Paul Blais Top Edmonton Realtor
Edmonton's August 2011 Market
Posted on Sep 22nd, 2011 by JenniferThe average price of a single-family home has remained remarkably stable for the past four years according to figures released by the REALTORS® Association of Edmonton.
The average selling price in August has varied from a high of $372,000 in 2008 to the low of $367,700 in 2009. This August, SFDs sold on average for $370,438.
"Other real estate markets have seen recent boom and bust cycles that are not evident in our local market," said Association President. "Residential property is holding its value and the economic prospects for the Alberta and Edmonton markets show real growth potential in the next few years."
Condo prices have slipped 7% since 2008 because of an oversupply and lack of demand resulting from tighter mortgage qualification rules. In August 2008, the average price for a local condo was $248,000. This August it was $231,735.
969 Single-family homes sold this August with 428 reported condo transactions, a typical slower market than during July, when 1,564 total residential sales were recorded.
"The residential median price ($315,000) remained almost the same as the previous month while the average prices dropped. This indicates that there is a softening of prices at the upper end of the market. Under these conditions, sellers with property priced below the average price for their property type and location will attract more attention and get a quicker sale."
The typical sales cycle stretched to an average of 57 days-on-market in August. ED-10/11
