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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.; u4 K+ v* N6 ^/ d& W5 F
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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. L2 E& A( `) h( c t4 }2 m% B/ e
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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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+ |4 I. m) v! W( Z1 Q! 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 $2.3 billion.
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7 U' {0 L0 _& i. m$ J: l! D“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.2 {& ^- ]7 G" I: A3 C1 G7 B
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Highlights of MLS® activity
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2 o, a" O6 \: O8 L- ?April 2008 activity Record for+ b: G, y' g% G/ v1 Z9 u, f
the month* % change from
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- n4 }- A6 q& l4 k1 mTotal MLSsales this month 2,047 -25.80% 6 U& Y5 | Z* d+ F' q/ \
Value of total MLSsales – month $699 million -28.80% q' E* t# f9 ~/ @
Value of total MLSsales – year $2.27 billion -27.50% 8 m! e; e0 k; A$ M% Q/ U
Residential¹ sales this month 1,823 -25.30% 6 q, T+ d T, D; Z1 d9 Y6 v
Residential average price $336,931 -2.10% 3 m( x$ U6 \$ e5 {# p
SFD² average selling price – month $386,033 -6.60% 5 r, d, t H5 c% n/ B# }
SFD median³ selling price $372,500 -6.60% 4 u$ x. A, c# i$ F/ U
Condo average selling price $256,947 -1.60% |
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