Edmonton residential housing market sailing on calm seas
Edmonton, May 2, 2012: According to figures released by the REALTORS® Association of Edmonton, there is a sea of calm in the local real estate market. Residential sales through the Multiple Listing Service® System in April were up 5.3% from the same month last year but below average for April. There were 1,713 residential sales in April as compared to the 5-year average of 1,940 sales. There were 7,334 residential properties available in inventory at the end of April which is up 7% from last month.
"There is plenty of choice in the market at this time," said REALTORS® Association of Edmonton President Doug Singleton. "Single family prices have risen slightly each month this year which is encouraging sellers to list their property." He urged home buyers to remain calm, to confirm their financing arrangements and to study the market with their REALTOR®. "Of course, when your REALTOR® shows you the ideal home you should move decisively to make an offer and begin the home buying process in case another buyer is also interested."
In April, the average1 residential price was up just 0.8% from last month at $337,363. The average price of a single family detached home was $382,384, up 0.9% from the previous month. The average price of a condominium in April was $235,036, up 1.3% from March. Duplex and rowhouse properties sold on average for $329,025; a 3.6% rise from the previous month. Residential prices were also up when compared to a year ago:
- Single family up 0.4%
- Condominium up 1.1%
- Duplex/Row house up 8.9%
- All residential up 2.99%
The average days-on-market in April was 50 days (down three from March) and the sales-to-listing ratio was 53% (up 2% from last month); both indicators reflecting increased market activity. REALTORS® participated in the sale of $578 million worth of residential property last month and total MLS® activity for the year is $1.5 billion (up 15% from 2011 YTD).
"If a change in your lifestyle requires a change of address, then this a great market to be in," said Singleton. "Choice of neighbourhoods, variety of housing types and stable pricing may not be available in every market but they are features here in the Edmonton area."
Activity (for all residential sales on Edmonton MLS® System)
|SFD2 average selling price - month||$382,384||0.90%||0.40%|
|SFD median3 selling price||$365,000||1.40%||2.20%|
|Condominium average selling price||$235,036||1.30%||1.10%|
|Condominium median selling price||$223,250||1.50%||1.50%|
|All-residential4 average selling price||$337,363||0.80%||2.99%|
|All-residential median selling price||$327,000||1.60%||3.80%|
|# residential listings this month||3,253||-0.50%||1.90%|
|# residential sales this month||1,713||1.40%||5.30%|
|# residential inventory at month end||7,334||7.10%||-4.90%|
|# Total5 MLS® System sales this month||1,926||1.80%||6.20%|
|$ Value residential sales this month||$578 Million||12.50%||8.40%|
|$ Value of total MLS® System sales – month||$667 Million||24.70%||0.20%|
|$ Value of total MLS® System sales - YTD||$2.2 Billion||49.40%||21.70%|
2 Residential includes SFD, condos and duplex/row houses
3 Single Family Dwelling
4 The middle figure in a list of all sales prices
5 Includes residential, rural and commercial sales
1 Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.