It's a sign! These are popping up everywhere!
The Realtor Association of Edmonton says there are sold signs popping up all over the city! The team at Schmidt Realty Group agrees. The market is moving! June was our busiest month ever, and July continued the trend! August is looking like another strong month as we have already helped two families a day make a great purchase or sale this month! The REALTORS® Association of Edmonton reported a record number of single month sales of residential properties for the second month in a row. Buyers who created record sales in June carried through for a record in July as well. Although sales were off almost 11% from June the total number of July sales was 2,277, creating a new July record.
Edmonton, August 5, 2009
“The market is stable and strong sales and market activity are not driving prices up dramatically,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “Attractive mortgage rates and consumer confidence are powering the local market and sellers are being realistic about their pricing.”
The average* SFD (single family dwelling) sold for $372,741 in July as compared to $369,859 in June (up ¾ of a percent). Condominium prices were down one percent at $244,265 on average in July from $247,071 in June. Duplex and rowhouse prices were up 1.8% from a month ago to $296,284. The average residential prices was down just over 1% to $324,847. Average prices in all categories in July were down from the same month last year.
“The total value of residential sales for the year have surpassed what they were last year at the same time,” said Ponde. “REALTORS® have sold $3.845 billion worth of residential property so far as compared to $3.842 billion last year at the end of July.” Listing activity was down with just 2,764 properties listed as compared to 3,179 last month and 3,582 in July 2008.
The average days-on-market was 46 in July; down three days from June. At the end of July there were 6,592 residential properties active on the MLS® System down by just 107 properties from June. Total sales through the MLS® System are worth $4.42 billion after just seven months of business.
Highlights of MLS® System activity
| July 2009 activity | Record for the month* |
% change from July 2008 |
| Total MLS® System sales this month | 2,554 | 25.40% |
| Value of total MLS® System sales – month | $836 million | 19.10% |
| Value of total MLS® System sales – year | $4.33 billion | -2.01% |
| Residential¹ sales this month | 2,277* | 27.60% |
| Residential average price | $324,847 | -3.06% |
| SFD² average selling price – month | $372,741 | -1.71% |
| SFD median³ selling price | $350,000 | -3.30% |
| Condo average selling price | $244,265 | -3.78% |
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 may vary.
Source: Realtor Association of Edmonton
2 Comments
It is true that August may not quite reach July’s level of sales, however I find that there is often a disproporationate number of sales reported right at the end of the month. I anticipate close to 2000 sales in August which would be approximately 10% less than the July sales figure of 2,277 homes (June sales were 2,554). Time will tell! I can happily report that at Schmidt Realty Group we are having an excellent month helping our clients succeed. In other words, we are extremely busy with offers and sales, which is great for everyone!
August won’t be a strong month. Indeed it is behaving like April’s figures. Based on the first 2 weeks of August’s activities, there could be around ~1500 sales this month which will be a significant drop from 2554.