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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., J# a6 X2 q5 X' m/ B) p
7 Y7 D5 v0 q* G/ V* [' s8 W& H“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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/ m' T' Q- V$ W* h9 G) FSingle 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.8 O4 p' L5 x: g+ F
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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.3 @4 E/ z0 h0 `
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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.0 e+ T5 j% i8 z. N- N
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Highlights of MLS® activity
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% c3 s; e0 C2 o/ z" x) C0 d& E4 W+ ^8 zApril 2008 activity Record for
/ H; X* a; d9 m2 K: B, cthe month* % change from4 x: U: ]3 I. | k9 m7 v# k/ Y' O
April 2007
% A7 X5 o7 R) N9 p7 G1 o# _2 zTotal MLSsales this month 2,047 -25.80% - h' z( e: d4 k# `* ~
Value of total MLSsales – month $699 million -28.80%
8 m z- ^2 y3 b9 O4 |Value of total MLSsales – year $2.27 billion -27.50%
& ]& I4 B. n: M9 L$ x; ?Residential¹ sales this month 1,823 -25.30% & z8 k. E2 J( K& w' c. h
Residential average price $336,931 -2.10% * l9 U# I j |+ a; b5 d3 {" R
SFD² average selling price – month $386,033 -6.60% 0 G* a- ^+ Q2 ]& W7 M) A- u1 _
SFD median³ selling price $372,500 -6.60%
8 E0 T( x! L; TCondo average selling price $256,947 -1.60% |
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