I know everyone is anxiously awaiting these statistics, so here the press release from the board with no analysis or comment….we’ll have that later today and our awesome charts later tonight or tomorrow (as soon as possible).
Housing Market Regains Balance From Spike in Listings
Edmonton, July 5, 2007: Residential inventory on the Multiple Listing Service® spiked to near record highs in June as the number of listings soared according to the REALTORS® Association of Edmonton. Total inventory at the end of June 2007 was 6,367 residential properties. Residential inventory at the end of July 1994 set a record at 7,747 properties available. June, September, October and November that year were also record months for number of listings.
Sales remained strong as buyers took advantage of a wider selection of homes available. At the midpoint for the year 13,282 residential properties have been sold through the MLS® valued at almost $4.5 billion. That is 1,712 more properties than the same time last year. Single month sales in June were up 20% from last month and 15% from June 2006.
The average price* of a single family residence fell 2% in June to $417,265 erasing most of the gains made last month. Condo prices fell slightly to $265,172 on average. Duplex and rowhouses sold for an average price of $342,836 (down 1.3%).
“The Edmonton housing market has achieved some balance after 18 months of rapidly increasing prices and low inventory,” said Carolyn Pratt, President of the REALTORS® Association. “Our members have reported a number of price reductions and less multiple offer situations than we have faced in the recent past.”
“The fundamentals of the Edmonton market are still strong and should sustain steadily rising prices for all classes of property,” said Pratt. “Even if prices dip slightly in one or two months, homeowners will still have realized phenomenal growth in the value of their homes.” The market has shown remarkable price increases since the end of 2005. The average residential price in the Edmonton market area has risen 73.9% in the past 18 months.
Average prices in other major cities continue to top Edmonton prices. In May (the last month available) the average price for all types of residences was: $591,722 in Greater Vancouver, $429,298 in Calgary and $382,689 in Toronto. In Fort McMurray you can find a home for just $562,200 on average. The all-residential average price for Edmonton in May was $354,410 and $348,056 in June.
There were 4,982 residential properties listed on the Edmonton MLS® in June with 2,203 sales. The sales-to-listing ratio was 44%. Average days on market increased slightly from 22 to 25 days. Inventory increased dramatically from 4,485 residential properties available on June 1 to 6,367 available at the end of the month.
