Busy Spring Expected Despite Price Increases

Edmonton, May 2, 2007

The REALTORS’® busy season is April, May and June as home buyers plan for moves over the summer. Last year over 30% of all home sales in the year took place in the second quarter. REALTORS® with the Edmonton Real Estate Board expect that trend to continue despite steady price increases.

“The average price for a single family home continues to increase in a very active market,” said Carolyn Pratt, president of the EREB. April 2007 residential sales were 20% higher than the previous April. “There is a strong demand for housing and market value is an elusive target. Our members must constantly balance the buyer and seller requirements to ensure good value in each transaction.”

The rate of increase for single family homes sold through the Edmonton Multiple Listing Service® (MLS®) slowed in April from 6.14% to just 3.77%. That raised the average price to $413,488 in April. Condominium prices leapt ahead after a slight drop in March. Average condo prices increased 5.81% to $261,044. Duplex and row house prices were up 5.49% to $341,083.

The average residential price in April was $344,137 which is 5.8% higher than the March figure of $325,339. There were 3,232 residences listed in April with sales of 2,441. The sales-to-listing ratio was 76%, unchanged from March. Average days-on-market was just 22 days and inventory increased to 3,151 units.

“We have said before that the Edmonton market is just catching up to market increases that appeared in other major markets one or two years ago,” said Pratt. She noted that there are more homes being listed than last year at this time and inventory is growing slowly. “Price increases may moderate slightly as the market returns to pre-boom levels but I do not anticipate that actual prices will decrease.”

Total Board sales were over $3 billion year-to-date with sales of $982 million in April. There are 3,139 REALTORS® cooperating to manage 2,758 Board sales in April.

April 2007 activity Record * % change from April 2006

Total MLS® sales this month 2,758* 19.9%

Value of total MLS® sales - month $982 Million* 84.5%

Value of total MLS® sales - year $3.12 Billion* 81.9%

Residential¹ sales this month 2,441* 20.5%

Residential average price $344,137* 51.7%

SFD² average selling price - month $413,488* 55.7%

SFD² median³ selling price $397,208* 55.8%

Condo average selling price $261,044* 60.6%

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.

Edmonton Real Estate Board