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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.% A G5 \6 ~: w6 [" F9 `7 I
" h1 H0 j6 e" T7 D. e) @“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.# F; ^ A9 r/ A( ]
8 z8 f9 g1 t- }" X) r9 c3 @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 $2.3 billion.$ R- @2 W2 n! g' H
) \5 A7 w: [2 {* I/ @ q“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., N8 Y' w& j, W! P4 c6 D
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Highlights of MLS® activity% A9 |+ Y+ E( X) h
; \# C/ d# c% k2 \April 2008 activity Record for2 v# D6 @0 A$ B8 n' U4 {# h/ m: b
the month* % change from
0 G% [% R, g. [# c; `6 U5 WApril 2007
' {% i8 g6 S+ Z7 UTotal MLSsales this month 2,047 -25.80% ; O3 R( J/ T& U
Value of total MLSsales – month $699 million -28.80% $ C/ d) K/ \* F# D
Value of total MLSsales – year $2.27 billion -27.50% ( C) v( c* [6 l/ d9 ?1 G2 R! S, o
Residential¹ sales this month 1,823 -25.30% ' o. Y0 G+ W/ T9 c2 D" ?3 @
Residential average price $336,931 -2.10%
9 P6 g0 p$ y) U" B& ]0 {& QSFD² average selling price – month $386,033 -6.60%
! u2 G8 W8 r. T. W/ {2 H8 ^+ nSFD median³ selling price $372,500 -6.60%
+ E2 v; w8 k/ i0 FCondo average selling price $256,947 -1.60% |
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