Edmonton, December 4, 2007: The REALTORS® Association of Edmonton reports that housing prices in Edmonton suddenly dropped in November. The largest monthly drop in single family prices so far this year was 3.2% in August. The drop in November was 5. 3%. The residential inventory is still high as compared to historical levels but has dropped throughout November. There were 8,667 residential properties available on the Multiple Listing Service® at the end of the month
“Home sellers have come to realize that the current market is very price sensitive. If a property is not priced right for this market it may languish in the listings,” said Carolyn Pratt, President of the REALTORS® Association. “Buyers currently have lots of options available and are being selective about homes they consider.” She stressed that REALTORS® using the MLS® can provide the most comprehensive and accurate market prices and current neighbourhood pricing trends.
Single family dwellings listed on the Multiple Listing Service® sold on average* for $376,267 in the Edmonton area in November. Condominiums on MLS® sold on average for $252,277 (down 4.0%) and the more volatile duplex/rowhouse prices were down 15.4% and sold for $311,193 on average. The average residential sales price (which includes all types of residential property) was down 6.5% from last month at $325,060.
“As the current listings become sold or are withdrawn the current inventory will drop. As we move into the spring with a more normal inventory, we expect that prices will again begin to rise slowly," said Pratt.
Typically, homes sold more slowly with the average days-on-market up a week to 51 days. The sales-to-listing ratio was higher than October at 45% and total residential volume for November was $397 million; down 10.6% from the same month last year. The total MLS® sales figure for the year to date was $7.9 billion and will be a record setting $8 billion by the end of the year.
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of 3,244 Brokers and Associates in the greater Edmonton area. The Board administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The EREB also advertises property listings and publishes consumer information on the Internet at www.mls.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. The EREB supports charities involving shelter and homeless through the Edmonton Realtors’ Charitable Foundation (ERCF).
For more information contact:
Jon Hall, Marketing and Communications Manager
Bus: (780) 453-9323
Fax: (780) 452-1135
E-mail: query@ereb.com