July Real Estate Report
Market activity for the month of June 2010
| | | | | | |
| May | Change from | Apr to May 2010 | June | Change from | May to June 2010 |
Listings | 3,670 | -214 | -5.5% | 3,473 | -197 | -5.3% |
Sales | 1,682 | -58 | -3.3% | 1,539 | -143 | -8.5% |
Average Sale price | $319,555 | -$18 | ->0.01% | $317,071 | -$2,484 | -0.7% |
House | $390,583 | +$5,224 | +1.3% | $391,497 | $914 | 0.2% |
Condo | $248,526 | -$5262 | -2.0% | $242,644 | -$5,882 | -2.3% |
What do these statistics tell us?
Edmonton, July 5, 2010: REALTORS® report normal client activity in the Edmonton real estate market with listings, showings and sales. The residential inventory is approaching record levels set in 2007 but prices held steady in the second quarter with the expectation that they will soften as usual through the fall and early winter.
The statement above is a summary of the president market as viewed gy the Edmonton Realtors association president Larry Westergard. As of July 6 there are 9,105 properties listed by members of the Edmonton Real Estate board. There are a few statistics that we as Realtors use; these are average days on market and sales to listing ratio. Average days on market, tells us if a home sells how long, on average it was on the market before it sold. In May that number was 44 in June 47; this tells us that it is taking an average of three days longer to sell a home in June than in May now if we compare that to the 11days it took in June of 2006 we can see how the market has changed.
Sales to listing ratio, is exactly what it sounds like the number of sales in comparison to the number of listings that sell within the term of the listing contract typically 90 days. The sales to listing ratio for May were 44% climbing only slightly in June to 45%. What this means is that 45% of listings that came off the market in June where sold, the remaining 65% where, terminations or expirations. Compare this number to 2006 when 94% of all listings sold or 2009 when that ratio was 71% .
So what does this mean to the average home buyer or seller? This means that there is a lot of inventory on the market at the moment, and in order to sell you must be competitive, and as a buyer you have a lot to choose from.
Dave Dry
Realtor
Re/Max Real Estate
Direct: 780 446 3727
Office: 780 457 3777
E-mail:info@davedryhomes.com