Sherwood Park Real Estate Report

By
Real Estate Agent with Re/Max Advantage

Sherwood Park Real Estate Report - November 5th, 2008

Edmonton resale housing market maintains stability in uncertain world

Monthly EREB stats

Despite global economic unrest and uncertainty in other North American housing markets, Edmonton seems to be maintaining an even keel according to figures released by the REALTORS® Association of Edmonton. October residential resale figures were lower than last October but within the normal range for this time of year. Overall prices were down but single family residences gained slightly in price.

“Sales typically slow in the fourth quarter and this year is no exception,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Stronger sales in the third quarter may have reduced demand in October but REALTORS® are still busy assisting buyers and sellers with their transactions.”

The average* price of a single family residence was up one third of a percent (0.33%) over September at $363,274. Condominium sales took the biggest single month drop this year resulting in condo prices down by 5.8% with an average price of $237,590 during October. Duplex and rowhouses sold on average for $307,178, which was down 2.7% from September. The average residential sales price (including all types of residential property) was $317,784; dragged down by the lower condo prices.

“Listings were still strong in October although the inventory of homes available on the MLS® continued to reduce toward the normal levels,” said Perras. There were 3,116 homes listed during the month with 1,251 sold for a sales-to-listing ratio of 40% (55% in September). At the end of the month there were 8,525 homes available – down from 8,808 last month. The average days on market also dropped from 61 to 58 days in October.

Total residential sales for the year are now $5.3 billion with total MLS® sales (including commercial and rural sales) over $6 billion. The business community remains confident in the Edmonton market as demonstrated by 150 industrial, commercial and investment sales and agribusiness sales during October.

October 2008 activity Record for
the month*
% change from
October 2007
Total MLS® sales this month 1,409 -2.89%
Value of total MLS® sales – month $456 million -14.60%
Value of total MLS® sales – year $6.08 billion -17.90%
Residential¹ sales this month 1,251 -1.90%
Residential average price $317,784 -8.60%
SFD² average selling price – month $363,274 -8.54%
SFD median³ selling price $342,750 -9.08%
Condo average selling price $237,590 -9.62%

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Rainmaker
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Larry Estabrooks
Independent Real Estate Agent - Moncton, NB
100% representation means NEVER DUAL AGENCY !

Hello Rich. I'm inviting you to join an active|rain group. This one is comprised of your fellow Canadian REALTORS® who are also blogging on Active|Rain , the Canada, eh group - http://activerain.com/groups/Canada. When I log in on ActiveRain.com, I always check the Canada, eh group first to read the Canadian perspective since Canadian bloggers are so much easier to find on the group home page. And please include any of your posts with a Canadian angle by also posting them to the group. (although please no "property for sale" postings),

Should you decide to join the Canadians, then let me say "Welcome!"
Larry, group founder and moderator, Moncton, New Brunswick

Nov 11, 2008 10:48 AM #1
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Rainer
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Rich Mundle

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