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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 2005.9 G% J1 p9 h% h
1 ]. O1 V- P4 h7 v9 m“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.- E- q- P9 U, H1 P& f+ @
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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 $336,931 when compared to March and down just 2.1% from a year ago.
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4 K6 U& h5 ~- k$ v+ C5 h$ eThere 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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.7 a9 L. f2 G0 u/ c9 l1 o' q" h
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, _7 P$ h1 U' ^0 v, n& HHighlights of MLS® activity" f6 s3 d6 E# b- w1 a/ i0 f
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April 2008 activity Record for
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Total MLSsales this month 2,047 -25.80% 0 n2 U: k. X5 b& w3 p4 T/ b
Value of total MLSsales – month $699 million -28.80%
. O" ^, n d9 O! P: ^* S, lValue of total MLSsales – year $2.27 billion -27.50% % C% F; r. l6 }' |% `% ?
Residential¹ sales this month 1,823 -25.30%
- S; `5 |) g1 `' G, G$ A" bResidential average price $336,931 -2.10% " O* J2 Q1 x; c6 a7 z" \: v7 A: Z* k
SFD² average selling price – month $386,033 -6.60%
& v Q- c+ h+ P& m; m% i$ ~SFD median³ selling price $372,500 -6.60%
2 i( m5 z8 m/ Y) X; a$ t+ n! b FCondo average selling price $256,947 -1.60% |
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