Housing prices and sales increase in AprilEdmonton, May 4, 2009: Sales activity on the Edmonton Multiple Listing Service® increased in April as compared to last month and April 2008. There were 3,019 residential properties listed in April with sales of 1,843 (up 33.6% from last month and 1.1% from April 2008).
The average* price of single family homes in the Edmonton area was up 1% from March but, at $353,386, was still 8.5% below the last April price of $386,033. Condo prices were up 2.4% from last month to $236,020 while duplex/rowhouse prices were up 5.2% at $291,068.
"Increased sales activity is evident in most real estate offices and some REALTORS® are reporting multiple offers on select properties," said Charlie Ponde, president of the REALTORS® Association of Edmonton. "However, inventory is still relatively high and sellers should price their properties aggressively to attract offers."
The number of residential properties available through the MLS® System on April 30 was 7,539 - up 1% from last month but well below the glut in April last year when there were 10,606 properties available. The year-to-date sales-to-listing ratio is just 46% but the April S/L ratio of 61% is an indicator of increased activity. Average days-on-market in April was 51 - a number last seen in March 2008.
"REALTORS® are optimistic about the Edmonton market," said Ponde. "In-migration figures are positive, retail sales in Alberta are still higher than the rest of the country and unemployment figures are lower than other parts of Canada. First-time buyers are entering the market because of historically low interest rates and renovation incentives are encouraging move-up buyers to consider relocation."
Total sales through the MLS® System for the month were valued at $635 million with a year-to-date total of $1.75 billion. Total YTD sales value is down 23% from the same time last year but sales are off by just 16%.
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Highlights of MLS® activity
| April 2009 activity | Record for the month* | % change from April 2008 |
| Total MLS® System sales this month | 2,008 | -1.90% |
| Value of total MLS® System sales - month | $635 million | -9.00% |
| Value of total MLS® System sales - year | $1.7 billion | -23.00% |
| Residential¹ sales this month | 1,843 | 1.10% |
| Residential average price | $312,127 | -7.40% |
| SFD² average selling price - month | $353,386 | -8.50% |
| SFD median³ selling price | $337,000 | -1.00% |
| Condo average selling price | $236,020 | -8.10% |
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.
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