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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 2005.7 }- _2 b" F3 s4 e ]% c
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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., _) ]* }% X- _3 k6 i0 {" F6 F7 x0 Q
' A, ^' n s( m! OSingle 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 $336,931 when compared to March and down just 2.1% from a year ago. T9 C( V9 |. a$ h% F u
1 s5 V; p$ L" V$ Q: g/ J8 [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 $2.3 billion.- Y7 w+ @7 M( R! v$ W. \. z8 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.4 c. d; `0 @% M6 V! H( o, ?/ J6 A
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! f9 m6 q* o6 u% l& V. q! OHighlights of MLS® activity
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April 2008 activity Record for, Y7 N. ~! t3 j, j
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April 2007
+ u4 G: b2 S! I. V, y- NTotal MLSsales this month 2,047 -25.80% 2 h- I$ `3 W, T8 Q* G2 h. X
Value of total MLSsales – month $699 million -28.80%
' z L0 L: e% v. t9 V" Z( Y% }+ _Value of total MLSsales – year $2.27 billion -27.50% ) H8 ?) Q: I5 n; z& m9 n: B* s
Residential¹ sales this month 1,823 -25.30%
) r2 z- r6 {9 @- A/ o. Q+ G0 qResidential average price $336,931 -2.10% $ S5 g4 N: |' n: R4 Y. i! {
SFD² average selling price – month $386,033 -6.60% 0 o; B* x; L% }; o' v* g' t
SFD median³ selling price $372,500 -6.60% 7 C6 y1 P, M. C9 z6 X8 M7 K+ ~
Condo average selling price $256,947 -1.60% |
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