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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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“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.% L( a- B/ r+ @9 K) \9 Z8 x T
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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.9 ~4 J% H% Y8 e' d
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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 $2.3 billion.; \% t( J F4 X
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.1 ]; Z+ e5 j" b3 ]
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Highlights of MLS® activity* ]" m7 K; h9 |$ P1 S* i
S1 O. g C/ Y7 e" @2 L1 ]April 2008 activity Record for0 O: K6 P0 {; w
the month* % change from
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. J* I n( c/ Y" H. {Total MLSsales this month 2,047 -25.80% 5 x' \+ h( e2 n5 R1 i
Value of total MLSsales – month $699 million -28.80%
) H1 a8 ], C( Q8 r8 JValue of total MLSsales – year $2.27 billion -27.50% 2 n9 |! z! x7 C7 l8 q& f' f4 `3 R
Residential¹ sales this month 1,823 -25.30% - ~9 [5 D6 d7 H3 C
Residential average price $336,931 -2.10% 8 ^" _% ~; Z: I: ~1 T8 j
SFD² average selling price – month $386,033 -6.60%
& K5 H+ r7 B. p: s7 b0 SSFD median³ selling price $372,500 -6.60% 4 [% D0 a, o4 h% d2 B$ A) F( R
Condo average selling price $256,947 -1.60% |
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