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Monday, February 06, 2006

Edmonton Real Estate Market Update

The Edmonton real estate board puts out a monthly news release that gives the media information about house prices and real estate info for all types of real estate for the Edmonton area. Well folks it looks like the news is going to be more of the same for the coming months. Hold on to your hats it looks like the pace of the market is going to be pretty hectic.

Record Setting Pace Continues in January 2006

Edmonton, February 2, 2006: The record setting pace of home sales in Edmonton and area continued into the first month of the New Year. Sales of all types of property through the Edmonton Multiple Listing Service® (MLS®) in the month of January surpassed all previous Januarys with total sales of 1,325 units valued at over $270 million.

“The sales success in January might have been driven by the mild temperatures and lack of snow,” said Madeline Sarafinchan, EREB President. “But it is more likely the continuation of the same hot market we experienced last year.” A stellar economy, industrial expansion and business confidence is creating a climate that favours long-term investments such as property.

Single-family homes sold for an average price* of $235,222 in January, up 4.5% from December and setting a new record high for this market. Condominium sale prices were down 10.4% from December at $133.745 on average. Duplex and row house had an average price of $177,429; down 10.8%. The average price for all residential property edged up towards the $200,000 mark ending at $199,148 – up $5,214 from last month and a new record.

Residential sales in January increased to 1,175 units – up 29.4% from last month and 32.6% from January 2005. However, the number of new listings decreased by 13.4 from last January to 1,615. There were 2,680 residential properties in the MLS® inventory as of January 31. The average days-on-market in December was 45 days – up three from last month but down ten days from a year ago.

“The issue this year will be to maintain suitable inventory,” said Sarafinchan. “As the number of available homes decreases it is even more critical to stay in close contact with your REALTOR® who can advise you within minutes when a suitable home comes onto the market.” Sarafinchan reminds buyers that 30 to 100 homes come onto the market every day and the selection varies constantly. All homes listed on the Edmonton MLS® can be viewed by REALTORS® as soon as they are entered. The MLS® system can automatically e-mail a potential buyer within 15 minutes of a home meeting their requirements becoming available.

Sales of rural listings were up in all categories in January. Over 300 properties were listed for sale with 121 being sold. Total sales revenue was $29.8 million, which is more than double the sales volume for the same month in 2004.

January 2006 Activity Record * % change from 2005
Total MLS® sales this month 1,325* 31.80%
Value of total MLS® sales - month $270 million* 43.60%
Value of total MLS® sales - year $270 million* 43.60%
Residential¹ sales this month 1,175* 32.60%
Residential average price $199,148* 10.40%
SFD² average selling price - month $235,222* 14.00%
SFD² median³ selling price $211,500* 16.20%
Condo average selling price $133,745 5.01%

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.

For more information on this and any of your real estate related questions feel free to contact us.

If you want to see how we can save you money in or make you money in this environment put our expertise to work for you. With over 100 years of experience we are your Edmonton and area market professionals.

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