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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 2005.0 I8 y% w5 q4 x# D
# g. o( d* Y7 G; ~' U0 E3 x“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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' e6 b0 O5 b$ X3 y7 l. _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 $2.3 billion.: S1 y; c7 X4 i' S4 V& k; ]: B% p
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.( a6 |: w! a, z( c( f
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* ]; s$ w' n- b6 _0 iHighlights of MLS® activity* n- }, |! ?2 Q% z1 O4 W- G E
' i( Q* R; x$ v7 \) qApril 2008 activity Record for2 | h5 s( x6 B" @
the month* % change from1 h, v8 y7 o' T' X( d1 g$ H' \
April 2007
: O: @* ?! X o# z7 VTotal MLSsales this month 2,047 -25.80%
1 y: y5 J) \' x8 CValue of total MLSsales – month $699 million -28.80%
7 O+ O* o; Q% c6 {) {Value of total MLSsales – year $2.27 billion -27.50%
$ q- z1 L) e5 C4 V1 P6 FResidential¹ sales this month 1,823 -25.30%
! E0 s( f" [+ f+ E3 cResidential average price $336,931 -2.10%
2 Z O b9 s; \1 o4 Y% RSFD² average selling price – month $386,033 -6.60%
3 B1 b; O8 H9 }2 s$ \, dSFD median³ selling price $372,500 -6.60% . s/ z+ G! C+ N& i- @/ A7 P) z0 E: }$ D
Condo average selling price $256,947 -1.60% |
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