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Tuesday, November 08, 2005

October News release

Last month thinks looked liked they were on a trend downwards. Certainly condos had suffered somewhat through over development. However that was a slight if not incalcuable turn. So its my turn to put the proverbial sock in my mouth and take back my comments from Septembers news release. Maybe the powers that be felt it was time to spin out some good news. Things feel like they are on track. Buyers are optomistic yet cautitious and sellers realize there is still competion out there. We thank you for visiting our blog and hope you check out our other buyer and seller services at www.edmonton-homes.ca


October housing sales set new price points and increased volume

Edmonton, November 3, 2005: The Edmonton Real Estate Board reports that housing prices scaled new heights in October for single family and duplex properties. Recent condo prices are still ahead of the year’s average price although they have not surpassed higher average prices set in June.

The average* price for a single family home in October was $225,887 (a new record high) up 8.5% from the same time last year. Duplex and row house prices were up 25.9% over last year and set a new record at $198,233. The average price for a condo in October was less than 1% higher than the YTD average price at $141,106. The high price point for condos was $144,345 in June 2005.

“REALTORS® using the Multiple Listing Service® continue to be the best home selling option in the Edmonton market,” said Jim Kulak, EREB President. “Sales for the past month and for the year-to-date are both up and steady price increases continue to add value to real estate holdings.” There were 1,333 homes sold through the MLS® in October 2005, as compared to 1,263 in October 2004. Total YTD residential sales are up 5% at 16,281 in 2005 (15,512 last year).

Consumers hoping to find a new home for Christmas can still choose from an inventory of 3,806 homes as of October 31, 2005. “High numbers of home sales have pushed the inventory down,” said Kulak “while putting upward pressure on housing prices.” He emphasized that the Edmonton housing market was stable and could withstand considerable upward pressure without any unease. The average days-on-market in October was 42 days. Total MLS® sales (including residential, commercial and rural sales) were 1,564 units in October for a YTD total of 18,605 (up 5.25% from last year).

The strength of the residential market was also felt in rural properties. Overall, rural sales exceeded market trends with total sales of 1,892 up to the end of October as compared to 1,628 last year. Total value of sales of rural properties was up 30% to $390 million.

Acreages with homes sold for an average price of $281,789 in October, up almost $52,000 since last year. Recreational land and acreages sold, on average, for $10,000 more than last year and recreational properties with a home jumped to $274,167 from $227,525 last October.

Ninety commercial land parcels have been sold through the MLS® so far this year; up 8.4% from last year even though listings dropped to 200 from 290 YTD last year. The total value of commercial land sold so far this year is over $50 million as compared to $39 million in 2004.

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