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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.- @ Q5 j- M7 R" C$ m; p6 I
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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.
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* W% ]* j3 f3 \ a3 qSingle 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., v' q* G; K/ M. `
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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 $2.3 billion.
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/ ^6 [& I( L% A$ ^1 @$ I; Q- O9 O3 ?$ Z# y“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 q, ]% A) m& q
7 N" F3 L$ P' b3 w! s! yApril 2008 activity Record for
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Total MLSsales this month 2,047 -25.80% & x9 h$ x4 d& M
Value of total MLSsales – month $699 million -28.80%
8 x4 X7 x7 Z4 Z$ d9 r8 {Value of total MLSsales – year $2.27 billion -27.50% : a. l& a5 U* |8 G- j. Q; O& K
Residential¹ sales this month 1,823 -25.30% : D3 g v, C4 p) O+ r
Residential average price $336,931 -2.10% 3 }9 t4 C; w. V/ K( m- p
SFD² average selling price – month $386,033 -6.60%
g1 f9 h+ s7 j$ k# RSFD median³ selling price $372,500 -6.60%
6 m! n- e, }- xCondo average selling price $256,947 -1.60% |
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