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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.: r9 U; b4 R8 K( r6 X! q
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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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8 w, H( k+ c! R L0 zSingle 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 $336,931 when compared to March and down just 2.1% from a year ago.
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! L" O7 F" H, x) @! P% E$ PThere 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. [1 e& G% S; g' ~' k
0 C2 b" ^. b: k2 d6 d& }. \0 A% }1 W“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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Highlights of MLS® activity
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April 2008 activity Record for
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Total MLSsales this month 2,047 -25.80% 7 ^/ n" D5 c# b. ]1 X7 y
Value of total MLSsales – month $699 million -28.80% 2 k9 A' Q. K+ @
Value of total MLSsales – year $2.27 billion -27.50%
. m% N B& ^( I7 e. ~Residential¹ sales this month 1,823 -25.30% 8 z+ b5 S d- a% T
Residential average price $336,931 -2.10%
0 ?& b$ R# q4 J DSFD² average selling price – month $386,033 -6.60% & \3 K0 U8 q3 ]& X) o
SFD median³ selling price $372,500 -6.60%
s1 e" O, V) ~. w) |& q( cCondo average selling price $256,947 -1.60% |
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