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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.! C% m, b/ _9 u4 U8 o* w, j( J
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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.6 e8 s8 b# b# u! T+ h7 e, F
w6 S" h5 ?6 [% }" ^- [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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.; H6 g- d2 H3 R/ ?% W0 N/ r
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Highlights of MLS® activity" e# p" S) q8 F0 P6 S
( G( y4 q! Q C& \5 d$ dApril 2008 activity Record for
; U* ^3 a# p/ K* s' Vthe month* % change from* \' A* E( i- K) Y! E7 `# Y
April 2007
6 A6 U. w; l. g; a3 D" M& p( D( hTotal MLSsales this month 2,047 -25.80% # R; o+ s* ?2 S3 ?5 L6 C; v
Value of total MLSsales – month $699 million -28.80%
2 Y) v c7 Z k# P1 p2 pValue of total MLSsales – year $2.27 billion -27.50%
% i! d v1 x2 B1 fResidential¹ sales this month 1,823 -25.30% 0 j5 g" {9 E5 I' ]
Residential average price $336,931 -2.10% `1 P1 t8 T5 Y. N9 |% a( u8 ]
SFD² average selling price – month $386,033 -6.60% * m( K; t( ]+ y1 s W
SFD median³ selling price $372,500 -6.60% " N( J2 g1 P& {( Z
Condo average selling price $256,947 -1.60% |
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