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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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3 d+ o1 K& N6 m. y/ X0 A“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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1 L3 t2 m& H/ k9 \/ o9 @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 $2.3 billion.
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8 k- O- P7 i# S2 D ~. J7 ?, a“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.* w$ E5 l$ v9 C% A8 \3 F) N2 b' B4 K
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6 ^0 j* p/ f; hHighlights of MLS® activity
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" t5 d( t6 [" n6 @1 [April 2008 activity Record for
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Total MLSsales this month 2,047 -25.80%
0 G& C' [0 B7 O6 e. eValue of total MLSsales – month $699 million -28.80% $ O! }. k0 U& g: }3 o1 l
Value of total MLSsales – year $2.27 billion -27.50%
" b. O* y$ N# Y5 t6 Z/ ]7 R; `Residential¹ sales this month 1,823 -25.30% 4 w% I9 i W L2 Y+ ?, ` Z4 `
Residential average price $336,931 -2.10% 3 b! \+ F; K w0 z* ?
SFD² average selling price – month $386,033 -6.60% 1 g: M( r ^5 m6 T6 V
SFD median³ selling price $372,500 -6.60%
+ l! C4 y; E: }1 F/ A, h0 [Condo average selling price $256,947 -1.60% |
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