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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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8 c" k! y2 o% g# s( D4 d @: k6 N“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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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 $2.3 billion.6 V' ~4 P8 ?2 D# ?; b
% G& ?1 T j, s( ?# w9 n$ M1 z“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.2 v$ Z3 _7 E/ O. z# b" Z
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; E1 M2 t6 T' u" @# V- F3 ?Highlights of MLS® activity
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1 X% M$ F) l, j0 UApril 2008 activity Record for
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& T/ [- e' U$ F# r7 }Total MLSsales this month 2,047 -25.80% 2 z) b: ^' m0 ]8 ^
Value of total MLSsales – month $699 million -28.80% 6 G0 ?' f1 Q) A4 m
Value of total MLSsales – year $2.27 billion -27.50% 7 N7 v2 G7 {, e: s: O1 w3 `
Residential¹ sales this month 1,823 -25.30% ' Q, n3 W" N, s0 L
Residential average price $336,931 -2.10%
4 {0 e& e/ I1 \% e7 q/ t( PSFD² average selling price – month $386,033 -6.60%
$ Y+ o5 E$ ?0 o7 W) E$ K: gSFD median³ selling price $372,500 -6.60%
* A: E' d; ?7 J$ eCondo average selling price $256,947 -1.60% |
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