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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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! V! J) \+ v# y( s% G+ t% ?“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 I. c! {* L6 b4 j( U) W; W
4 a. y3 ~: u) J$ l, }/ h6 zSingle 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.( ?5 ]7 p' V1 Q/ n1 [
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There 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.; G% G8 C' b" D" h3 _5 W
. a0 ]( C+ K9 I2 E5 a }- Z& `5 d“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.
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' T8 X) B8 q% I( T/ _Highlights of MLS® activity. B+ h5 `& \+ o' |- {! d
0 V z. A. g/ b+ A% f9 X `3 TApril 2008 activity Record for
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April 2007 " J& _" W2 ^9 X: c' W
Total MLSsales this month 2,047 -25.80% # i8 Z, a0 B1 h* s# t# ]/ X) l( |3 j
Value of total MLSsales – month $699 million -28.80% * K% b4 G; O+ ?5 ^% T( V
Value of total MLSsales – year $2.27 billion -27.50%
$ P# d! v, h% J% P0 J+ D: _" m# Z2 bResidential¹ sales this month 1,823 -25.30%
' W* @+ T; m) x9 w0 T0 \ e4 CResidential average price $336,931 -2.10%
1 u- a2 `; T c: I3 |$ M- D4 qSFD² average selling price – month $386,033 -6.60% 1 w: L, w1 D2 b1 @! X" n) \3 x+ _0 _
SFD median³ selling price $372,500 -6.60%
L' X+ ?! X# L% n4 lCondo average selling price $256,947 -1.60% |
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