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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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% p# }" m* T* e" r3 p$ \2 w“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." O n8 \' C5 U* \# m
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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 $336,931 when compared to March and down just 2.1% from a year ago.$ H3 M' [) c! \, M4 c7 T- b
. R! w/ e- y* [/ ~$ ~3 dThere 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.7 l: l6 a8 s' M1 a0 r0 ?, k
7 d' x3 W2 d) N, j) Q2 g) m- X“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.) n8 U, T& `: @ R! h* m/ P. l
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& n, E- ]# Y/ p) r4 r, \5 BHighlights of MLS® activity* v* u( K- A3 e: O
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April 2008 activity Record for6 `( \& k, r; v8 [' }8 d( E
the month* % change from
8 o, l" t1 _2 Q* ?' ?April 2007 $ I2 s0 O* W9 F8 g! w
Total MLSsales this month 2,047 -25.80%
1 w2 @* W4 _; v( |3 V3 uValue of total MLSsales – month $699 million -28.80% + {- ?6 q7 g! `) m
Value of total MLSsales – year $2.27 billion -27.50% `' s" }- _: `/ u2 @3 y& s0 N
Residential¹ sales this month 1,823 -25.30%
) b8 ~3 W" r+ H" eResidential average price $336,931 -2.10%
& `5 Z: U6 R( g' e* |) ], d2 |3 qSFD² average selling price – month $386,033 -6.60%
* Q. }/ }6 c2 n1 M* ?- n5 H8 ^SFD median³ selling price $372,500 -6.60% - a* J9 U! p6 q
Condo average selling price $256,947 -1.60% |
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