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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.' g8 |: o; C8 _) z" |1 _
7 o# Z( Q( H$ o, l ^" F( |% m5 U“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.9 H0 H2 I9 E# c# c- t9 i' i! U; E
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Single 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.! H3 S8 m# m" \* o {
/ n/ f, f ?+ ~+ nThere 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 $2.3 billion.3 \! Y3 ]* }: E' |% d
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.9 @) u) G, B: r2 t6 `8 i8 h. H7 M
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( r+ z) I1 J6 _- ?4 nHighlights of MLS® activity
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8 P0 \" V! z& v9 ~- aApril 2008 activity Record for
4 T. ~9 ~1 \2 N% h( c# ?4 B; D- Jthe month* % change from' W, a9 o; X$ Q V
April 2007 2 C3 t0 m/ ]! x( [( r! x
Total MLSsales this month 2,047 -25.80% 1 T2 z; R( [6 F. M1 y7 O
Value of total MLSsales – month $699 million -28.80%
7 @! E0 k) u2 W1 T4 @) }0 D! X6 K1 oValue of total MLSsales – year $2.27 billion -27.50% - v# ^7 c" b7 C# Y7 E; J+ [' O
Residential¹ sales this month 1,823 -25.30% % E" D6 y; T, ^1 n O% M
Residential average price $336,931 -2.10%
9 J/ ^7 I& L6 X$ o2 LSFD² average selling price – month $386,033 -6.60%
w% L9 Y) G: E8 `/ A7 m) Q8 A: C& uSFD median³ selling price $372,500 -6.60% ' b P% h- D, x, w
Condo average selling price $256,947 -1.60% |
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