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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.
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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 $2.3 billion.0 r; J* t. l9 ^3 Y. \
9 ^8 l' ^* Q# L. }3 u“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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0 r" ?, o# J8 u& xHighlights of MLS® activity/ m& Y! U0 d" K/ S# `# @
& ]0 r7 Y2 w2 ]% f+ s- o: W5 m/ @April 2008 activity Record for! E7 {. ~5 k j$ J% X
the month* % change from" X2 i6 I6 @6 ]5 ?
April 2007
8 g; ?7 l9 c2 F, Q* qTotal MLSsales this month 2,047 -25.80%
- l/ X3 H# z7 N. X& n6 ^Value of total MLSsales – month $699 million -28.80% |# j. E2 ?& r( `/ N
Value of total MLSsales – year $2.27 billion -27.50% 3 m/ G) M, X( }' G8 w+ H& D2 Q2 T
Residential¹ sales this month 1,823 -25.30%
$ u$ F& o- u: a/ _7 q' a/ ~Residential average price $336,931 -2.10%
0 b' U% \* Q" v* z0 f: ySFD² average selling price – month $386,033 -6.60% 6 @; j5 R: s( z1 P8 [ I" I* I
SFD median³ selling price $372,500 -6.60% 0 V$ n; y; f/ S! G) J; ?. f
Condo average selling price $256,947 -1.60% |
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