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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 2005.8 h' X9 x- I( V! A) B
( D3 m% U4 ~$ j+ S“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.: f* m; Z" o0 O4 g# i% n9 N+ M
# H' d: `+ p. R: h, m4 XSingle 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.- u/ g) U, `& x0 {
: C. o; l! W( i3 n5 yThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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3 E( H# i( n. i4 v. Y8 [( SHighlights of MLS® activity B1 P5 A0 C |3 e. ]& b
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April 2008 activity Record for$ j$ w- n, M1 U) T" G
the month* % change from/ I' u \) u0 w7 L* ]; q
April 2007
8 m+ h. g4 S4 e3 q) f8 JTotal MLSsales this month 2,047 -25.80%
- P9 j$ I4 |& F. |2 E3 w Q3 Z% WValue of total MLSsales – month $699 million -28.80% 1 V1 m- L$ [) w; T( w# I
Value of total MLSsales – year $2.27 billion -27.50%
* w4 v! V" j/ U- v$ l$ HResidential¹ sales this month 1,823 -25.30%
( n4 i& V7 G" ~4 V' `+ _Residential average price $336,931 -2.10%
: h9 |: f' S/ x* d9 s- J5 iSFD² average selling price – month $386,033 -6.60% " S m" L2 K: Q+ A* N; X9 k, \% {
SFD median³ selling price $372,500 -6.60% 6 n8 E3 @& K0 U3 C; g# H# V* l! ^' X
Condo average selling price $256,947 -1.60% |
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