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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 2005.1 s, ?' Y! `, n5 J3 V- \: N( d
! P1 W0 t7 \0 B3 c' T; r& J8 B“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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+ W J2 c9 l9 E p/ W3 A- W+ \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 $336,931 when compared to March and down just 2.1% from a year ago.- l6 I+ N" N( N4 ?/ d1 y$ G2 L8 d
C" V8 Q+ k, u( ^4 K5 L" eThere 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.) B; P! u# I. W" m6 }
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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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* ~+ ~. C* t x0 b5 RApril 2008 activity Record for
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April 2007
$ x# T: h6 R! \* w/ S) Y# rTotal MLSsales this month 2,047 -25.80%
! h+ e( {7 w( i. k8 x6 c9 N3 g$ CValue of total MLSsales – month $699 million -28.80% 2 C3 Y8 B4 ?" L) A8 l0 w" f
Value of total MLSsales – year $2.27 billion -27.50% 6 @& K" T( M9 e# F k( C% B
Residential¹ sales this month 1,823 -25.30% 7 p2 \* Q9 u9 W7 P! Y8 C
Residential average price $336,931 -2.10% % h z" G0 ~5 q/ P) U( O' S
SFD² average selling price – month $386,033 -6.60%
; [0 w& V6 z+ C& u: jSFD median³ selling price $372,500 -6.60% " a2 z6 D- i9 `$ j6 E) A3 @7 r' D
Condo average selling price $256,947 -1.60% |
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