August housing market quietens
Edmonton, September 2, 2010: The REALTORS® Association of Edmonton reports that the average price of single family property in the Edmonton area has softened with a small drop for the second consecutive month. Prices were plateaued at just over $388,000 from March to June. Condominium prices have dropped steadily from their high point of $353,000 in April and are down another 2.99%.
“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “There may be bargains in the condominium market as prices are about $10,000 less than a year ago, on average.”
The average* priced single family property was down 1.96% and sold for $372,253 in August. Condominiums dropped in price for the fourth consecutive month and sold on average for $232,230 in August. The duplex/rowhouse average price was up 16.7% to $352,662 but based on just 56 sales so the average may be skewed by the selection of properties sold. The average residential sale price (which includes all types of residential property) was $325,588; down just 1.3% from last month.
Residential sales in August were down from the previous month at 1,195 as were listings at 2,700. This sales-to-listing ratio of 44% increased the available inventory to 8,822 units at the end of the month. Sales were slower as the average days-on-market was up six at 57 days.
“Although the market has quieted this summer the inventory is being constantly refreshed,” said Westergard. “Our 3,200 REALTORS® are listing 50 to 100 properties every day and wide choice is available in all areas. We don’t expect a big push this fall but homes are selling although the sales cycle is longer than many sellers would like.”
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August 2010 activity Record for
the month* % change from
August 2009
Total MLS® System sales this month 1,361 -32.20%
Value of total MLS® System sales - month $445 million -31.40%
Value of total MLS® System sales - year $4.45 billion -10.50%
Residential¹ sales this month 1,195 -29.50%
Residential average price $325,588 2.01%
SFD² average selling price - month $372,253 1.23%
SFD median³ selling price $350,000 --
Condo average selling price $232,230 -4.18%
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 prices, which may vary.
Cooler prices in July are still up 1.5% from last year
Edmonton, August 4, 2010: While the summer temperatures rose in July, housing prices cooled and prices for all types of residential properties dipped slightly according to figures released by the REALTORS® Association of Edmonton. Single family dwelling prices slid 3.1% while condo prices were down 1.5% and duplex/rowhouse prices dipped just less than one percent. The all-residential average price dropped just 1.7%.
"The number of homes in the inventory is giving buyers' choice," said Larry Westergard, president of the REALTORS® Association of Edmonton. "As a result many buyers are taking their time and prices are beginning to soften slightly. At the same time, some sellers who have been standing firm have been pushed to discount their initial list price." Less than half of the active listings over 30 days have had a price reduction. However, 93% of July sales sold below the list with about 40% having already taken a price reduction.
Single family homes sold on average* for $378,979 in July; a reduction from the previous month but up 1.5% from what they sold for last year. Condominiums dropped in price slightly in July moving down about 1.5% from June. The average condo price was $240,371 in July. The duplex/rowhouse average price was also down 0.9% to $304,032 and the average residential price (including all types of residential property) was down 1.7% since last month at $329,734.
The large inventory of 8,892 residential properties available at month end dampened both listings and sales. New listings were off 15% from last month and 3.3% from last July. Sales dropped from 1,741 in June to 1,294 in July (a 15% drop). The sales-to-listing ratio was 43.8% (down from June). As you might expect, sales were also slower and the average days-on-market was up 4 at 51 days. "A well presented property with the right price might still attract multiple offers," said Westergard. "Most buyers are receiving the expert advice of their REALTOR® and getting access to day-to-day changes to numbers and sales results. It is critical that sellers remain in contact with their REALTOR® and be prepared to modify the price as the market moves." Residential inventory is expected to follow a seasonal trend and fall through the latter part of the year leading to a more balanced market and price stability.
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July 2010 activity Record for
the month* % change from
July 2009
Total MLS® System sales this month 1,476 -40.80%
Value of total MLS® System sales - month $497 million -40.50%
Value of total MLS® System sales - year $3.98 billion -8.20%
Residential¹ sales this month 1,294 -43.20%
Residential average price $329,734 1.50%
SFD² average selling price - month $378,979 1.52%
SFD median³ selling price $360,000 3.45%
Condo average selling price $240,371 -1.43%
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 prices, which may vary.
Edmonton Housing Market marked by high inventory
Edmonton, July 5, 2010: REALTORS® report normal client activity in the Edmonton real estate market with listings, showings and sales. The residential inventory is approaching record levels set in 2007 but prices held steady in the second quarter with the expectation that they will soften as usual through the fall and early winter.
“There was less external pressure on the market from incentives or rate changes last month and as a result the market seems to be operating in a normal controlled manner,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “It has been quiet on the news front but very busy in REALTORS® offices as they list client’s properties for sale, book showings for buyers and attend open houses. This has not resulted in immediate sales, however, and, in anticipation that this slowdown will continue through the year, we have reduced our 2010 sales forecast by 2,000 units from 21,000 to just 19,000.”
The slight rise in prices for single family residences in the Edmonton area in May continued in June. SFD prices are up to $391,497 – an increase of half a percent. In the first half of the year average prices are up over 7.5% and are tracking higher than 2009. Condominium prices peaked in April and then flattened out to match the prices reported in 2009. In June the average condo sold for $242,644 – down 2.4% month-over-month. Duplex and rowhouse prices of $306,905 were down 4.6% from last month. Overall, the average residential price was down $4,795 in a month. As usual prices are expected to soften in the second half of the year as sales activity slows. “With the increased choices that buyers have in the marketplace right now it is that much more imperative that sellers consult with their REALTOR® to make sure their property is priced to attract an offer,” said Westergard.
There were 9,406 residential properties in inventory at the end of June as a result of 3,473 new residential listings and sales of 1,539 properties. The sales-to-listing ratio was 44%. The average days-on-market was up at 47 days. The record inventory levels were set in September 2007 at 9,913 residential properties available through the Edmonton MLS® System.
“External influences pulled sales activity into the first four months of the year which reduced the demand in May and June. Overall there were 680 less residential sales in the first half of the year as compared to 2009,” said Westergard. “Consumers still seem interested in getting into the housing market or moving up but seem to be resting after a confusing period of uncertainty and change in the conditions that surround a property purchase.” He emphasised that despite seasonal changes the local market is stabilizing and operating in a normal manner. “The frenetic days of the past few years look to be behind us now and it appears that the more calm, cool and collected market that we are used to in Edmonton is on the horizon”.
There were 3,188 REALTORS® licensed in the Edmonton area at the end of June.
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June 2010 activity Record for
the month* % change from
June 2009
Total MLS® System sales this month 1741 -36.50%
Value of total MLS® System sales - month $591 million -35.80%
Value of total MLS® System sales - year $3.4 billion -2.60%
Residential¹ sales this month 1539 -37.10%
Residential average price $335,397 2.03%
SFD² average selling price - month $391,497 5.72%
SFD median³ selling price $359,000 2.57%
Condo average selling price $242,644 -2.05%
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
REALTORS® face relaxed housing market with stable pricing
Edmonton, June 2, 2010: The housing market was relaxed in May with slightly lower sales than last year and prices generally stable. Despite the sales drop, the current sales figures compare favourably with levels set in 2008.
“Financial incentives, changes to mortgage qualifying rules and the threat of increasing mortgage rates caused the local market to peak a little earlier this year,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Many buyers exercised their options in April leaving the customer base a little leaner in May.”
Single family residences in the Edmonton area rose in price by less than one percent and sold on average* for $390,583 in May. Condominium prices dipped just two percent to an average of $248,526. Duplex and rowhouse prices of $320,204 were down 2.3% from last month. Overall, the average residential price was up a quarter of a percent to $340,192.
There were 3,670 residential listings in May with residential sales of 1,682 properties resulting in a sales-to-listing ratio of 46%. The average time to sell a home was 44 days (the same as April) and inventory at month end was 8,780 residential units (as compared to 8,056 in April). At current sales levels the inventory will last for over five months.
“Buyers, sellers and REALTORS® can all relax and enter a sales transaction without pressure,” said Westergard. “That does not mean that you can delay making or accepting an attractive offer because 50-60 homes sell each day and you would hate to see your dream home snapped up by someone just a little more eager to live there.” He emphasized that the REALTOR® can be a calming influence in a sale but can also be relied upon to provide expert advice and coaching.
There were 3,174 REALTORS® operating in the Edmonton area at the end of May.
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Highlights of MLS® System activity
May 2010 activity Record for
the month* % change from
May 2009
Total MLS® System sales this month 1,890 -24.20%
Value of total MLS® System sales - month $650 million -20.50%
Value of total MLS® System sales - year $2.8 billion 8.70%
Residential¹ sales this month 1,682 -25.80%
Residential average price $340,192 4.25%
SFD² average selling price - month $390,583 6.54%
SFD median³ selling price $363,000 5.83%
Condo average selling price $248,526 1.96%
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 prices, which may vary.
Mortgage changes do not dramatically affect local housing market
Edmonton, May 4, 2010: April is the start of the busy second quarter for real estate, and resale housing sales were down over the same month last year according to a report issued by the REALTORS® Association of Edmonton. Average* prices of single family houses moved down compared to a month ago but were up by 8.2% from last year. Condominium average prices moved up from last month and were up 7.0% from April 2009.
“There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Despite the upward movement, mortgage rates are still close to the 10-year average and not out of reach of most homebuyers. In many cases it is a matter of the REALTOR® lowering expectations rather than crushing hopes and dreams.”
Single family residences in the Edmonton area sold on average for $385,359 in April and condominium prices rose to $253,788. Duplex and rowhouse prices of $322,127 were up from last month and the average residential price remained stable at $374,085.
There were 3,884 residential listings in April with residential sales of 1,740 properties resulting in a sales-to-listing ratio of 45%. Days-on-market rang-in at 40 days and inventory at month end was 8,056 residential units.
“It is pretty clear that the costs of home ownership will increase as our economy improves relative to the US and other world economies,” said Westergard. “Only a REALTOR® has access to the latest and most detailed market figures and their experience and objective viewpoint will help the buyer and seller come to realistic expectations in their home search or sale.”
At the end of the annual membership renewal period there were 3,133 REALTORS® on the Association rolls as compared to 3,027 at the same time in 2009.
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Highlights of MLS® activity
April 2010 activity Record for
the month* % change from
April 2009
Total MLS® System sales this month 1956 3.2%
Value of total MLS® System sales - month $674 million 4.9%
Value of total MLS® System sales - year $1.39 billion 24.0%
Residential¹ sales this month 1740 -5.9%
Residential average price $339,314 -1.3%
SFD² average selling price - month $385,359 8.2%
SFD median³ selling price $370,000 9.1%
Condo average selling price $253,788 7.0%
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
Edmonton buyers and sellers remain optimistic
Edmonton, April 6, 2010: Housing figures released by the REALTORS® Association of Edmonton for March and the first quarter of 2010 show that resale housing prices are up; listings and sales are up.
“There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Prices are up about 10% from a year ago and sellers are eager to take advantage. Buyers are aware of higher mortgage rates ahead and are getting into the market before the rates rise.”
Single family residences in the Edmonton area sold on average* for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March. Duplex and rowhouse prices (at $313,836) dropped a third of a percent in March but were up 10.4% from a year ago. The average residential price was $343,607 (up month-over-month by 8.5%).
Sales also demonstrated the optimism of the marketplace. 3,728 residential listings in March were up over 30% from a year ago and up 246% in the first quarter. Residential sales of 1,571 properties in March were up 15.1% from a year ago and 77.3% in the first quarter. Sales were up from 1,307 in February: a 20.2% increase. The March sales-to-listing ratio was 42%; down from 52% in February.
“Seller activity has boosted the inventory to 6,770 residential properties,” said Westergard. “I am less concerned about available inventory now than I was at the beginning of the year. I think the market has reached a balance between buyers and sellers.”
All major banks raised their fixed mortgage rates in late March and the Bank of Canada has warned that interest rates will rise again after the second quarter. Many buyers are hurrying to lock in rates and find a home before the more stringent qualification requirements for mortgages come into effect on April 19. Alberta will not be influenced by the GST harmonization taking place in Ontario and BC so we may not see the sales slump in the second quarter that is expected in those two provinces.
The average days-on-market in March was 41 as compared to 47 in February.
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Highlights of MLS® activity
March 2010 activity Record for the month* % change from
March 2009
Total MLS® System sales this month 1,744 16.50%
Value of total MLS® System sales - month $539 million 28.90%
Value of total MLS® System sales - year $1.25 billion 24.10%
Residential¹ sales this month 1,571 15.10%
Residential average price $343,607 11.70%
SFD² average selling price - month $388,473 11.00%
SFD median³ selling price $364,000 9.20%
Condo average selling price $252,416 10.50%
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 prices, which may vary.
Stability in Edmonton Housing Market continues through February
Edmonton, March 2, 2010: Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.
The average* single family dwelling price was $369,573 for February up just 1.4% from January; 5.6% from a year ago. Condominium prices dipped 3.8% in the month from $240,686 to $231,530. Duplex and rowhouse prices were up 3.3% to $315,390.
“While prices remained stable through February the increase in sales activity indicates that there is a demand for housing in the Edmonton area,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Listings also increased in February leading to a bigger month end inventory of homes and relaxing concerns that inventory may be too low to handle the spring buying season.”
In February, housing sales were up 33.9% compared to January with 1,184 residential sales. Total residential sales were also up 7.6% from last February. There were 2,505 residential listings added during the month resulting in a 47% sales-to-listing ratio and a month-end inventory of 5,449 homes. The average days-on-market was down 10 to just 47 days. Total sales through the Edmonton MLS® System (including residential, commercial and rural properties) in February were valued at $416 million (up 10.5% from last year).
“The upcoming changes to mortgage qualification rules and impending mortgage rate increases may prompt some buyers to enter the market earlier and cause some additional slowdown in the third quarter,” said Westergard. “As usual, REALTORS® will be challenged to be a voice of reason in the real estate transaction and work to meet the needs of their eager clients without putting their financial health at risk.”
A new and improved MLS® System statistics package is available to consumers at ereb.com with year-to-year comparisons and expanded reporting of the condominium market and new sub-market reports. The public will also find median prices in addition to the typical average price statistics.
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Highlights of MLS® activity
| February 2010 activity | Record for the month* |
% change from February 2009 |
| Total MLS® System sales this month | 1,312 | 10.30% |
| Value of total MLS® System sales - month | $417 million | 10.50% |
| Value of total MLS® System sales - year | $750 million | 14.10% |
| Residential¹ sales this month | 1,184 | 7.60% |
| Residential average price | $316,765 | 2.00% |
| SFD² average selling price - month | $369,573 | 5.60% |
| SFD median³ selling price | $355,000 | 5.90% |
| Condo average selling price | $231,530 | 0.80% |
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 prices, which may vary.
Housing prices remain stable in January: listing activity doubles
Edmonton, February 2, 2010: Single family homes sold through the Edmonton Multiple Listing Service® System sold on average for the same amount in January as at year-end while condominium prices dipped 2%. Month-to-month sales slowed by 6.8% as compared to December but the number of new listings in January doubled the December numbers.
The average* residential price was $314,783 for January, down 1.4% from last month and down just 0.7% from a year ago. Single family home prices on average were stable increasing minutely from $366,761 in December to $367,747 in January. Condominium prices dipped just 2% in the month from $244,174 to $239,006. Duplex and rowhouse prices were up 1.5% to $300,563.
“There will be month-to-month fluctuations in prices for all types of properties,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “We expect that the local market will continue to be robust and prices will trend upwards through the year.”
Compared to December, housing sales were down in January with 524 single family sales and 288 condominium sales. Total residential sales were 884 units – 154 ahead of last January. There were 2,199 residential listings added during January resulting in a 40% sales-to-listing ratio and a month-end inventory of 4,864 homes. The average days-on-market was 57 days. Total sales (including residential, commercial and rural properties) in January were valued at $315 million (up 19% from last year).
“While the low prices may have motivated some buyers, the continuing low interest rates are probably a bigger factor for first time and repeat buyers,” said Westergard. “The inventory increase shows that current owners are poised to enter the market and to offer their homes for sale. Buyers and sellers should consult their REALTOR® to work out an appropriate strategy for their situation.”
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Highlights of MLS® activity
| January 2010 activity |
Record for the month* |
% change from January 2009 |
| Total MLS® System sales this month | 990 | 24.20% |
| Value of total MLS® System sales - month | $315 million | 18.70% |
| Value of total MLS® System sales - year | $315 million | 18.70% |
| Residential¹ sales this month | 884 | 21.10% |
| Residential average price | $314,783 | -1.40% |
| SFD² average selling price - month | $367,747 | 4.20% |
| SFD median³ selling price | $356,000 | 1.30% |
| Condo average selling price | $239,006 | 0.10% |
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 prices, which may vary.
REALTORS® predict stable housing market in 2010
Edmonton, January 13, 2010: Larry Westergard, President of the REALTORS® Association of Edmonton predicted a stable year ahead for the local housing market. He was addressing 1,000 REALTORS® and their guests at the annual Housing Forecast Seminar at the Shaw Conference Centre today.
REALTORS® expect that sales figures, which have drooped in the last two years, will follow the trend established in the last half of 2009 and continue to climb. “Edmonton has a robust economy and consumer confidence is high,” said Westergard. “We anticipate sales of about 21,000 units in 2010 which is up 10.5% from the 19,000 residential properties sold in 2009.”
Prices for single family homes and condominiums will remain stable. Average prices for single family homes will vary through the year within a small range. “Prices in the spring are always higher than January or December,” explained Westergard. “Month-to-month variations, both up and down, can be expected, but overall we expect prices to rise about five percent.” The average price in December 2010 is expected to be $385,000 as compared to $367,000 today.
The resale condo market is feeling pressure from the new condos being built and that will keep prices in check for the next year. Condo prices are expected to remain flat with no significant increase in the year-long average price. Buyers can expect to pay $244,000 (on average) for a condominium next year – about what they would have paid in 2009.
There were just 4,037 residential properties available for sale through the MLS® System at year end and Westergard warned that if inventory figures remain low it could tilt the market in favour of sellers and cause prices to rise higher than expected. On the other hand, if mortgage rates go up it could prevent some potential buyers from entering the market and put downward pressure on prices.
“REALTORS®, homeowners and sailors all want calm seas and smooth sailing,” said Westergard. “It appears to be a stable market ahead with strong sales prospects will make the ride comfortable for everyone.”
December Results Create Positive Year-end
Edmonton, January 5, 2010: Residential sales through the Edmonton Multiple Listing Service® were at the second highest level ever for December (after a record number of sales in 2006 of 1,074). Sales of single family homes, condominiums, duplexes and other residential property totalled 948 units for the month. Total sales of all types of real estate for December was 1,066, also a second place finish for monthly sales.
The price of residential property remained stable in December with single family homes dropping just one third of a percent and condos increasing 5.4% to reverse the 2.5% drop in November. An average* priced single family property in the Edmonton area sold for $366,761 in December; down from $368,018 in November. The average price for a condo was $244,174; up from $231,684 the previous month. The all-residential average price at the end of December was $319,201.
“Strong year-end sales put a crown on a year that started slow but ended big,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “We entered 2009 with a global recession at our backs and a real estate meltdown to the south. However consumer confidence in Alberta started to return in the second quarter and the real estate market in Edmonton was the first place in the country to show signs of the recovery.”
There were 19,139 residential sales in 2009 with record setting sales in June and July after the slowest start since 1996. From September to December residential sales were just below record sales set in 2006.
Throughout the year the average single family sale prices varied from a low of $347,000 in February to $373,000 in July; a $26,000 or 7.5% spread. The average year-to-date value was $364,032. Condo prices varied within a 9% range from $227,000 in February to $247,000 in June. The average year-to-date price was $240,322.
There were 1,118 homes listed in December resulting in a sales-to-listing ratio of 85%. The average days-on-market was 50 days and total residential sales were valued at $302 million for the month. Overall, the MLS® System had total sales of all types of property of just under $7 billion in 2009 as compared to $6.6 billion in 2008.
“We predicted residential sales of 15,550 this year and exceeded it in early October,” said Ponde. “We anticipated that single family prices would end the year at $352,000 and condos would be at $222,500. We are pleased that the year ended up better than we had anticipated and look forward to the stable market continuing into the next decade.”
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Highlights of MLS® activity
| December 2009 activity |
Record for the month* |
% change from December 2008 |
| Total MLS® System sales this month | 1,066 | 53.80% |
| Value of total MLS® System sales - month | $341 million | 57.30% |
| Value of total MLS® System sales - year | $6.98 billion | 5.52% |
| Residential¹ sales this month | 948 | 55.90% |
| Residential average price | $319,201 | 2.65% |
| SFD² average selling price - month | $366,761 | 4.23% |
| SFD median³ selling price | $351,350 | 6.47% |
| Condo average selling price | $244,174 | 4.22% |
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 prices, which may vary.
Year-to-date sales in November surpass 2008 year end sales
Edmonton, December 2, 2009: Total sales through the Edmonton and area Multiple Listing Service® system to the end of November have surpassed total year end sales in 2008. The total value of all types of property sold to the end of November is $6.64 billion. The same figure at the end of December 2008 was $6.42 billion. There have been 20,355 property sales so far as compared to 19,448 at year-end 2008.
“Both sales and the value of sales have exceeded our expectations this year,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “We anticipated sales levels would be the same as last year but REALTORS® have already sold more property than last year with a month to go. This is a good indicator of the strength of our local market.”
In November, the average price of a single family dwelling went up 1.2% to $368,018, reversing a 2% drop in the previous month. Single family dwelling prices are 1.5% higher than the same month last year.
Although condominium prices are down 2.5% from last month they are just $50 higher than condo prices a year ago. The average price for a condo in November 2009 was $231,684. At $284,849, the duplex and rowhouse prices were down 4.7% from last month and down 9.5% from a year ago. Overall, the all-residential average price is down marginally from October and the previous November. It sits at $318,482.
There were 1,894 homes listed on the MLS® System in November with 1,261 sales for a sales-to-listing ratio of 67%. The total value of residential sales in November was $402 million and total available inventory was 5,226 homes which is a typical four month supply. Homes sold on average in 48 days which is up one from last month but much brighter than the 63 days it took to sell a home in November 2008.
“The market remains rock steady,” said Ponde. “Prices vary from month to month within a small range and with a slow gradual upward trend. Buyers have confidence in this market and REALTORS® are prepared to match their needs with the perfect housing option.”
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Highlights of MLS® System activity
November 2009 activity Record for the month* % change from
November 2008
Total MLS® System sales this month 1,421 42.50%
Value of total MLS® System sales - month $461 million 44.70%
Value of total MLS® System sales - year $6.64 billion 3.76%
Residential¹ sales this month 1,261 41.50%
Residential average price $318,482 -0.03%
SFD² average selling price - month $368,018 1.45%
SFD median³ selling price $350,000 3.85%
Condo average selling price $231,684 0.07%
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 prices, which may vary.
Resale Housing Sales Trend Remains Strong through October
Edmonton, November 3, 2009: Resale housing sales continued their strong trend through October with sales of all housing types through the Multiple Listing Service® in October at the second highest level on record (after October 2006). There were 1,535 residential properties sold in October; up 23% from 2008 but down almost 10% from last month which follows the normal seasonal trend of month to month sales dropping through the fall.
“The housing market in Edmonton and area is still robust,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Homebuyers are confident about their future prospects and keeping an eye on the possibility that mortgage rates will rise. They can lock-in their housing costs for five years while rates are at historic lows if they buy in this market.”
Residential housing prices remained stable within typical ranges for seasonal fluctuations. Prices for single family dwellings were down 2.2%, on average* from last month but up marginally (0.12%) from last year. Condominiums were priced down 3.2% from September but the same price ($11 difference) as a year ago. Overall, the average residential price in October was $318,969, down 2.5% from last month but up a third of a percent from 2008. Single family dwellings sold for $363,694 and condos sold, on average, for $237,601.
There were 2,205 homes listed on the MLS® System in October with 1,535 sales for a sales-to-listing ratio of 70%. The total value of residential sales in October was $490 million and total MLS® System sales (including rural and commercial properties) is up over last year for the year-to-date to over $6.18 billion. Total available inventory was 5,530 homes which is a typical 3.5 month supply. Homes sold on average in 47 days (44 in September but 58 in October 2008).
“Good looking homes in the average price range always sell quickly,” said Ponde. “Less desirable homes may take a little longer to find a buyer and home sales at the upper price ranges are steady. It is important to consult your REALTOR® to devise a strategy for buying or selling a home to ensure you get the latest market and neighbourhood information.”
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October 2009 activity Record for
the month* % change from
October 2008
Total MLS® System sales this month 1,747 24.00%
Value of total MLS® System sales - month $575 million 26.20%
Value of total MLS® System sales - year $6.18 billion 1.60%
Residential¹ sales this month 1,535 22.70%
Residential average price $318,969 0.37%
SFD² average selling price - month $363,694 0.10%
SFD median³ selling price $346,000 1.00%
Condo average selling price $237,601 0.00%
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 prices, which may vary.
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Friday, April 30, 2010 - Just Sold - E3219637
Friday, April 16, 2010 - New Listing - E3219625
Friday, April 16, 2010 - New Listing - E3219637
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