Year starts quickly for resale home sellers

Edmonton, February 5, 2007: The year started quickly for REALTOR® members of the Edmonton Real Estate Board indicating that the housing market in Edmonton has not yet crested. A blistering year last year saw average single family and condo prices rise 52%.

“Sales are typically sluggish at the beginning of the year,” said Carolyn Pratt, president of the EREB. “But REALTORS® have been kept busy in January with increased sales and higher average prices.” Residential sales in January were up 32% from January 2006 and up 45% from December. There were 1,554 residential sales last month with 2,043 listings.

The average price* of a single family dwelling continued its steady climb. At $357,325, the average price was up 4.5% from December prices and up a remarkable 51.9% from last January. Condominium prices rose a more moderate 2.5% to $233,175; a 74.3% increase from January 2006 prices. Duplex and rowhouse prices went down just $1,030 from last month.

Total residential sales through the Edmonton Multiple Listing Service® in January were $472 million, double what they were at this time last year. Strong commercial and rural sales drove the total Board sales in January to exceed last year’s total sales by 107%.

Inventory increased slightly with a sales to listing ratio of 76%. There were 2,025 homes in inventory at the end of January, up just 13 units from the end of December. The average days on market was 33 up from 30 days in December.
“I cannot stress strongly enough how important it is to use a REALTOR® when you want to buy or sell a home in this unique market,” said Pratt. “Only a REALTOR® can give you the best advice on current market pricing and condition to enable you to get the best value for your home.

** This article courtesy of Edmonton Real Estate Board