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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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“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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$ p9 h% [5 o5 z" Q6 vSingle 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 $336,931 when compared to March and down just 2.1% from a year ago.0 B; E I/ e3 z/ c$ L" x3 A
* U3 d5 D' f5 U. DThere 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.
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Highlights of MLS® activity
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April 2008 activity Record for3 U) e& e5 `# b1 z7 b
the month* % change from
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# s8 R5 b6 a" I- T2 Y t: A3 lTotal MLSsales this month 2,047 -25.80%
/ U) j+ m {3 G0 ^Value of total MLSsales – month $699 million -28.80% / O$ @% E. ~) ~1 J5 v& ~
Value of total MLSsales – year $2.27 billion -27.50%
$ p# W+ b3 H2 G% V6 M* W* p2 H T( hResidential¹ sales this month 1,823 -25.30%
0 @/ k+ \$ ?' v& O1 J% u! Q2 O+ QResidential average price $336,931 -2.10%
3 }0 t! I6 o6 ^+ C% MSFD² average selling price – month $386,033 -6.60%
( T0 C2 |2 f& ?8 \SFD median³ selling price $372,500 -6.60% 6 n6 l9 }3 q/ Y6 P/ N# w/ ?
Condo average selling price $256,947 -1.60% |
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