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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.+ V# o* Z( V' G$ F/ @
/ F" Z4 K$ o3 @, {, A. r“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.9 Y9 g2 i; u5 Y$ X3 ~
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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 $336,931 when compared to March and down just 2.1% from a year ago.8 K2 n) s/ G$ k+ h6 S' V, G
% F2 s1 r8 u* U& @7 p% gThere 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 $2.3 billion.
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4 p: k9 R' @( l/ t( B“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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0 q$ ~. i" g9 P* R: V# C, |Highlights of MLS® activity. E; \/ S' E0 j( Q, r5 [( M1 S
8 F$ \( D2 |) Q. _April 2008 activity Record for
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April 2007
& w! _+ ]! {& l! T# tTotal MLSsales this month 2,047 -25.80%
" Z3 `& @+ Z% e8 oValue of total MLSsales – month $699 million -28.80%
( p0 F; E9 B! e: }Value of total MLSsales – year $2.27 billion -27.50%
$ ]2 Z( T8 }) M0 S, G0 U5 MResidential¹ sales this month 1,823 -25.30% 4 z* K U9 o6 l/ N! | W. H- c/ y
Residential average price $336,931 -2.10%
: X9 G j( \' l3 z, [& ]2 VSFD² average selling price – month $386,033 -6.60%
# U5 V. k1 s/ ]' @9 C% a }- MSFD median³ selling price $372,500 -6.60%
U) D5 g2 c; F7 ^1 F. T+ t8 T3 Z4 VCondo average selling price $256,947 -1.60% |
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