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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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7 y- c0 ]5 B/ B/ b6 d: V“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.% v0 c3 C, ]" @+ a- E H
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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 $2.3 billion.
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( n0 X" G" D8 T; I7 F! d“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.! `0 L& l9 n3 F# {: a
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: ^% t o3 o8 D9 yHighlights of MLS® activity
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April 2008 activity Record for. U8 W/ z5 x+ p: M% W$ `
the month* % change from
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Total MLSsales this month 2,047 -25.80% . s( v6 m. I6 @- q7 @ g. L* G
Value of total MLSsales – month $699 million -28.80%
4 m( W: R' \8 J4 k) zValue of total MLSsales – year $2.27 billion -27.50% & h% X6 ]) [4 l
Residential¹ sales this month 1,823 -25.30%
* _1 i1 @4 l! l0 [/ j; s- hResidential average price $336,931 -2.10% % \, \% I' \' c n
SFD² average selling price – month $386,033 -6.60%
* G; L K$ k. A" @) c' O, C% v; ySFD median³ selling price $372,500 -6.60%
. w- o+ Z( x. d# k+ QCondo average selling price $256,947 -1.60% |
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