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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 2005.2 Q" N+ p5 @8 E i9 g
# h# s2 @* {! w) h“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.' [$ E( C" e0 S+ u
. P1 e3 Q4 Q, N0 ~% b3 ?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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/ K5 n9 Q9 ?' t/ a0 gThere 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.) H4 ^9 x1 v. q; I2 D( c% g# ~
* P V0 Y5 F/ K% V. d“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
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: Q1 I0 ?% [5 j7 g/ uApril 2008 activity Record for9 A6 o, B6 b: g" c7 ]9 f# D8 m
the month* % change from0 ?# m1 ^3 X, H0 }
April 2007 $ g/ d& v! u" R9 u& z) x
Total MLSsales this month 2,047 -25.80% & T3 u9 K# z$ N. s/ ?2 Y0 A
Value of total MLSsales – month $699 million -28.80%
0 u: n3 u$ i8 |2 O+ H% NValue of total MLSsales – year $2.27 billion -27.50%
3 B5 B; G" L# X# r: L. T% ZResidential¹ sales this month 1,823 -25.30% # G* x- \# }! ^8 c0 e/ X1 q
Residential average price $336,931 -2.10%
5 t% b( C0 @4 G% F/ [# C9 H7 z5 OSFD² average selling price – month $386,033 -6.60%
/ F+ T: S% O& K" y% n% B7 I( L1 B0 HSFD median³ selling price $372,500 -6.60%
0 l- _/ T& n. O( R0 ?5 }; j& H& b" SCondo average selling price $256,947 -1.60% |
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