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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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6 f) \. e- L. c, p' U“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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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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& z9 Z3 M+ v. x N' c5 s) h“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.' N/ d6 D* c# F/ f2 x
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Highlights of MLS® activity
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April 2008 activity Record for% ]7 T' Q; X8 L* G! G
the month* % change from
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( I* p' _1 G, VTotal MLSsales this month 2,047 -25.80% 6 ~+ ^2 H( k: g1 A- I1 c3 g% Y* i
Value of total MLSsales – month $699 million -28.80% ) O2 C/ B2 ^8 e. x
Value of total MLSsales – year $2.27 billion -27.50% 9 f2 h4 _5 ?2 B U
Residential¹ sales this month 1,823 -25.30% 3 g5 c6 x2 q- Y/ {! C5 b$ |# T
Residential average price $336,931 -2.10%
, D$ |8 h4 R3 H2 `* s5 H9 ]) x9 o2 @SFD² average selling price – month $386,033 -6.60%
( a( V4 ?, B" d9 KSFD median³ selling price $372,500 -6.60%
" v2 |! I( w9 c& a% a3 cCondo average selling price $256,947 -1.60% |
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