Cool weather fails to slow housing market

Cool weather fails to slow housing market
Edmonton, March 5, 2007: Cool weather and heavy snowfalls in February did not prevent home buyers from investing in real estate. Residential sales in the Edmonton area were up 17.5 percent with 1,886 sales as compared to 1,605 in February 2006.
“February was particularly strong,” said Carolyn Pratt, president of the EREB. “Prices continue to climb and there are no indications that the local housing market will cool off in the near future.” The average price for all residential properties combined was $321,307 Last February the average price was $211,531.
The average price* of a single family dwelling rose to $375,412 which is up 5.1% from January. Condominium prices also rose 6.0% from last month to $247,266;. Duplex and rowhouse prices went up by 8.6% for a month end price of $319,513.
Inventory continues to be a concern for REALTORS® and their clients. There were just 2,120 residential listings on the Multiple Listing Service® at the end of February. That compares to 2,595 listings at the same time last year. “New listings come onto the market everyday,” said Pratt. “It is important for a buyer to keep in constant touch with their REALTOR® and be able to move quickly when a desirable property becomes available.”
The average days on market was 27 down from 33 days in January. Total value of residential transactions through the MLS® in February was $606 million. Total sales of all types of property was $695 million for the month. This is an increase of 76% from February 2006.
February 2007 activity
Record for the month*
% change from February 2006
Total MLS® sales this month
2,094*
16.7%
Value of total MLS® sales - month
$696 million*
76.3%
Value of total MLS® sales - year
$1.256 billion*
88.9%
Residential¹ sales this month
1,886*
17.5%
Residential average price
$321,307*
51.9%
SFD² average selling price - month
$375,412*
50.2%
SFD² median³ selling price
361300
51.8%
Condo average selling price
$247,266*
68.3%
¹. Residential includes SFD, condos and duplex/row houses. ². Single Family Dwelling ³. The middle figure in a list of all sales prices