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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 2005.1 v& E, `) d5 U- l0 m6 e4 v$ }
# `6 e9 B0 Z0 Q, }: a) i2 G( D“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." s' @8 b' n/ [6 }
. n/ }! v0 C! @' 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." k. e5 {/ ~# J. p
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.% Y8 ]# T3 n2 ]
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6 s* L/ |8 X ^' G$ [3 g" z# }% @Highlights of MLS® activity- S; V/ {* T J3 X& H [7 v
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April 2008 activity Record for
7 P$ l B3 P1 D2 sthe month* % change from, D; j. t+ |' H. m( G" _1 x4 G
April 2007
( m8 P% T3 `! m" _; n4 A' \Total MLSsales this month 2,047 -25.80% 4 ]9 _ _# W8 j0 ~
Value of total MLSsales – month $699 million -28.80% - m8 A+ R7 b. L3 \
Value of total MLSsales – year $2.27 billion -27.50% : \0 |4 \: I/ w4 z
Residential¹ sales this month 1,823 -25.30% + {$ t5 h( k8 E: w: c& V) u
Residential average price $336,931 -2.10% 4 Q' [1 s2 r( g0 t. s Z9 B
SFD² average selling price – month $386,033 -6.60%
2 h8 U) k/ B/ |# |3 \SFD median³ selling price $372,500 -6.60% ; R9 C- j" {1 ? g! j. B
Condo average selling price $256,947 -1.60% |
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