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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.& F3 w5 u; P2 [/ S2 x0 i2 u7 s
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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.
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" q( Z7 W- _3 N+ D2 O3 {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., g, K2 O* Z E* L/ ~# r
, w T0 z: ~! ?. g4 }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 $2.3 billion.+ C+ j% }1 L: S$ a1 c( P
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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.- B) L) _0 Y. l: E5 C+ V; R
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Highlights of MLS® activity8 ]/ Z* b7 E+ J% E
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April 2008 activity Record for
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April 2007 ' ]3 `3 x; u# Z4 G' c/ r$ t% W: l
Total MLSsales this month 2,047 -25.80% / D- ^7 m4 ]) P1 j4 T
Value of total MLSsales – month $699 million -28.80%
9 r0 }7 d+ Y8 o# dValue of total MLSsales – year $2.27 billion -27.50%
* A+ L2 u) y) r" d' G. d! mResidential¹ sales this month 1,823 -25.30% # g/ E0 @. w" U; t6 n# }
Residential average price $336,931 -2.10%
0 g# q' V# t) g& D1 I8 s9 e7 SSFD² average selling price – month $386,033 -6.60% : X1 c( C3 o# I1 @( n* [. K
SFD median³ selling price $372,500 -6.60%
7 x+ a% j3 f. D6 H, uCondo average selling price $256,947 -1.60% |
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