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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.+ k$ X% e9 H- N8 b! f6 B: {. T
; ~6 |6 ?. c6 m“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.7 I @0 ?: h# W
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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.( P7 x K9 H1 x2 i5 g5 X* k
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.1 u; i4 S& u+ D5 v, h% b( i2 x# }7 |
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Highlights of MLS® activity
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April 2008 activity Record for- y$ p$ C6 I+ P/ m
the month* % change from6 Q p' J0 c7 E( M m* v
April 2007
* a( {8 K. F, [$ i8 c& mTotal MLSsales this month 2,047 -25.80% + W+ V. k5 ?' k
Value of total MLSsales – month $699 million -28.80% 8 R5 j3 u! S4 a+ z7 J8 x
Value of total MLSsales – year $2.27 billion -27.50%
! |3 a" T* B! ]Residential¹ sales this month 1,823 -25.30%
5 U+ G3 J! s% V! E* G( N3 ?Residential average price $336,931 -2.10%
4 J4 g+ F" E9 o+ B* X7 h/ s4 ^8 USFD² average selling price – month $386,033 -6.60%
% N: A: s2 y9 ?; ?SFD median³ selling price $372,500 -6.60% " |5 R# b G' Z1 k2 v& H9 z
Condo average selling price $256,947 -1.60% |
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