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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.- K0 n3 c# z9 u& U2 `5 l5 O& T
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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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& A4 B1 T+ F* T5 K+ _. S) GSingle 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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) r4 p4 h( E& \* V+ g5 h- n& IThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.7 |% `6 P" |, e& j% s! e
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Highlights of MLS® activity
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April 2008 activity Record for
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+ P. h2 \/ b" j* R2 m6 zTotal MLSsales this month 2,047 -25.80% ) x$ P- V$ t4 R# C X: ?+ y; n5 ?
Value of total MLSsales – month $699 million -28.80%
/ o/ e7 ^3 j" M4 @7 X! Y8 w9 o, gValue of total MLSsales – year $2.27 billion -27.50% ; N; C4 M9 J7 M& u- k
Residential¹ sales this month 1,823 -25.30% : H6 t$ k2 ?$ p, K0 `; T ^9 n5 Y
Residential average price $336,931 -2.10%
1 o, [3 p0 w2 G. d4 A- j' d. T2 i, }SFD² average selling price – month $386,033 -6.60% % y) k) s4 W: R" S
SFD median³ selling price $372,500 -6.60%
& k5 g9 x# x4 a* M' b* G) u) TCondo average selling price $256,947 -1.60% |
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