Monday, April 27, 2009
April 2009. The average price of single homes in Edmonton area has hovered around the $350,000 mark for the first quarter of this year.
posted in General
at Mon, 27 Apr 2009 16:02:14 -0600
At the beginning of January the average price for a SFD was $ 351,870. The price varied slightly and at the end of March the average SFD price was $349,716, up 0.7% from the previous month. Condo prices were a little more volatile but popped up 1.6% in March to $230,469, after a 5% drop in February. The average price of a duplex/rowhouse was $ 276,776.
With price stability, low interest rates, spring weather and pent-up demand; it appears that the real estate industry is starting to get busy again. Our offices are reporting an increase in buyer interest. Sales in March were up 28% from the previous month.
Residential sales through the MLS in March totalled 1,380 units. Total MLS sales (including commercial and rural sales) were 1,513 units. This is a 30% increase over the previous month. Total residential sales for the first quarter were 3,185 units and total MLS sales were 3,471 with a YTD value of $ 1.1 billion.
There were 2,891 residential listings in March (down 31.7% from last March) resulting in a month end inventory of 7,476 residential properties (down from 9,464 in March 2008). The sale-to-listing ratio was 48% and average days-on-market was 56 days (down five from February).
The market is once again operating in a normal fashion with typical seasonal fluctuations. We as REALTORS are prepared with daily statistics and market knowledge to help clients understand the market fluctuations and advise them on pricing and marketing strategies that help buy and sell homes and commercial properties.