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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 2005.9 t5 I2 i( ]5 c3 P
6 S% A( a, |2 R8 D( J5 @“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.- X% Y' o& d2 u( 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./ W4 k. u6 z n& K
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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." r2 z1 S1 ?3 b- G
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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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Highlights of MLS® activity# A7 b/ G: I# I4 }
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April 2008 activity Record for9 i* b' N% F& i. _; y: _, k
the month* % change from8 p/ y6 i5 }; O; P3 Y
April 2007
( s% V% m6 v6 [5 ~0 s2 Z# M1 S. DTotal MLSsales this month 2,047 -25.80% , m8 [( M0 F( B3 {' g: ~
Value of total MLSsales – month $699 million -28.80%
T, W! b# Y- ]+ R/ f/ |: oValue of total MLSsales – year $2.27 billion -27.50% 0 _7 u- g$ ^, @
Residential¹ sales this month 1,823 -25.30% 4 h$ E4 L0 W, e+ X% r& @9 E
Residential average price $336,931 -2.10% ) F: K- b7 r0 K, Q- |
SFD² average selling price – month $386,033 -6.60% ) F: T' ?5 w9 v# a- P( f
SFD median³ selling price $372,500 -6.60% ( p% y9 C& f, I. `8 O
Condo average selling price $256,947 -1.60% |
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