Edmonton, August 5, 2008: Residential sales through the REALTORS® Association of Edmonton Multiple Listing Service® in July were up 14% when compared to the same month last year. Only sales in July 2006 were higher than this July’s sales. As a result, the unusually high inventory level dropped to 10,501 properties as of July 31, 2008.

“Sales have been steady for the past four months and have not dropped off as they usually do in July,” said Marc Perras, president of the REALTORS® Association of Edmonton. “Near record setting July sales demonstrate that sellers have accepted the market realities and have adjusted their listing prices to attract buyers. Prices are still relatively stable without any evidence of dramatic up or down swings.” There were 1,784 residential sales in July compared to 1,565 in 2007 and the record setting 2,230 in 2006.

The average* price for a single family detached home was $379,224, down just half a percent from last month with stronger than usual July sales of 1,176 units. The average condo price came down 3.25% to $253,850 as sales slowed to under 500 units. Duplex/rowhouse prices rose 1.2% to $316,832 in July with sales of 68 properties. Overall, the average residential price was off 1.8% to $335,100.

Total MLS® sales (including residential, rural, recreational and commercial sales) were valued at $702 million in July. This is 3.5% higher than July 2007. Despite the strong sales in July, year-to-date sales are 25% lower than the same time last year at $4.4 billion because of a slower first half.

“Average days-on-market is still 55 days but the strong sales numbers reflect the robust and dynamic economy in Edmonton,” said Perras. “All real estate is local and it is important to focus on Alberta if your buying here and not be swayed by national figures.“ Alberta housing prices peaked earlier than the rest of the country and have levelled off while the prices elsewhere are still falling.

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Highlights of MLS® activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

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* 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 3,281 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 REALTOR.ca and ereb.com, as well as in the Real Estate Weekly and on their web site at rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation (RCF).