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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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% K5 \* x8 ]# u# B+ ^0 b+ B* S1 T“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.! E7 f1 f# k% g7 ^
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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 $336,931 when compared to March and down just 2.1% from a year ago.
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2 ^5 ~2 @* Y$ h9 ~7 vThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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Highlights of MLS® activity$ L# R5 H: Q5 n3 D) [
$ e+ }, x# b% m7 i# o; dApril 2008 activity Record for
4 A. U0 Z6 W( P& |the month* % change from* ]( Q! @5 M9 X- o! q: h
April 2007 & O/ D+ ?3 Y; h" d+ y2 d
Total MLSsales this month 2,047 -25.80%
, I* |- k2 n. y; z1 u3 i; PValue of total MLSsales – month $699 million -28.80% 1 T5 n8 o- R! ^ j
Value of total MLSsales – year $2.27 billion -27.50% ! S1 |) R5 }+ B$ r' _! c% B) o. ?. q
Residential¹ sales this month 1,823 -25.30% ; P- Z7 w1 g6 o/ G e# G" ~( a1 A
Residential average price $336,931 -2.10%
7 H5 [2 K$ P6 qSFD² average selling price – month $386,033 -6.60%
7 @6 F- s( {1 ~6 J! H% x& wSFD median³ selling price $372,500 -6.60%
, {- Z, v. D1 D9 P' [Condo average selling price $256,947 -1.60% |
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