Record housing sales for second month in a row

Edmonton, August 5, 2009: The REALTORS® Association of Edmonton reported a record number of single month sales of residential properties for the second month in a row. Buyers who created record sales in June carried through for a record in July as well. Although sales were off almost 11% from June the total number of July sales was 2,277, creating a new July record.

“The market is stable and strong sales and market activity are not driving prices up dramatically,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Attractive mortgage rates and consumer confidence are powering the local market and sellers are being realistic about their pricing.”

The average* SFD sold for $372,741 in July as compared to $369,859 in June (up ¾ of a percent). Condominium prices were down one percent at $244,265 on average in July from $247,071 in June. Duplex and rowhouse prices were up 1.8% from a month ago to $296,284. The average residential prices was down just over 1% to $324,847. Average prices in all categories in July were down from the same month last year.

“The total value of residential sales for the year have surpassed what they were last year at the same time,” said Ponde. “REALTORS® have sold $3.845 billion worth of residential property so far as compared to $3.842 billion last year at the end of July.” Listing activity was down with just 2,764 properties listed as compared to 3,179 last month and 3,582 in July 2008.

The average days-on-market was 46 in July; down three days from June. At the end of July there were 6,592 residential properties active on the MLS® System down by just 107 properties from June. Total sales through the MLS® System are worth $4.42 billion after just seven months of business.