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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.! M8 I3 t0 j# m. J# D4 A
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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.: a3 p' ]' x9 C
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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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/ K# m3 m' e- n6 `7 s+ X. I7 m“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.8 \# g4 ]) B6 t5 g/ l) R- p; D, S6 D
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1 P1 j* }) f8 y h/ d- Q% J4 }Highlights of MLS® activity! F1 m4 t" v4 j! _& a. h
_% Z9 S! ]6 g fApril 2008 activity Record for
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* y/ e, X. m, f, k5 RTotal MLSsales this month 2,047 -25.80% 9 ~: w6 _6 @8 k3 l( }6 q3 ?
Value of total MLSsales – month $699 million -28.80%
/ ]8 t( T- h+ {# {' {Value of total MLSsales – year $2.27 billion -27.50%
9 a9 W8 `' X# r/ Z& j8 s- B: OResidential¹ sales this month 1,823 -25.30% / N- ?+ F" @# R4 f" o
Residential average price $336,931 -2.10%
' V7 u( c; U6 k2 {9 L: qSFD² average selling price – month $386,033 -6.60% 8 D! T0 e) z- W1 ?, a8 n
SFD median³ selling price $372,500 -6.60%
- i, E6 M' c1 R1 w5 VCondo average selling price $256,947 -1.60% |
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