Edmonton, January 9, 2008: Marc Perras (pronounced pâr-is), president of the REALTORS® Association of Edmonton, presented the MLS® Housing Forecast at a seminar at the Westin Hotel today. He anticipates that the real estate market will be more orderly and balanced in 2008.

“The resale housing market has been erratic in the past two years,” said Perras. “We have never experienced a period when prices rose continuously for 17 months and then dropped for another six months.” The average* price of a single family detached home was $382,022 as of December 31, 2007 after peaking in May at over $426,000 in May.

Perras anticipates that prices for all types of residential property will increase gradually through 2008 and finish the year about 4% higher than the current price. If the forecast is accurate then single family detached homes will sell for $397,303 next year and condos will be priced at $263,400.

The current inventory of residential properties is now 7,094 homes. The inventory will decrease through the year but the wide choice of properties will have a dampening effect on prices offsetting increased demand from in-migration and economic growth. Condominiums are expected to become a stronger option (especially for first time buyers) because of the lower price point.

The total number of residential sales in 2008 will probably drop slightly from 2007 levels. Perras expects that 19,100 residential properties will sell through the MLS® in 2008. There were 20,544 sales in 2007.

“We are guardedly optimistic for 2008,” said Perras. “But we are confident that buyers and sellers working with their REALTOR® will experience less frustration than they faced in the past two years as the market returns to a more normal state.”

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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 3,241 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 (formerly mls.ca) and ereb.com, as well as in the Real Estate Weekly and on their web site at rewedmonton.ca. The Association supports charities involving shelter and the homeless through the REALTORS® Community Foundation.

MLS® Price Comparisons 2006-2007 and 2008 Forecast

MLS® Price Comparisons 2006-2007 and Forecast 2008

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