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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./ ?+ w X* O( ]- |
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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.$ _7 N) M7 P6 K4 A" Q; n
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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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9 m. Z1 }. o# S# aThere 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 $2.3 billion.
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6 x" Z( [" e4 r w Q, ?5 `“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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Highlights of MLS® activity
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4 D' D. O2 Y* VApril 2008 activity Record for Q# T; p# N4 z x$ S
the month* % change from
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6 h; t# g0 T; }Total MLSsales this month 2,047 -25.80%
2 ?7 V6 h" Y) U) c2 g9 W5 D g9 x: lValue of total MLSsales – month $699 million -28.80% ! @8 j, G8 l4 l
Value of total MLSsales – year $2.27 billion -27.50%
2 I4 z( o7 I6 J# bResidential¹ sales this month 1,823 -25.30%
; U" C) L% Z% kResidential average price $336,931 -2.10%
, B2 G6 B+ m) b5 K' n* wSFD² average selling price – month $386,033 -6.60% 6 D6 \' A) G! ?- q: z8 Y
SFD median³ selling price $372,500 -6.60%
8 s% O! G( D9 X5 T7 U% T' [Condo average selling price $256,947 -1.60% |
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