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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 2005.6 T4 C% d5 m- j8 |
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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.! I) m; A; p0 X# }$ o) l" q3 d8 Q
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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 $336,931 when compared to March and down just 2.1% from a year ago.5 e `5 @3 d$ l1 m* ?0 q2 R* M
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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 $2.3 billion.
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3 @2 B* ]7 s8 Z& P( V. ^6 Z“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions./ L8 a: o' o( O; M0 X' K
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1 P% V* Q8 H; G XHighlights of MLS® activity4 y# ^5 K8 S2 z# G$ N5 J$ ^6 ^
$ C- Z3 ]/ e; t. HApril 2008 activity Record for
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April 2007
' i I: y7 C- S5 PTotal MLSsales this month 2,047 -25.80% 5 f2 ^+ W% J% U2 l1 v# t! a- E
Value of total MLSsales – month $699 million -28.80%
- R _% l9 g6 {/ CValue of total MLSsales – year $2.27 billion -27.50% 9 u2 d) n& d) E& v3 w5 a1 E- l
Residential¹ sales this month 1,823 -25.30%
) x% C) c8 N! @/ f! {/ h/ \7 mResidential average price $336,931 -2.10% # T5 B: P4 `5 o' b
SFD² average selling price – month $386,033 -6.60%
2 X" Z8 C `1 sSFD median³ selling price $372,500 -6.60%
7 D0 m* E3 G! U( O# { T- wCondo average selling price $256,947 -1.60% |
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