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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 z7 O3 U) M1 ?, }% B1 {( Y
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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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) K8 I, B" ? x% ySingle 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.; A; Y7 O6 M3 V0 @" I+ H+ @* a
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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 $2.3 billion.' D3 F3 {: U* g5 O
: _% O- V6 N. @" ^# g- A“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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* I7 }' {0 _- e) S7 _$ ?Highlights of MLS® activity$ L+ \# Z7 f2 a% G' _* T& ~
; l F$ L; V4 J ~$ \April 2008 activity Record for) D# B0 x+ l& @* s! v
the month* % change from
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Total MLSsales this month 2,047 -25.80% + @7 y0 z$ ?# y7 D: U
Value of total MLSsales – month $699 million -28.80%
+ M, k5 G: y( \4 BValue of total MLSsales – year $2.27 billion -27.50%
) \& V/ @$ Y. IResidential¹ sales this month 1,823 -25.30% # t; {, u: j" K$ V2 o' ~" y4 B
Residential average price $336,931 -2.10%
( ?( S: z! S+ `7 ? _3 lSFD² average selling price – month $386,033 -6.60%
1 d+ f0 U: r* ?' HSFD median³ selling price $372,500 -6.60% 1 }2 s4 o6 `% s& l/ z
Condo average selling price $256,947 -1.60% |
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