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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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9 ?, u: c, J- v$ Q“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.* h6 Q! b( G. [. u' {$ M$ _
5 e1 S% |% Z0 G7 c* b3 e VSingle 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.) f2 `9 @# [/ h4 s; |: u
/ X; j2 i3 V; v1 H' l6 {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 $2.3 billion.2 k$ R/ f5 e! R8 a5 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.$ H7 {' u; f p F% E
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" J. S$ w! @% H& d( R$ H) F) |Highlights of MLS® activity
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April 2008 activity Record for
; P+ N" j, g6 X+ w, m) L7 dthe month* % change from
" C- T" _, S9 Z3 x' FApril 2007
9 y e3 ]0 ]: j# UTotal MLSsales this month 2,047 -25.80% 0 G5 v) F( i& C! Z8 m7 @
Value of total MLSsales – month $699 million -28.80%
/ j K$ H* }' ], B% I* NValue of total MLSsales – year $2.27 billion -27.50% 1 Q1 ]& ]; n( i9 s0 c/ i
Residential¹ sales this month 1,823 -25.30%
/ f+ @$ n% n, s: E1 j) `Residential average price $336,931 -2.10% ( B; R$ e& B3 p& w) @
SFD² average selling price – month $386,033 -6.60%
. H8 v; i1 w3 A: N0 w8 eSFD median³ selling price $372,500 -6.60%
* d2 S8 x" V- |7 bCondo average selling price $256,947 -1.60% |
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