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Edmonton, May 5, 2008: The REALTORS® Association of Edmonton reported that the average price for single family homes dropped less than half a percent after three months of small increases. April sales of all types of residential property through the Multiple Listing Service® were lower than the two previous years at 1,823 units but higher than the more typical years of 2004 and 2005.
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$ R3 W; i9 U. P* h7 a Y“The Edmonton housing market is stable and buyers and sellers seem to be coming to a realistic view of housing prices,” said Marc Perras, president of the REALTORS® Association of Edmonton. “In this market, with a very high inventory, pricing is a key component of a successful sale.” While the typical sale is completed at 97% of the asking price many sellers have had to reduce their price to find the level that would attract a buyer.
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$ n R/ ^( D, O) B& PSingle family dwellings sold on average* for $386,033 in April just 0.4% down from the previous month. SFD prices are still 6.6% lower than April 2007. Condos sold on average for $256,947, a decrease of 2.3% from last month. On the other hand, duplexes and rowhouses sold during April were priced 2.3% higher at $316,065 on average. Overall, the average price for all types of residential property was down 2% at $336,931 when compared to March and down just 2.1% from a year ago.' f8 t) J( a. G: M
1 y; Q4 h# k' o! F, qThere are 10,606 residential properties currently available on the MLS® (up 12% from last month’s record inventory). The average days on market was just 52 days; up one from March. There were 4,471 residential listings during the month and the sales to listing ratio is a low 41%. Total residential sales were $1.99 billion and total MLS® sales were $2.3 billion.- v. K0 ^+ q6 A5 U7 E5 F- G0 R, M
2 i" v( A7 y* r/ j2 n* Y“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions. {- |3 @! S' E: K: v* C
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Highlights of MLS® activity
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April 2008 activity Record for7 h( V# x% G# v' ?
the month* % change from
# v9 J% j* G! C( fApril 2007 / W0 M! F5 W S+ B. t! w) m: E B
Total MLSsales this month 2,047 -25.80% % ~( I5 X. Q6 A( ?2 } }" l
Value of total MLSsales – month $699 million -28.80%
4 C+ Z, K1 k" h" }; S9 X5 S* PValue of total MLSsales – year $2.27 billion -27.50% + x& b5 C, g/ P* Z4 N$ _; u6 n
Residential¹ sales this month 1,823 -25.30%
0 u7 F- f3 e- Q: qResidential average price $336,931 -2.10%
7 G. H3 G. A! @! q- ISFD² average selling price – month $386,033 -6.60%
' F Q0 W' g1 l( [& I, _; _4 mSFD median³ selling price $372,500 -6.60% 4 X& m* r \! c
Condo average selling price $256,947 -1.60% |
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