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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.' F6 F+ z( l) y1 J
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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.
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& Y1 e7 L' P4 X& |7 lSingle 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 $2.3 billion., ~/ o7 B( g# v9 S: l! I/ d8 K
3 {3 ~3 D" D) Z8 ~+ Z6 B“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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7 @. ^! C$ E: f3 [Highlights of MLS® activity
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: p2 W( W& Z4 y, v3 l# zApril 2008 activity Record for2 H9 o' q. t2 b0 N
the month* % change from
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Total MLSsales this month 2,047 -25.80%
7 y3 t, }4 Z! c% F7 hValue of total MLSsales – month $699 million -28.80% * d: l4 Y5 _" s' o: ^
Value of total MLSsales – year $2.27 billion -27.50%
! L- S$ E5 J# w% I7 ?# AResidential¹ sales this month 1,823 -25.30%
% W/ ~: |* X( |0 X" L) zResidential average price $336,931 -2.10%
" o! W) h! W* }+ _/ `SFD² average selling price – month $386,033 -6.60% ( g7 y) P7 y0 _3 h
SFD median³ selling price $372,500 -6.60% % B0 t6 Z% r9 Z" S) B) Z
Condo average selling price $256,947 -1.60% |
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