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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.% i$ K0 F4 [3 t- P" ~
, u. t; D! t; v4 q/ ]“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.+ u2 m+ W) j- ?6 q8 T
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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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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 $2.3 billion.( i2 h6 I" k0 U. S* I! ?4 e
8 H9 v: b& S2 L( i8 q3 h“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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7 R: a' n# U8 W2 o" v* c0 J- iHighlights of MLS® activity# `, |1 |4 I& K% f& m
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April 2008 activity Record for( h5 H$ ~5 `% R
the month* % change from7 C% O% ^( \8 q8 Q( A
April 2007
w7 U6 H7 s; x* s: ^Total MLSsales this month 2,047 -25.80%
4 E8 e/ [6 i* \6 x+ RValue of total MLSsales – month $699 million -28.80% + x- Y* A0 E' j6 q
Value of total MLSsales – year $2.27 billion -27.50% 4 ^: Z) e' z& n# w' j
Residential¹ sales this month 1,823 -25.30%
" @+ t( I+ A+ j/ h: ?Residential average price $336,931 -2.10%
, Y# W( J( r: x9 Z/ T7 t- g4 R% TSFD² average selling price – month $386,033 -6.60% % x9 _8 ?" B1 s( Q) k# t R
SFD median³ selling price $372,500 -6.60% ( C2 X: D# N. b( Y
Condo average selling price $256,947 -1.60% |
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