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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.$ z% g2 O+ F, C
$ c. w! ~" M& s: @7 o/ YSingle 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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9 E w( m. y( o0 u' aThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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7 d% `5 x, k& o8 NHighlights of MLS® activity1 A. x' u, ]0 d8 x
, _! r4 \7 @; L& \5 { dApril 2008 activity Record for
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Total MLSsales this month 2,047 -25.80% ' F2 g9 p* a( ` p2 f8 h$ v' X
Value of total MLSsales – month $699 million -28.80%
6 n: H% e$ _3 z, b0 A- XValue of total MLSsales – year $2.27 billion -27.50%
; R/ X. n1 u( b5 t' D3 QResidential¹ sales this month 1,823 -25.30%
4 c+ T1 ~. D: z% gResidential average price $336,931 -2.10% 6 j/ f1 P+ S/ u* t2 L: O' u2 j
SFD² average selling price – month $386,033 -6.60% 7 W" X* _( {9 M3 J: Z
SFD median³ selling price $372,500 -6.60%
' q; U7 z1 ?9 _1 q2 h- HCondo average selling price $256,947 -1.60% |
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