Edmonton, June 4, 2007: Pessimistic market watchers are peering into the future for any sign of a market slowdown in Edmonton. According to the REALTORS® Association of Edmonton the market remains buoyant with a billion dollars worth of residential sales in May.
The total year-to-date value of property sales through the Edmonton Multiple Listing Service® at the end of May has already surpassed the 2005 year end total.
- Year-to-date residential unit sales are up.
- Average prices for all types of housing are up.
- Average days-on-market is still low.
"Home sellers are upbeat about the steadily increasing prices and short selling cycles," said Carolyn Pratt, President of the REALTORS® Association. "Homebuyers, on the other hand, are pleased that the inventory has increased and their range of housing choices has improved." There were 4,485 residential properties available on the MLS® at the end of May as compared to 3,151 last month: a 42% increase.
The average price* of a single family home rose 3% (to $426,028) in May but sales dropped 2.3% from the same month last year as buyers choose condos over single family homes. Condominium prices rose 1.9% to $266,100 on average with 993 sales in May. Duplex and rowhouse sales were 111 units for an average price of $347,257 (up 1.8%).
Single family sales represent 59% of residential sales with condos making up 36%. In 2005 SFDs had 70% of the sales and condos were just 26.8%. Duplex/rowhouse sales are now 4% up from 2.9% in May 2005.
"Rising prices are forcing buyers to explore their housing options. People are being priced into the condo market," said Pratt. "May figures demonstrate that the trend has not yet abated." She urged both buyers and sellers to consult a REALTOR® before venturing into the market. "With the average price of a single family dwelling rising by over $400 a day, you need the latest market figures that only a REALTOR® can provide."
There were 4,850 residential properties listed on the MLS® in May with 2,839 sales. The sales-to-listing ratio was 59%. Average days on market remained the same as last month at 22 days.
Edmonton Real Estate Board - May News Release
E.R.E.B.
14220 - 112 Avenue
Edmonton, Alberta T5M-2T8
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.