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Edmonton, September 2, 2009: Residential sales through the Edmonton and Area Multiple Listing Service® in August were lower than the number posted in July but higher than sales the previous August. There were a total of 1,673 sales last month as compared to 2,277 in July (a monthly record) and 1,541 in August 2008.

“Although sales numbers cooled a bit after record sales in June and July, we are still experiencing the strength of the market in Edmonton,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Our members continue to report high buyer interest. Although sales in the fall are slower than the spring, buyers are looking for a home and sellers can reach them through the MLS® System.”

Prices for Single Family Dwellings climbed steadily all year and peaked in July at $372,741. The average* SFD sold for $366,788 in August, down 1.6 percent from the previous month. The current price is just $2,400 lower than average prices in August 2008.

Condominium prices were also down in August; dropping less than one percent to $242,035 on average in August from $244,265 in July. By comparison, the average price for a condo in August 2008 was $251,048. The average price has come down because of the increased amount of lower priced product that has entered the market rather than the value of a particular property being marked down.

Duplex and row house properties sold on average for $294,007 and the combined Average Residential Price was $318,321 in August; down 3.3% from $329,207 in August 2008.

“Our market is operating normally,” said Ponde. “There is a balance between buyers’ and sellers’ expectations and, while prices fluctuate seasonally, there are no major price swings. The strong inventory and activity levels result in moderation and stability.”

The average days-on-market was 48 in August; up two days from July. At the end of August there were 6,445 residential properties active on the MLS® System.

Written article provided by John Hall  Marketing EREB 











From EREB   April 7, 2009
First quarter housing prices hover around $350,000

The average price of single family homes in the Edmonton area has hovered around the $350,000 mark for the first quarter of this year, reported the REALTORS® Association. At the beginning of January the average price for a SFD was $351,870. The price varied slightly and at the end of March the average SFD price was $349,716, up 0.7% from the previous month. Condo prices were a little more volatile, but popped up 1.6% in March to $230,469, after a 5% drop in February. The average price of a duplex/rowhouse was $276,776.

“With price stability, low interest rates, spring weather and pent-up demand; it appears REALTORS® are starting to get busy again,” said Charlie Ponde, president of the REALTORS® Association. “Our offices are reporting an increase in buyer interest. Sales in March were up 28% from the previous month.”

Residential sales through the MLS® in March totalled 1,380 units. Total MLS® sales (including commercial and rural sales) were 1,513 units. This is a 30% increase over February. Total residential sales for the first quarter were 3,185 units and total MLS® sales were 3,471 with a YTD value of $1.1 billion.

There were 2,891 residential listings in March (down 31.7% from last March) resulting in a month end inventory of 7,476 residential properties (down from 9,464 in March 2008). The sales-to-listing ratio was 48% and average days-on-market was 56 days (down five from February).

“The market is once again operating in a normal fashion with typical seasonal fluctuations,” said Ponde. “REALTORS® are prepared with daily statistics and market knowledge to help clients understand the market fluctuations and advise them on pricing and marketing strategies that help buy and sell homes and commercial properties.”