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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 2005.4 b* }* S/ }& _4 P$ ?% N: a- D5 D
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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.0 H! b. q; P# }
9 q d. b6 q; M" c: mSingle 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.! W# ^; Y" I" E7 T/ N) t n, \
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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 $2.3 billion.' t6 Y% Y" b+ i# J+ c1 ~
* ` c: {1 x: \% w“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.$ V6 H: t' d i8 u
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Highlights of MLS® activity
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1 [9 B; C, W3 G$ o( VApril 2008 activity Record for) L& F: r6 ]0 f
the month* % change from/ x% N4 T! X2 r- }
April 2007 , `% o! k- q, }: C2 _
Total MLSsales this month 2,047 -25.80% - M( [' }1 N1 {' F% H$ Y% L$ ~4 C+ @
Value of total MLSsales – month $699 million -28.80% 4 C" C7 |6 S7 ^+ w
Value of total MLSsales – year $2.27 billion -27.50%
# q; y. @$ E* Y! {5 m% `; s6 dResidential¹ sales this month 1,823 -25.30%
( Z7 I% u6 u$ ]$ K7 |) uResidential average price $336,931 -2.10% ' ^: ] x2 c, c
SFD² average selling price – month $386,033 -6.60%
4 y) \. @! r' ~( s* CSFD median³ selling price $372,500 -6.60% 0 Y% i1 m6 T/ A8 s4 u: ~4 o
Condo average selling price $256,947 -1.60% |
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