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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.( x. ?0 A- |7 O- i v1 V) |
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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.( W8 p/ `* ~4 @
8 E. |0 a ^( ^) w5 K) [! bSingle 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 $336,931 when compared to March and down just 2.1% from a year ago.* B$ ~; z; w- X& e) ^! `
- Z" R7 T1 F0 J* W' \% j! C+ a1 m, |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 $2.3 billion.9 p0 u# P) {0 s! `2 L; R' e+ }
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.. a6 S4 @, V% b: a0 I
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+ b( t; c1 W* J( {6 @! o! a# lHighlights of MLS® activity
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) j0 |! N+ x6 N# f2 XApril 2008 activity Record for; q8 c2 \+ l& r3 a# j# i
the month* % change from. x, ~6 o* ^+ K* ~$ f5 x, Q8 O
April 2007
$ ~( J/ F3 ^( `4 t4 \Total MLSsales this month 2,047 -25.80% 5 B/ L* O5 \# S! W( Q7 D0 J0 D
Value of total MLSsales – month $699 million -28.80% / e/ n9 h$ H( ^) X3 A8 A& C/ I
Value of total MLSsales – year $2.27 billion -27.50%
! h1 K) p! X" S1 FResidential¹ sales this month 1,823 -25.30%
% n" S8 E; l" s0 s+ a/ N) GResidential average price $336,931 -2.10%
) W+ H: q2 i$ zSFD² average selling price – month $386,033 -6.60% # s; s }' u7 O* [
SFD median³ selling price $372,500 -6.60% 3 y) e1 |) Y. @% f# B' ^: f+ ?! I
Condo average selling price $256,947 -1.60% |
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