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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.; d& S3 [1 [. S3 ?( y
- J2 F+ Y& I# E4 }& b, v/ tSingle 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.5 {' A, Z* L& b. E: M
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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# y$ m( W* p5 O: I* B: z! \2 \: PHighlights of MLS® activity G: ?# d1 C7 W( D. ~
* D% {/ l- L! i& S( j2 IApril 2008 activity Record for9 ]# i/ U6 X! f
the month* % change from
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Total MLSsales this month 2,047 -25.80%
5 w; C2 o- i2 D) J) nValue of total MLSsales – month $699 million -28.80% , E& k$ Y5 l# y& H) `
Value of total MLSsales – year $2.27 billion -27.50% q* I+ `0 k4 W: E* n1 X$ I' h4 I
Residential¹ sales this month 1,823 -25.30%
- F- H" C. R4 X* c2 Q5 x' w' FResidential average price $336,931 -2.10%
* }$ W& R7 `# c2 R: zSFD² average selling price – month $386,033 -6.60%
* _% Q( t# d/ D: [, l5 k9 E8 GSFD median³ selling price $372,500 -6.60%
9 E7 r# O) ~8 e% E ZCondo average selling price $256,947 -1.60% |
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