June Numbers - Sales Up, Listings Down (slightly)
Posted by Craig Pilgrim on 4 July 2008
Every month I review, modify/ adapt, and post the MLS® data for Edmonton and area real estate activity. The information is adapted from the REALTORS® Association of Edmonton Monthly MLS® Report and Press Release. You can view the original report in its entirety by visiting the REALTORS® Association of Edmonton website. Click HERE for a graphical representation of Edmonton’s prices over the course of the calendar year.
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The inventory of homes on the Edmonton Multiple Listing Service® (MLS®) is still at near record levels although sales in June were better than the last month and the number of new listings dropped over seven percent. Buyers and sellers seem to be in a standoff with both sides just beginning to accept the reality of the current market. Single family dwelling and condo prices have been stable during the first half of the year yet some people still anticipate dramatic price shifts.
“Although sellers have received higher prices in the past year, about half of them lowered their asking price by seven percent on average to get a sale,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Some buyers seem to think that further discounts are possible and are delaying their buying decision unnecessarily. The market finds its own level and has varied within a three percent range over the last six months. REALTORS® have buyers who are staring down the sellers but sometime soon someone will have to blink.”
The dynamic tension between buyers and sellers has kept prices stable so far this year. Single family dwellings were down a half percent in June, selling for $381,384 on average*** while condos were up a half percent, selling for $262,365on average in the Edmonton market. During the first half of the year prices have only varied slightly from the year end price with SFDs up 0.25% and condos up 3% for the year-to-date. The average days-on-market was up two to 55 days and the average residential price (which includes all types of housing) was also up slightly month-over-month at $341,376 and just 4% lower than the peak price of $354,718 set in July 2007.
“Historically, there has never been a better selection of homes available in this market,” said Perras. “Additional inventory is coming into the market every day but obviously better quality homes sell first. Buyers should be taking advantage of the current conditions and making a buying choice before prices rise or inventory drops. Sellers should be discussing pricing strategies with their REALTOR® to ensure that they have adjusted their asking price to be in the right price range for this market.”
***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 me directly***
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| June 2008 Activity | Record for the Month * |
Percent Change from June 2007 |
Change From May |
| Total MLS® sales this month | 2,093 | -17.0% | á |
| Value of total MLS® sales - month | $738 million | -19.1% | á |
| Value of total MLS® sales - year | $3.72 billion | -28.6% | á |
| Residential¹ sales this month | 1,852 | -15.9% | á |
| Residential average price | $341,376 | -3.9% | á |
| SFD² average selling price - month | $381,384 | -8.6% | â |
| SFD² median³ selling price | $365,000 | -8.29% | E |
| Condo average selling price | $262,365 | -1.06% | á |
2. Single Family Dwelling
3. The middle figure in a list of all sales prices
///…CP
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Last week the REALTORS® Association of Edmonton reported to its members that some home sellers are employing nanny-cams, web cams, etcetera to record REALTOR®/ prospective buyer activity in their homes – including during open house visits and scheduled REALTOR® showings.
When I first heard about this I had to laugh (perhaps a little nervously) because I have often been in homes with Clients and said to myself “what if”. What if people were recording the showing activities and comments of my buyers and I while we were in their homes. Would we seem funny? Would we be considered rude? Would some people find us offensive if they heard what we said? Would we be embarassed if some TV show host popped out of a closet and played the recording back for us? The answer: ’yes’.
with an offer?”. If you find a home you absolutely love and its ‘the one’ then you will probably be excited — and because you believe you are alone in the home with your REALTOR® you will likely be doing a lot of oooing and awwwing. Your level of enthusiasm for the home will be fairly obvious to the proverbial fly on the wall. If there are certain unattached goods (i.e. chattels) you wish to have as part of the deal, if you begin to discuss your negotiating strategy with your REALTOR® in terms of an initital offer, if you tell your REALTOR® how much you would be willing to pay for the home…you get the picture. So much for your negotiating position. Talk about your unfair advantages.
