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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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/ V* L/ j! N! ~* B" n“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.( a: c; S' ?3 s
8 U& L" r( C# x1 eSingle 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.- c0 q( g. r; x
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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9 I7 m( k8 Y: d% X) e: KHighlights of MLS® activity
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April 2008 activity Record for7 l+ C! i% h$ g" @7 t
the month* % change from5 y' _; v+ x6 j: ]; J/ G' {! b
April 2007 & x1 y3 R- e" b# S! y) Z# v
Total MLSsales this month 2,047 -25.80%
- o3 H! e3 D# K; s F- D. F6 jValue of total MLSsales – month $699 million -28.80% 1 q5 x. q3 _2 s: v) d
Value of total MLSsales – year $2.27 billion -27.50%
" D% d. G; U. j) @9 ]/ ]Residential¹ sales this month 1,823 -25.30% ! C) w1 s: k# d1 l* D( `8 v# A
Residential average price $336,931 -2.10% 2 B/ H" A' L& p" \
SFD² average selling price – month $386,033 -6.60%
5 u& [) k/ x% S* I, hSFD median³ selling price $372,500 -6.60% . M8 T( B2 G6 L9 O
Condo average selling price $256,947 -1.60% |
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