Edmonton Real Estate Market - April Review
Thursday, May 6th, 2010Edmonton Real Estate Market Continues To Remain Strong
After reviewing how the April market shaped up, I must say that the Edmonton Real Estate market continues to be strong. It is a great time to buy as there is an excellent selection of Edmonton homes for sale on the market. Spring is also considered a prime time historically for people to sell their homes - meaning that Edmonton home buyers have many options to choose from.
Edmonton Home Buyers - Buy Now!
Many home buyers who were originally considering to wait are now jumping into the Edmonton real estate game because they can still lock into excellent mortgage options. Many of the buyers that we are currently working with have secured 5 year mortgages at low interest rates.
Well priced Edmonton properties are continuing to sell fast at top dollar and in many instances receiving multiple offers.
Wondering what the Edmonton Real Estate board is thinking? Here is their opinion:
“ April is the start of the busy second quarter for real estate, and resale housing sales were down over the same month last year according to a report issued by the REALTORS® Association of Edmonton. Average* prices of single family houses moved down compared to a month ago but were up by 8.2% from last year. Condominium average prices moved up from last month and were up 7.0% from April 2009.
“There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Despite the upward movement, mortgage rates are still close to the 10-year average and not out of reach of most homebuyers. In many cases it is a matter of the REALTOR® lowering expectations rather than crushing hopes and dreams.”
Single family residences in the Edmonton area sold on average for $385,359 in April and condominium prices rose to $253,788. Duplex and rowhouse prices of $322,127 were up from last month and the average residential price remained stable at $374,085.”
Highlights of MLS® activity
| April 2010 activity | Record for the month* |
% change from April 2009 |
| Total MLS® System sales this month | 1956 | 3.2% |
| Value of total MLS® System sales - month | $674 million | 4.9% |
| Value of total MLS® System sales - year | $1.39 billion | 24.0% |
| Residential¹ sales this month | 1740 | -5.9% |
| Residential average price | $339,314 | -1.3% |
| SFD² average selling price - month | $385,359 | 8.2% |
| SFD median³ selling price | $370,000 | 9.1% |
| Condo average selling price | $253,788 | 7.0% |
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 vary from house to house and area to area. For information on a specific area, contact the Terry Paranych Team at 780-457-4777
According to the Edmonton Real Estate Board, ” Stability in Edmonton housing market continues in February. Prices for residential property sold through the Edmonton Multiple Listing Service® changed marginally through February. Sales activity, however, was up dramatically when compared to last month or the same month last year.
