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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. F J% i$ W' q6 C: B
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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.$ j! g a* {/ I+ A
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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.
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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 $2.3 billion.! Y* [# e3 d$ H1 ?7 u
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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.* B, y# \- { S- ^
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Highlights of MLS® activity0 w [ }$ l! s: Z
3 F1 g4 z. L# O6 g6 u, c t4 ^April 2008 activity Record for a& n, S. _( A, o
the month* % change from
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$ j: _! y9 a) A t/ v0 C N# LTotal MLSsales this month 2,047 -25.80%
7 G7 x* N0 l! `& } f' O# J% X2 _Value of total MLSsales – month $699 million -28.80% , @6 u9 S0 q, h" y6 [
Value of total MLSsales – year $2.27 billion -27.50% 9 O c- l2 F; e! w. E1 s0 @
Residential¹ sales this month 1,823 -25.30% , |# n0 N- L0 M! Z. @8 U
Residential average price $336,931 -2.10%
+ V0 m Z2 b1 a' g7 N/ O0 S# K) j) pSFD² average selling price – month $386,033 -6.60%
) Z) [& P4 ~8 _ t. TSFD median³ selling price $372,500 -6.60% + ~! H7 j* d/ y% Y5 F+ k
Condo average selling price $256,947 -1.60% |
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