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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.% ~/ h1 s3 Q. \
. P" d. b/ l7 ~/ b- R“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.8 O& G- D+ T N' a0 c
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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.
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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 $2.3 billion. p, {6 b: B+ K' {' {# A& o
6 Y8 Q" a6 u5 O" ]1 k. Q“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.. a3 u; `) }1 h0 d
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Highlights of MLS® activity
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5 H5 ^ A3 y$ w. x5 GApril 2008 activity Record for1 R$ b/ a* j; f5 D/ B7 U
the month* % change from, s0 T6 e7 U* {+ p$ X3 f4 @
April 2007
1 ?- }7 l6 Z6 r" S6 Q+ TTotal MLSsales this month 2,047 -25.80% ( z \8 g! r: V- I: n. I' S) ]2 L, s
Value of total MLSsales – month $699 million -28.80% % r7 P% ?& j& g9 F2 U4 W0 D( k
Value of total MLSsales – year $2.27 billion -27.50%
: Z+ j- \; c" d- D9 I* cResidential¹ sales this month 1,823 -25.30% : B: B9 t. H! r* \# e9 f9 x4 d$ e2 ]! q
Residential average price $336,931 -2.10% . f5 q$ h* u4 B" o
SFD² average selling price – month $386,033 -6.60%
( f9 t( D9 p+ Q |6 U* U( ]SFD median³ selling price $372,500 -6.60% ( e _8 z. I7 @, V8 l7 Y
Condo average selling price $256,947 -1.60% |
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