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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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“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.1 z, s0 {$ _, o$ E6 _1 |9 U& z
' b. Q: k' }3 b" VSingle 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.+ U5 g3 a/ X! y
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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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Highlights of MLS® activity& O2 a# _# M7 J0 @+ T4 U, [
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April 2008 activity Record for
! {0 A' H" B5 w8 P1 {+ b' Nthe month* % change from
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) f) y Q( l+ w" FTotal MLSsales this month 2,047 -25.80%
$ r( U! F" A8 j! k% yValue of total MLSsales – month $699 million -28.80% ) y: f C# b8 J" U w
Value of total MLSsales – year $2.27 billion -27.50% 8 V/ O0 V5 \ u0 ]/ h
Residential¹ sales this month 1,823 -25.30%
9 q6 e1 J e% j( m, OResidential average price $336,931 -2.10%
, ~* Q% R% V+ R4 G% ` b& d" ]SFD² average selling price – month $386,033 -6.60%
3 ]/ S4 H+ B" P7 O0 }; ?/ ^& rSFD median³ selling price $372,500 -6.60%
5 D6 m3 ^2 H& eCondo average selling price $256,947 -1.60% |
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