Edmonton-area home sales break monthly record
EDMONTON — For the second month in a row, Edmonton-area home sales broke a sales record, say MLS figures for July released Wednesday.
There were 2,277 resale homes purchased in July, breaking a record for the month set in July 2006 of 1,953 homes sold during a heated market, said the Realtors Association of Edmonton.
“Just to make the point, July sales were better than they were at the height of the boom,” said association president Charlie Ponde.
July’s sales were 11 per cent down from a robust June, but on a yearly basis, residential sales jumped 27.6 per cent higher than July 2008.
After a slow start to the year, sales have surged in the last few months of 2009, Ponde said.
“Yet despite the increase in sales, prices are still relatively stable.”
The average residential price in July of $324,847 was down one per cent from June and three per cent down from July 2008.
The average single-family dwelling sold for $372,741 in July, up three-quarters of a per cent from June and down 1.71 per cent from a year earlier.
Condo prices fell one per cent on average to $244,265. That’s down 3.78 per cent from July 2008.
Duplex and row houses rose 1.8 per cent from a month ago to $296,284. A year ago, they sold on average for $316,832.
The average days on market was 46, down three days from June. At the end of July, there were 6,592 listings.
Sales to listing ratio was 82 per cent in July, compared to 80 per cent last month and 50 a year earlier.
“This means that more homes are selling relative to the number being listed, which reduces our inventory,” Ponde said.
He credited Edmonton’s relatively stable economy, healthy inventory and first-time buyers motivated by low mortgage rates.
http://www.edmontonjournal.com/business/Edmonton+area+home+sales+soar/1862529/story.html