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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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7 R* |9 V& ?4 n0 w6 y! {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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9 s' I l" c( t2 }0 [8 D) {! |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.
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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.' d# Q% @/ |3 q6 A0 g* X
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1 n- h" [: d4 n2 N) {, | qHighlights of MLS® activity
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3 U( U% t7 D% V; Y1 [- O1 K+ E3 B7 \April 2008 activity Record for
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April 2007
' V5 E) d- ^% ^& F1 j7 ^# ?0 _5 B) hTotal MLSsales this month 2,047 -25.80%
$ X3 L' a2 Z! s3 _# a& bValue of total MLSsales – month $699 million -28.80%
* b; Z* m8 y! t' P. AValue of total MLSsales – year $2.27 billion -27.50% 4 C8 t$ ^/ l5 H& K/ D
Residential¹ sales this month 1,823 -25.30%
3 ^9 n$ P1 M- \2 \+ ^$ EResidential average price $336,931 -2.10% . S# ~9 ~4 @: z- Y/ Y5 s
SFD² average selling price – month $386,033 -6.60% & n6 ^/ S9 [* m$ D% ^; o$ m
SFD median³ selling price $372,500 -6.60% . s: A! U6 m8 K' G( ]
Condo average selling price $256,947 -1.60% |
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