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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.+ G% V3 s/ a1 U {7 L
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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.1 D% D6 w2 r; a4 o
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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 $2.3 billion.
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.0 g; K3 N9 g3 {
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0 Q8 h* s8 J) t' SHighlights of MLS® activity
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0 L4 }% G( e1 G6 D( [" U1 rApril 2008 activity Record for5 P( l$ x* \- i$ z) A) W4 f
the month* % change from- d$ J P& R. z1 R
April 2007 ) k4 V0 z' r( e; ?
Total MLSsales this month 2,047 -25.80% 1 }' k [9 e3 x5 E0 r; @
Value of total MLSsales – month $699 million -28.80% # ]& } n, m% \5 q: L4 ]1 ^
Value of total MLSsales – year $2.27 billion -27.50%
7 f- @' j2 \" SResidential¹ sales this month 1,823 -25.30% / Y) Z/ ]; c) t5 s
Residential average price $336,931 -2.10% . O1 ` v; m. a- J: e# D. H5 J
SFD² average selling price – month $386,033 -6.60% ) e. Q8 _7 ]9 o( Z9 m7 Y
SFD median³ selling price $372,500 -6.60%
+ S' A+ c# X" c+ RCondo average selling price $256,947 -1.60% |
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