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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., A2 Z3 {$ w9 H$ z( s! k3 ~
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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.& W+ @; m1 _' L& M+ t1 Y& v
4 z6 M) l' w: L/ [+ eThere 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 $2.3 billion. ^/ J. a/ P( q7 o4 {* ^1 E
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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7 P8 [" X! S8 a5 Z4 q. XHighlights of MLS® activity: s7 N# S0 p; g* ] W. t
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April 2008 activity Record for" l8 |; v( m2 F7 [! e/ X7 Q
the month* % change from/ \% l. F/ d" R6 m T
April 2007
9 W$ e8 V. L( A% A2 rTotal MLSsales this month 2,047 -25.80% 0 W/ @" X' g- Q3 t7 T7 F
Value of total MLSsales – month $699 million -28.80%
$ J$ i% Y) W7 jValue of total MLSsales – year $2.27 billion -27.50% , p( g5 ]& D; V) t; m" l$ x
Residential¹ sales this month 1,823 -25.30%
f& t: V, A3 L, fResidential average price $336,931 -2.10%
( q% o6 g t" T3 f# ~, ]' M7 HSFD² average selling price – month $386,033 -6.60%
q4 E# x( S) Z. E0 T1 LSFD median³ selling price $372,500 -6.60% . d, F! A, q B) O# n9 X* x! ^9 o- G/ O
Condo average selling price $256,947 -1.60% |
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