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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.' n( y8 i& J+ ~" A6 f3 a$ w# C
. O& s0 ]/ E" O1 U: x. B9 bSingle 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.% }' `; _2 y* v8 F1 t
9 N G6 B. `2 k6 j9 z7 m( JThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.8 j9 \ L* G: S- n
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7 }5 S& M7 Y9 U8 f1 N0 pHighlights of MLS® activity
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0 M$ F1 @5 W; d: [& O+ nApril 2008 activity Record for5 s) y2 Y0 A& L1 T( Y
the month* % change from
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3 D& P) s7 u& ?6 _ B2 Q# t: sTotal MLSsales this month 2,047 -25.80%
0 @' S- T! W+ R, f" p+ k5 J; JValue of total MLSsales – month $699 million -28.80%
0 u# t& Z' d& w: L* t7 oValue of total MLSsales – year $2.27 billion -27.50% ! \! e4 b) {& B2 N9 b, B! i
Residential¹ sales this month 1,823 -25.30% + ^, ?( L& q' b
Residential average price $336,931 -2.10% / @. d; Y+ [, O6 e. R! i h b
SFD² average selling price – month $386,033 -6.60% / s# q3 m/ K t2 j% m, _% o2 f
SFD median³ selling price $372,500 -6.60%
* G9 z& p5 s, TCondo average selling price $256,947 -1.60% |
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