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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.: Y Q: ?1 p. S0 a% e
! O) ?) v* h- I* 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.
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# F2 U. h5 R0 zThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.( y/ j9 K# B% o: C
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Highlights of MLS® activity& T- F( s7 F+ y- s% C
% o/ t) v& ~3 E5 M$ r, XApril 2008 activity Record for
. ]' I8 ^$ y% X. }( W8 Dthe month* % change from% i4 |4 p1 ~( Z) f1 G) b9 w% n
April 2007 $ o6 K8 L/ I8 a
Total MLSsales this month 2,047 -25.80%
( r) M+ _6 U+ \2 O9 B0 F( bValue of total MLSsales – month $699 million -28.80% 4 F, t' G& m- C, c' G
Value of total MLSsales – year $2.27 billion -27.50%
& q/ m( l3 J4 w" V3 I# {- ^Residential¹ sales this month 1,823 -25.30%
7 S* K# S# k) B6 U: n: B; HResidential average price $336,931 -2.10%
, Z* l1 e% p0 g( m9 P M; P5 A0 a4 n9 mSFD² average selling price – month $386,033 -6.60% ) o( o5 [9 \5 y
SFD median³ selling price $372,500 -6.60% 8 }% W$ x: m$ N+ p3 A
Condo average selling price $256,947 -1.60% |
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