For the first quarter of 2008, Edmonton home prices have remained fairly stable. According to Marc Perras, the president of the Realtors Association of Edmonton, “now it the time to be buying”, mostly because there is a good selection of homes on the market right now (there were 9,464 listed at the end of March), but also because we saw an interest rate decrease at the beginning of March.
The average price of single family homes increased to $386,632 last month, and the average price of condos decreased by 0.48% to $263,023. The average price of duplexes and rowhouses rose 4.8% to sit at $308,908 at the end of March. Overall, the average price for a residential dwelling rose 1.6% to come to rest at $343,760.
To view the full press release from the Realtors Association of Edmonton (formerly known as the Edmonton Real Estate Board), please continue reading.
First quarter results show housing prices are stable
Edmonton, April 3, 2008: In the first quarter of 2008, housing prices remained relatively stable. Small monthly fluctuations resulted in slight overall price increases since January 1 according to the REALTORS® Association of Edmonton for sales through the Multiple Listing Service®.
“Now is the time to be buying,” said Marc Perras, president of the REALTORS® Association of Edmonton. “The selection of available homes is very high and prices will increase by year end as inventory levels drop. The interest rate dropped last month and that made it possible for a wider range of buyers to enter the market as well.”
At the end of March, there were 9,464 residential properties available in the Edmonton area. That is up 1,220 properties from February and up 268% from a year ago. With the high inventory, demand was strong with residential sales near traditional volumes. There were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37%. Days-on-market dropped one day to 51 as compared to last month.
Single family home prices rose for the second month in a row to an average* sale price of $387,632 in March. After two months of price increases condo prices dropped back slightly (-0.48%) to $263,023 and duplex and rowhouse prices ($308,908) recovered from a five month slide to increase 4.8% over the previous month. The average residential price (which includes SFD, condo, duplex, mobile homes and other types of residential property) was up another 1.6% to $343,760. The average residential price is 5.66% higher than March 2007.
“Total MLS® sales are off as compared to a year ago. Total sales of $610 million in March were down 31% from the record setting pace in March 2007,” said Perras. In the first quarter REALTORS® sold over $1.5 billion worth of real estate in Edmonton and area.
|March 2008 activity||
% change from|
|Total MLS® sales this month||1,709||-35.60%|
|Value of total MLS® sales – month||$610 million||-31.00%|
|Value of total MLS® sales – year||$1.56 billion||-26.80%|
|Residential¹ sales this month||1,557||-34.00%|
|Residential average price||$343,760*||5.70%|
|SFD² average selling price – month||$387,632||-2.70%|
|SFD median³ selling price||$370,000||-3.90%|
|Condo average selling price||$263,023*||6.60%|
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
|Marc Perras||REALTOR®, 2008 President||Bus: (780) 483-4848|
|Ron Hutchinson||C.A.E., Executive V.P.||Bus: (780) 453-9340|
|Jon Hall||C.A.E., Manager Communications||Bus: (780) 453-9323|
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of 3,279 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at mls.ca, as well as in the Real Estate Weekly and on their web site at rewedmonton.ca. The Association supports charities involving shelter and the homeless through the REALTORS® Community Foundation (RCF).