Edmonton, 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%.
Highlights of MLS® activity
|April 2009 activity||Record for the month*||% change from
|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.