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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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“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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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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. K" D% k% Y) \0 A- m, u- } v# u9 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.2 i: \; p% Z3 E# y0 E1 b! R3 U
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Highlights of MLS® activity& `# n7 e0 ? c4 |% j
5 r2 u' {& p6 n/ D, W: K# LApril 2008 activity Record for/ \9 [; c2 B% S( f
the month* % change from
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Total MLSsales this month 2,047 -25.80%
& q6 Q* A' W# |' q; l, Y3 }9 M7 fValue of total MLSsales – month $699 million -28.80% , b+ i5 Q7 Q& X4 p% n
Value of total MLSsales – year $2.27 billion -27.50%
4 a. K3 a" P% ^* d. c8 H" i' [ |0 ?Residential¹ sales this month 1,823 -25.30%
+ r7 M/ G, r0 H- t/ I! b8 dResidential average price $336,931 -2.10%
8 w/ h+ V1 U6 R6 Q9 m1 U- KSFD² average selling price – month $386,033 -6.60%
; v, N2 M! P6 i8 d" _7 Z) Q0 q( ~SFD median³ selling price $372,500 -6.60% ( S1 I7 l; {) m B0 d# b# T
Condo average selling price $256,947 -1.60% |
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