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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.# o Q) ~) V, Y- g
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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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g4 E& r; H5 hSingle 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.7 Y+ R/ Y3 `' m% B5 [/ x1 q0 G
; ^# Q1 R4 Y' L q7 `6 ^: 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.+ @. n7 Y3 F" X9 H* C' b: e9 ?
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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.+ Y" q6 S5 |' g" n: q9 s
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Highlights of MLS® activity
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, t# A2 p' C `4 D9 y1 [3 OApril 2008 activity Record for
4 d% ?6 J+ Z9 X% R0 o' t7 k' \the month* % change from! {0 n0 i1 k, s i; G& ^4 X
April 2007 ! ~+ }. h8 `8 `' C0 L/ H# p- V- A3 w) K
Total MLSsales this month 2,047 -25.80%
- e7 J ~. z2 p+ L/ w1 f% N. YValue of total MLSsales – month $699 million -28.80%
+ ^( l% t7 J: k( E5 z' QValue of total MLSsales – year $2.27 billion -27.50% 7 A8 }1 W6 O" W
Residential¹ sales this month 1,823 -25.30% 9 d& n+ Y" C* T$ ^
Residential average price $336,931 -2.10%
; D6 E2 n" t( ~! X' r1 c' iSFD² average selling price – month $386,033 -6.60%
7 K7 Q9 I* a3 q5 e, ]: RSFD median³ selling price $372,500 -6.60% 8 r- s' n" [4 w# E- Y( y+ f
Condo average selling price $256,947 -1.60% |
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