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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.: R& y- K- F* X% e7 m
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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.) [, _9 {- f* U( [# K4 e
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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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( [+ ?% ]# }# X7 ?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 $2.3 billion., e) r! t: z, M* D
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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Highlights of MLS® activity$ |( P" s" [" X+ S5 [9 T
Y5 \& r7 ^" `/ |# C8 Y8 x" `; FApril 2008 activity Record for
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April 2007
& c) F9 Q4 `- P& b1 C0 ?Total MLSsales this month 2,047 -25.80% 0 V% } G' r' D+ w8 |8 m; ~
Value of total MLSsales – month $699 million -28.80% ! d2 v0 T- D0 \6 a
Value of total MLSsales – year $2.27 billion -27.50%
' ?* ~0 Y; G/ V' b+ q" I' k6 KResidential¹ sales this month 1,823 -25.30% ' E, D; _& ^4 V
Residential average price $336,931 -2.10%
0 p |3 ?1 s+ ~9 }# Q. V' USFD² average selling price – month $386,033 -6.60% ; n5 w; `# I# G
SFD median³ selling price $372,500 -6.60%
$ E7 o' Q7 L1 K/ k+ j: ~9 B; rCondo average selling price $256,947 -1.60% |
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