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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.* H. Q" p5 A+ _/ ^# k: L$ b( i
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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.
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. V2 U3 [4 a6 M; m7 _! n& T+ d+ ZSingle 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions." d; K) } t: ?$ G4 o
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Highlights of MLS® activity" ~1 E; O' A+ j, c
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April 2008 activity Record for5 E; n( r" f' Q% ^: m& J: d: e* U
the month* % change from
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Total MLSsales this month 2,047 -25.80% , \( P8 r) q. X6 @
Value of total MLSsales – month $699 million -28.80% & M- r* b& X3 c, h1 G3 e3 q F- v
Value of total MLSsales – year $2.27 billion -27.50% + W6 }% H! _+ o& M: P, K3 {1 _
Residential¹ sales this month 1,823 -25.30% : v% `4 R: B3 X
Residential average price $336,931 -2.10%
1 a4 ]8 I4 O/ f3 aSFD² average selling price – month $386,033 -6.60%
! r+ B* X0 F; r, w kSFD median³ selling price $372,500 -6.60% 0 I( [9 }7 n b5 g! B! t
Condo average selling price $256,947 -1.60% |
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