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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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“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.. P7 v6 g* y) `) U
2 t, ~$ _9 h, m7 ^* _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.& \) T& @4 o& p5 h* w
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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 $2.3 billion., j$ q# \, U) r
' i# n |- U k: k7 H- C5 v“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$ c# A" n1 ~" _0 h% ]# Q
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9 [- q. P/ L1 HHighlights of MLS® activity" L1 p& l' A( p2 h
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April 2008 activity Record for- L( @3 C. U9 \& z' g7 ~: M
the month* % change from2 {3 Z2 }% J6 O* U# B$ T' D
April 2007
# | h- }' X6 d) @Total MLSsales this month 2,047 -25.80% ' ]9 [" U- t Z9 J
Value of total MLSsales – month $699 million -28.80%
7 J5 m0 f. |; i- H+ pValue of total MLSsales – year $2.27 billion -27.50%
; a% b1 G4 l( _6 H4 h: }2 y4 s5 |# wResidential¹ sales this month 1,823 -25.30%
. [2 }+ f9 Q, e; S% i s4 b' T3 gResidential average price $336,931 -2.10%
5 R- o2 p8 L. v, v6 {. K' I" uSFD² average selling price – month $386,033 -6.60% 6 V( Q1 R8 a. }. j' @
SFD median³ selling price $372,500 -6.60%
7 _4 W, @7 j5 H( J) ~Condo average selling price $256,947 -1.60% |
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