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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.: F+ k' Z9 Q# f/ s# _
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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.& S* J4 f* F0 _+ `
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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 $2.3 billion.6 ^' s2 X& H6 N' _$ L! X& {
* ^) d6 ~( z. m. w- T& G* _“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.) k2 X0 Z8 q; X# H% r9 _8 j" g* a
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Highlights of MLS® activity5 n, S& ^- j& H) N3 `2 ^8 L
1 \$ ~# d' z% ]; e3 WApril 2008 activity Record for
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April 2007 " Y1 k! x# t" H6 F4 k; q. Q
Total MLSsales this month 2,047 -25.80%
8 @: ]6 l4 h4 e* a4 L$ l$ ZValue of total MLSsales – month $699 million -28.80%
) e( Y+ b0 r6 \" LValue of total MLSsales – year $2.27 billion -27.50% $ n! V! e5 c1 D1 ]. Q( j! B
Residential¹ sales this month 1,823 -25.30%
- u6 e% b9 S. ` TResidential average price $336,931 -2.10%
0 ^: C0 R: ~( ?1 r" _SFD² average selling price – month $386,033 -6.60% # {) n: G2 ^' i( x D' P* Y
SFD median³ selling price $372,500 -6.60% N+ I; G0 [$ n8 i+ Y, C
Condo average selling price $256,947 -1.60% |
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