Prices of Homes Climbing Slowly
The number of properties that were sold in February 2008 were 1,287, which is a slight increase since January. However, total listings at the end of February were 8,284, which is 12.7% higher than at the end of January.
The average price of residential real estate is still increasing overall, albeit in small increments – from January to February it increased by 1.9% to rest at $338,347. Single family dwellings increased in price by 0.6% to $381,965. Condos also increased (by 2.4%) to an average price of $264,204. Duplexes and rowhouses were the only type of residential real estate whose average price decreased this month – the average price is now $294,780, a decrease of 2.3%.
Overall, the real estate market in Edmonton is behaving as the REALTORS Association of Edmonton predicted.
To view the full press release from the Realtors Association of Edmonton (formerly known as the Edmonton Real Estate Board), please continue reading.
Housing Prices unwavering so far this year
Edmonton, March 4, 2008: The prices of single family homes and condominiums reported by the REALTORS® Association of Edmonton for February sales through the Multiple Listing Service® were up slightly over last month. Residential sales in February were lower than the past two years but slightly higher than the level set in 2005.
“Residential prices are generally stable even as the inventory increases,” said Marc Perras, president of the REALTORS® Association of Edmonton. “We predicted that sales would be on par with the last ‘normal’ year that we had in 2005. So far the market is behaving as we anticipated.” The number of available residential properties listed on the MLS® at the end of February was up 12.7% from the previous month at 8,284 properties. In February 2007 the inventory had just 2,120 properties.
Single family homes sold on average* for $381,965 in February, up just 0.6% from January and basically the same price they were at yearend. Condominium prices were up 2.4% to $264,204 in February. This is the highest average price for condos in the past five months. Duplex and rowhouse prices slipped for the fifth month in a row ending up 2.3% lower than January at $294,780 on average. The average residential price (which includes SFD, condo, duplex, mobile homes and other types of residential property) was up 1.9% to $338,347.
The number of residential properties coming into the market was up from January listings. There were 3,569 properties listed with sales of 1,287 for a sales-to-listing ratio of 36%. Total residential sales for the month were $435 million down from $606 million in February 2007. Total sales through the MLS® were $495 million for the month.
“While nothing is for sure, REALTORS® are not concerned about the health and vitality of the Edmonton market,” said Perras. “Buyers still have lots of choice but sellers are encouraged that days-on-market has dropped to 52 days (from 61 in January) and sale prices are typically close to the listed price.”
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| February 2008 activity |
Record for the month* |
% change from February 2007 |
| Total MLS® sales this month | 1,423 | -32.0% |
| Value of total MLS® sales – month | $495 million | -28.8% |
| Value of total MLS® sales – year | $955 million | -23.9% |
| Residential¹ sales this month | 1,287 | -31.8% |
| Residential average price | $338,347 | 5.3% |
| SFD² average selling price – month | $381,965* | 1.8% |
| SFD median³ selling price | $369,900* | 2.3% |
| Condo average selling price | $264,204* | 6.9% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
Contact:
| 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 |
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