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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 2005.6 G& b# I8 ?: P1 _6 l0 U# i
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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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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 $336,931 when compared to March and down just 2.1% from a year ago.
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& P$ A, H2 \; M( H+ l1 W# G& MThere 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.1 G4 W4 _2 n" g+ f2 Q8 i2 M
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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.4 \( P* }4 X( Q2 z$ M1 S( y- T
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& m' L7 m8 ~1 E& _7 {Highlights of MLS® activity
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+ o4 e) Y/ Z- J J! a }! |6 f; mApril 2008 activity Record for
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April 2007 ! p, Y/ d8 c3 H* a0 ]
Total MLSsales this month 2,047 -25.80%
, S* h9 ]6 U1 i: }; @7 I" T0 f9 PValue of total MLSsales – month $699 million -28.80% 0 `) w8 Z, _$ V) B
Value of total MLSsales – year $2.27 billion -27.50% 1 w& M6 N9 z7 O+ @' p7 ~9 `
Residential¹ sales this month 1,823 -25.30% 9 g7 l+ p/ W0 Z/ `
Residential average price $336,931 -2.10%
3 z3 o# |# f- E' eSFD² average selling price – month $386,033 -6.60%
1 [% W* Q4 u$ b$ y3 k5 ~SFD median³ selling price $372,500 -6.60%
8 T, ^; U; v4 `# J3 Q) {9 |1 ^Condo average selling price $256,947 -1.60% |
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