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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.: `7 I. y; T7 W: h8 ]5 P
+ U* H+ T& U% m6 A5 z4 ^* d“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.
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" l5 n7 T# S4 \& }8 M) @ 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.
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0 y! I5 W2 j+ D" ~' tThere 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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( |# p: k7 r+ c1 x5 y' ^8 |; k“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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- k0 U) {& k. ]4 ]Highlights of MLS® activity' s6 e0 Z& ]; _
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April 2008 activity Record for
( X8 C, G" g8 T4 _3 t0 cthe month* % change from
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Total MLSsales this month 2,047 -25.80%
& i: W% i) @3 e, U/ |2 U" KValue of total MLSsales – month $699 million -28.80%
6 _6 L6 C! Y7 v2 W% f& B# }Value of total MLSsales – year $2.27 billion -27.50%
% A# v% a$ Q4 f0 @$ Q uResidential¹ sales this month 1,823 -25.30%
4 ?( ~8 @$ ?9 L4 kResidential average price $336,931 -2.10%
2 X$ i- }% U3 d9 v& P2 Z' S$ T: }SFD² average selling price – month $386,033 -6.60% X8 M- ^: J5 G! ~3 C0 w
SFD median³ selling price $372,500 -6.60% ; U2 B" M8 }. F8 t6 O
Condo average selling price $256,947 -1.60% |
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