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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) U' H d) u. M
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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.! l$ |7 P2 z- ~! s" x& R1 \) m, P+ r
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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.
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.% J$ _$ v R O; C, ?* b# [# I$ T
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% e0 g# P4 T ~3 s2 F7 KHighlights of MLS® activity
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April 2008 activity Record for
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Total MLSsales this month 2,047 -25.80% 4 z8 e# v- C! o5 L5 C; V5 ^
Value of total MLSsales – month $699 million -28.80% ; J0 Y6 W' X7 v8 d# @/ V
Value of total MLSsales – year $2.27 billion -27.50%
7 H/ f2 I6 o; B6 P! {. wResidential¹ sales this month 1,823 -25.30% 0 [) O! O0 c$ ^7 U+ u( O* E
Residential average price $336,931 -2.10% , N4 `: ^0 O+ B1 C
SFD² average selling price – month $386,033 -6.60% * r! q2 I% A* e! h3 S5 x w
SFD median³ selling price $372,500 -6.60% # h% g0 j) }3 ~% {
Condo average selling price $256,947 -1.60% |
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