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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.# @ U# D% Z# C% H' h* S
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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.
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/ J a. U1 B6 HSingle 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 $2.3 billion.' t( d- U0 J/ i: L: X
* a& }1 m. W5 M7 U' I4 f. y6 {“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.+ T- m/ w+ r$ {1 o; h# U4 }: y
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Highlights of MLS® activity
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April 2008 activity Record for
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April 2007
3 h& \. U2 K) O& YTotal MLSsales this month 2,047 -25.80%
, ~2 C( [+ d o1 G4 n' s! {Value of total MLSsales – month $699 million -28.80%
; E9 j2 w2 a' F; x9 E/ L$ b- lValue of total MLSsales – year $2.27 billion -27.50% 4 J/ a6 o2 g2 g' C; g% {+ b
Residential¹ sales this month 1,823 -25.30% ; P x; a% J& p' R6 h: B3 s( G. k
Residential average price $336,931 -2.10% - a0 `; c5 _) C: @
SFD² average selling price – month $386,033 -6.60%
' v! Z( @4 h, o, l# \- p& _5 k4 @SFD median³ selling price $372,500 -6.60%
1 S/ m" t( ^( |Condo average selling price $256,947 -1.60% |
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