“Our members report that the market is very active with sales just slightly below the normal level,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Buyers are optimistic about their future and conditions for home buyers have not been better in recent years. I urge everyone to contact their REALTOR® and explore the many housing options available to them.”

The sales-to-listing ratio in May was 42% with 4,294 homes added to inventory on the Edmonton Multiple Listing Service® and 1,821 homes sold. May sales exceeded same month sales in 2003 and 2004 but were below May sales for 2005-2007 when the market was super-heated. At the end of May there were 11,006 residential properties available on the MLS® in the Edmonton area. That is up 400 properties from a month ago and two and a half times the inventory of a year ago. At current sales volumes there is a six month supply; twice the normal supply.

Overall, the average price for all types of residential property was up 1% at $340,499 when compared to April, and down just 4% from a year ago. Single family dwellings sold on average* for $383,167 in May down three-quarters of a percent ($2,866) from the previous month. Condos sold on average for $260,837, an increase of 1.5% ($3,890) from last month. Duplexes and rowhouses sold during May were priced 4.6% higher at $330,451 on average.

The average days on market was just 53 days; up one from April. Total residential sales were $620 million for the month and total year-to-date MLS® sales were $2.98 billion after five months.

“The year-to-date average residential price is up 1.6% from the same five month period last year. I can see prices continuing to rise,” said Perras. “I am sticking with my forecast for a 4% price increase through the year for both single family and condo residences.” Consumers are encouraged to look up home buying tips and checklists at www.howrealtorshelp.ca or the EREB.com websites.

* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact your local REALTOR®.

The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of 3,226 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.mls.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. The Association supports charities involving shelter and the homeless through the REALTORS® Community Foundation (RCF).