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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.; ^& H: ~* Y/ w
' b* f3 h. f9 Y+ T“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., M2 u( {3 L: u3 i) 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.( q; n% X' s' S. s8 G
' G/ F2 W2 a" `2 qThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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, l9 [) z5 C7 e$ y' p# V4 NHighlights of MLS® activity; R4 W& L' |- v. D. {# {; H
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April 2008 activity Record for
# r: l" h7 g# N) D% ~3 t7 i( othe month* % change from, X: [$ `0 f. E0 C3 Q* Z: {
April 2007
) j2 O" [* m8 g( q4 c3 |( STotal MLSsales this month 2,047 -25.80% 5 {: T$ [! b. F, O
Value of total MLSsales – month $699 million -28.80% ( h' W4 r% {7 g6 C$ D- }- Y
Value of total MLSsales – year $2.27 billion -27.50%
* g. R2 t" N$ x# U3 u# | rResidential¹ sales this month 1,823 -25.30%
" y6 z0 c. W G/ t8 FResidential average price $336,931 -2.10%
; x- J0 }& ?; }# l2 R0 I& [SFD² average selling price – month $386,033 -6.60%
6 |9 e# w1 g; F6 R# xSFD median³ selling price $372,500 -6.60%
$ b5 `7 w" R6 S0 ]( N% _$ e/ s! w" SCondo average selling price $256,947 -1.60% |
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