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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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) X" ~ q5 E+ e: X. P3 {“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 g4 B8 q4 s0 h! S0 \$ Z3 X
: G1 E4 x8 V, }; S& l5 v3 ~4 uSingle 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 $2.3 billion., |, y* k6 t3 P' L0 T( E; [
8 z G+ M" ]: F. }& l. P% O. w“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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, q7 g* I6 p7 b) a; k- n. Y5 nHighlights of MLS® activity
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April 2008 activity Record for1 d( _/ W9 h2 _8 Y) Z5 X, ^) U
the month* % change from x5 I% Y* x* D9 v; m! O' ]
April 2007 2 x5 @3 X# @( [& I: l* G. e0 r" K
Total MLSsales this month 2,047 -25.80%
6 Y- O. G! K, X$ Z2 jValue of total MLSsales – month $699 million -28.80%
. |, `& R) ~8 L, h7 [6 K: ]; Q* e4 q# WValue of total MLSsales – year $2.27 billion -27.50%
O. d3 W. c3 d2 {* S JResidential¹ sales this month 1,823 -25.30% / E2 p8 f) Z( }, i% ^% {9 _
Residential average price $336,931 -2.10%
; f6 {3 b+ Z& r. eSFD² average selling price – month $386,033 -6.60%
$ v& x9 H/ f4 R3 d2 P8 \: ASFD median³ selling price $372,500 -6.60%
# F! [! X3 s8 B0 i/ n4 oCondo average selling price $256,947 -1.60% |
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