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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." P7 k, F. c0 a) T/ z4 i/ K
3 d0 a4 L" l* m% ]) {“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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7 J! e* i" f6 r) n3 d: 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.
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/ A% ?! `8 Q2 N/ z1 Q! |" \Highlights of MLS® activity, W# k; H3 s" z! o
- n' N \1 s( A. a) s2 T P" U5 z2 _9 G* iApril 2008 activity Record for
+ T9 }5 |( k7 O# s5 `# fthe month* % change from
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Total MLSsales this month 2,047 -25.80%
: a+ m/ r. x v" v) T& pValue of total MLSsales – month $699 million -28.80% ) w: J) L1 m% g4 \' ]" q- n: T
Value of total MLSsales – year $2.27 billion -27.50% 6 ^- Y3 j4 n& \8 V. E+ O- W8 U# T
Residential¹ sales this month 1,823 -25.30% 3 q4 c% ^$ t, {( |7 z& P$ r3 W
Residential average price $336,931 -2.10% : n J: D# R. c$ k
SFD² average selling price – month $386,033 -6.60% ( R, A7 p% r& J: v: }* d7 B
SFD median³ selling price $372,500 -6.60%
3 m; y* S+ ~5 c! x! Z0 F6 aCondo average selling price $256,947 -1.60% |
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