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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.; z: B' m0 h2 N& k; a. d* P" w# T8 ?
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“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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) Z- F* Y7 C9 c" L* G0 o7 xSingle 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 $336,931 when compared to March and down just 2.1% from a year ago.: K4 S$ k! B6 z1 ^3 h
7 I9 Z, t) U/ V2 j+ SThere 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 $2.3 billion.( P0 A! C1 W8 ^( e Z
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.& U1 [' |- }7 H- Y
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Highlights of MLS® activity
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April 2008 activity Record for8 L# |; r4 h% ?, l
the month* % change from, F. c Q$ L- R0 a0 m
April 2007
% ?7 o2 V$ }$ HTotal MLSsales this month 2,047 -25.80% - D1 ^2 I" V: ^) L# K: n2 a8 @
Value of total MLSsales – month $699 million -28.80%
( n" ]. B3 F1 _( r1 Q- oValue of total MLSsales – year $2.27 billion -27.50%
* y$ b4 r. n7 @" _' j8 \6 Q" }7 ZResidential¹ sales this month 1,823 -25.30% / M; N8 l' k. |3 e; ~
Residential average price $336,931 -2.10% 3 i" F( v' @2 Y
SFD² average selling price – month $386,033 -6.60%
; Z+ F( A6 Y& U" B O( K5 |SFD median³ selling price $372,500 -6.60% 6 a3 j: i# K$ j6 R7 h: v
Condo average selling price $256,947 -1.60% |
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