MLS® housing sales and prices remain stable in April

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Single family house prices for the month of April were stable. The average price for single family homes dropped less than half a percent in April to $386,033. Residential sales through the MLS® in April were lower than the two previous years at 1,823 units.

Single family home prices are still 6.6% lower than April 2007. Condos sold on average for $256,947, a decrease of 2.3% from last month. On the other hand, duplexes and rowhouses sold during April were priced 2.3% higher at $316,065 on average. Overall, the average price for all types of residential property was down 2% at $336,931 when compared to March and down just 2.1% from a year ago.

“The Edmonton housing market is stable and buyers and sellers seem to be coming to a realistic view of housing prices,” said Marc Perras, president of the REALTORS® Association of Edmonton. “In this market, with a very high inventory, pricing is a key component of a successful sale.”

There are 10,606 residential properties currently available on the MLS® (up 12% from last month’s record inventory). The average days on market was just 52 days; up one from March. There were 4,471 residential listings during the month and the sales to listing ratio is a low 41%. Total residential sales were $1.99 billion and total MLS® sales were $2.3 billion.

Real estate in Edmonton continues to be a buyer-friendly market. Keeping an open mind and thinking realistically about the housing market and the prices of homes are key elements to a successful purchase.

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