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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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& l0 D6 V- ]8 n6 \“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.8 T5 b1 M% V- h; M( N
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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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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 $2.3 billion.
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+ j+ p; o* ^1 c R4 u' Z“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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Highlights of MLS® activity5 k; `$ o0 ~" E Z" K3 z4 B
; L0 R6 u/ P; ^) e- u: C! [4 I2 T+ A3 V. lApril 2008 activity Record for. t$ H% c+ S: s* I4 V3 b
the month* % change from1 d2 [) H2 ^4 [4 h* `; R
April 2007 9 j3 D$ Y, }& O- x. ]
Total MLSsales this month 2,047 -25.80%
$ `. G0 d6 ^2 \4 GValue of total MLSsales – month $699 million -28.80%
h7 P" L, m5 G; U0 iValue of total MLSsales – year $2.27 billion -27.50% $ B6 H7 V3 k" ?5 k$ @
Residential¹ sales this month 1,823 -25.30% # N |( |: E9 P( g3 o5 y
Residential average price $336,931 -2.10% & k* I0 M$ l4 p7 a
SFD² average selling price – month $386,033 -6.60%
: p; k7 Y K# y8 U+ LSFD median³ selling price $372,500 -6.60%
% D0 a8 B5 T, n! ZCondo average selling price $256,947 -1.60% |
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