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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.4 g, J; I9 s3 q7 g2 b8 K. \
2 p/ O& j5 K. R' T5 |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.
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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.; O N6 l9 g# ]9 e7 C3 ^7 C1 p
( U8 E+ N6 G+ L7 M5 w4 T“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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( X' n% s! s- T2 j/ @Highlights of MLS® activity1 C1 E( ^+ K( G' T; h6 Y; P# T
' K1 t( v5 F& j: }& ?; U: R4 e6 l1 ]April 2008 activity Record for
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( s" c; g% F* G STotal MLSsales this month 2,047 -25.80%
: g+ R4 Z8 O& ~8 D0 V* lValue of total MLSsales – month $699 million -28.80%
! z4 f, Y( S/ _* O' }Value of total MLSsales – year $2.27 billion -27.50%
$ `) m5 W/ j( Y! WResidential¹ sales this month 1,823 -25.30% & u& s6 y. c! C; X0 c z
Residential average price $336,931 -2.10%
5 d, j- ~( L* Q+ v' nSFD² average selling price – month $386,033 -6.60% : w+ h6 U9 ~$ J& M
SFD median³ selling price $372,500 -6.60%
! g* }) `/ B/ O& m8 FCondo average selling price $256,947 -1.60% |
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