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Housing prices simmer despite polar temperatures
# P/ K% f% v, a+ B! X PEdmonton, December 4, 2006: Market watchers at the Edmonton Real Estate Board report that bone chilling temperatures last month did not chill the resale housing market. Housing prices on the Multiple Listing Service® continued to simmer in November with all types of homes up slightly (compared to mid-summer price increases) from the previous month. Average days on market is more typical of this time of year. 5 c4 C4 Q4 v+ e8 n/ ?
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“REALTORS® have been running hard all year and now we have a chance to catch our breath,” said Madeline Sarafinchan, EREB President. “Weaknesses in the US or Eastern Canada housing sectors are not present in the Edmonton market. The local housing market is still very active and listings are low: creating demand. The relaxed prices simply reflect the typical seasonal fluctuation that occurs near the end of each year.”: C1 S! q5 Z2 ]' g3 e" e* w
1 m9 w X) f! |$ bThe average price* for a single family home in November ($334,039) was up 2.37% from last month and the all-residential average price rose two percent to $282,434. Condo prices reversed a price drop last month and rose 1.74% in November to $212,596. Duplex and row house average prices were up half a percent at $283,919.$ U: \3 D# W/ a
6 g1 Y s; z" O' ]! jResidential sales through the MLS® in November 2006 were up 129 units over last year and total board sales (including industrial and commercial properties) exceeded the same month sales last year by over eight percent. / C& a5 L; p7 M0 ], U
2 d0 K+ k7 Z4 W# J- [$ c“The price profile of homes sold was similar to last month although there were three sales of residential properties over $1 million in November,” said Sarafinchan. “Less than 15% of last month’s sales were sold for over the list price. This demonstrates the vitality of our marketplace.” The average days-on-market was up to 26 days in November which compares to 39 days last November and 23 days last month.
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Both listings (down 21%) and sales (down 16.7%) dropped from last month although both indices were higher than November 2005.
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* m6 S2 Y- S+ E; ?1 A/ k& C6 ~$ s* 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.
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9 M4 c! A1 o6 U. u3 n- O# \The Edmonton Real Estate Board, founded in 1927, is a professional association of 2,729 Brokers and Agents 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 website at www.rewedmonton.ca for the benefit of REALTORS and their clients. The EREB supports charities involving shelter and the homeless through the Edmonton Realtors’ Charitable Foundation (ERCF).
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Highlights of MLS® activity* v7 }3 A6 I# i/ i6 U. g
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November 2006 activity Record for the month* % change from November 2005 + V9 a6 K3 B- m& J2 Y
Total MLS® sales this month 1,781* 8.14%
) y- r$ h; b% v3 vValue of total MLS® sales - month $546 million* 58.20%
+ ?8 t5 u5 x& A }2 hValue of total MLS® sales - year $6.21 billion* 54.20%
3 @5 c" ^2 O! \+ {$ Y0 S( QResidential¹ sales this month 1,574* 8.93%
4 t+ h- f* C5 X) gResidential average price $282,434* 42.50%
1 |% y8 S' j% k# S# \+ A( F* H9 uSFD² average selling price - month $334,039* 47.70%
' L- `1 B, g) l6 aSFD² median³ selling price $320,000* 48.80%
9 |6 Z3 B4 \2 P, A, G7 @$ B6 ICondo average selling price $212,596* 45.30% 4 n+ i+ k! E5 F* X
- B0 k4 Z- B3 `1 o7 z/ u¹. Residential includes SFD, condos and duplex/row houses. ' M$ H, s9 e# }, n/ f E
². Single Family Dwelling 1 d+ H" V+ {) _% y* F% M
³. The middle figure in a list of all sales prices 0 U6 B! a/ E( {7 f1 c$ X* l: V
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For more information contact:
- j( w; v! y! rJon Hall, Marketing and Communications Manager3 L( |9 Z0 ~" }: I) x6 J, S; A& F
Bus: (780) 453-9323+ ]0 K. n! Z) }
Fax: (780) 452-1135+ y. R9 ^5 D: a0 ^, d. J8 N' ?. F
E-mail: query@ereb.com |
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