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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.: U+ k" q; t7 f7 L
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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.8 P0 v: X( R' l! v$ ^) W
+ z" k- i, ^% w: D8 h+ {6 F5 OSingle 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 $2.3 billion.; v* Q' \/ }5 h0 `1 j4 D
( b% S5 R+ W" o8 H: }“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions." t0 K0 v& e7 F5 G- l6 Y4 H. @/ x
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Highlights of MLS® activity/ y \0 B+ ]3 {' o
# t! q4 n& h6 X# QApril 2008 activity Record for
7 N' _+ j0 i. \3 y6 Lthe month* % change from
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& ~2 S: }$ L7 S2 z+ G) @# lTotal MLSsales this month 2,047 -25.80%
7 f) Q9 k0 G! ~) UValue of total MLSsales – month $699 million -28.80%
6 F: F4 a; f# z( p, m+ E4 @. @" VValue of total MLSsales – year $2.27 billion -27.50% 0 i; E" Z! V. b0 S r
Residential¹ sales this month 1,823 -25.30% 7 G5 w" S% L4 A' {8 w
Residential average price $336,931 -2.10% " s7 @& J4 m, g' h- I
SFD² average selling price – month $386,033 -6.60% * w) P6 g) }' e( R* J! k
SFD median³ selling price $372,500 -6.60%
6 K: V6 ~" l6 t+ `6 N; yCondo average selling price $256,947 -1.60% |
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