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Local Housing Market well-balanced: able to meet reasonable expectations
Edmonton, May 3, 2011: According to the REALTORS® Association of Edmonton, the average price of housing remained relatively stable through April as compared to the previous month. The all-residential average price decreased $310 to $327,415; down from $327,725 in March. Single family home prices decreased $425 while condo prices rose $1,305 (0.6%) during the month. Despite the activity the market is balanced without a distinct advantage for either buyer or seller.
“Prices and sales usually increase in the second quarter and REALTORS® are busy serving new and repeat customers,” explained REALTORS® Association of Edmonton President Chris Mooney. “The increase in new listings means that there is a good selection of homes to choose from. However, the market is still price sensitive and sellers will have to have a realistic pricing strategy if they are expecting a quick sale.”
Residential sales were 1,487 down 7.8%; compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30.
The average* price of a single family detached home in April was $379,075 with a median price of $357,000. Condo average price was $234,220 with a median of $220,000. Duplex and rowhouse prices rose on average from $294,585 to $300,906, a 2.1% increase. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.
“There is a lot of activity in the local market and the situation changes every day and from neighbourhood to neighbourhood,” said Mooney. “Only your REALTOR® has access to the most up-to-date sales activity and sold prices. He or she is prepared to work closely with you to locate your next dream home or sell the property that no longer meets your lifestyle needs.”
The average days-on-market in April was 49 days. The residential sales-to-listing ratio was 45% in April and total MLS® System sales were over $1.822 billion for the year so far.
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Highlights of MLS® System activity
|April 2011 activity||Record for
|% change from
|Total MLS® System sales this month||1,646||-21.70%|
|Value of total MLS® System sales - month||$549 million||-24.30%|
|Value of total MLS® System sales - year||$1.82 billion||-15.40%|
|Residential¹ sales this month||$487 million||-23.50%|
|Residential average price||$327,415||-3.70%|
|SFD² average selling price - month||$379,075||-2.10%|
|SFD median³ selling price||$357,000||-3.50%|
|Condo average selling price||$234,220||-7.30%|
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* 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. For information on a specific area, contact your local REALTOR®.