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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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; \( A4 r/ C0 ~# O( O( ISingle 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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' u" V6 B9 a2 f OHighlights of MLS® activity
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April 2008 activity Record for( ]" q `" u" I5 \' T1 K, _
the month* % change from9 A2 S/ {4 \$ M4 W/ p8 v
April 2007
0 c [( T6 p( ?$ v& j+ S' bTotal MLSsales this month 2,047 -25.80% 8 m: T, f: D6 X' P! W8 d; ?, s
Value of total MLSsales – month $699 million -28.80% : p/ q/ _! E9 e. o8 h
Value of total MLSsales – year $2.27 billion -27.50% + e3 T4 Z# {! \8 n, F% ]' r; }1 d
Residential¹ sales this month 1,823 -25.30%
( h: V, @3 Q: P$ ~Residential average price $336,931 -2.10% 1 l/ m! u+ n& D: _, |+ D/ E0 w, v2 L
SFD² average selling price – month $386,033 -6.60% & b* E2 W; [2 M# ? Y1 r. f$ f4 C3 }
SFD median³ selling price $372,500 -6.60%
' E! _' N3 L; HCondo average selling price $256,947 -1.60% |
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