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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.( n; @ j! a% D. N5 a
; H' o) d8 N3 P! A2 U“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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$ R3 R% ]4 R$ Y' eSingle 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 $336,931 when compared to March and down just 2.1% from a year ago.
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# w0 a1 T5 v) I$ j# u4 ?+ O. NThere 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 $2.3 billion.) X! {, y8 L5 ~7 n9 I4 o" U
8 g: I' Q+ r7 g- f6 I“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.3 j" [- e) C4 N x7 F1 P4 M* O
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Highlights of MLS® activity
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* h$ w# a4 w8 | TApril 2008 activity Record for
1 {3 y* M* q: v* e" bthe month* % change from
( t! h1 B4 X, E" D3 mApril 2007 ( G. E0 _! v {2 s. b! T, n
Total MLSsales this month 2,047 -25.80% . [( B) L) U- t% U* r
Value of total MLSsales – month $699 million -28.80%
% I- G- U( w' N5 j4 _Value of total MLSsales – year $2.27 billion -27.50%
( v! r* u& B* BResidential¹ sales this month 1,823 -25.30%
. g. M; \( d! F* B' ~Residential average price $336,931 -2.10% - l; ^) M& P/ V/ {- h( b5 m
SFD² average selling price – month $386,033 -6.60%
6 M& r+ A& W2 Y9 sSFD median³ selling price $372,500 -6.60%
5 l% C1 h7 b' d0 k2 oCondo average selling price $256,947 -1.60% |
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