y* `; ?% k0 q1 x& E3 m1 KCondo average selling price $256,947 -1.60% |
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