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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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5 n' X( T) B+ Y ] a1 f( BSingle 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.9 |- v" a7 O3 | a6 r; ?
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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.6 [7 T& x" |6 N
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Highlights of MLS® activity- G% f" x( z) X; i- f* z4 R% R2 }5 p
, l- X" M+ ?: G- TApril 2008 activity Record for
& k3 w' C1 m* {" U0 Q) Ethe month* % change from
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Total MLSsales this month 2,047 -25.80%
$ }1 b: v* c' b4 W/ SValue of total MLSsales – month $699 million -28.80%
7 U. j# q6 E* Z1 X( u4 F3 o; y& ]Value of total MLSsales – year $2.27 billion -27.50% 6 P, b9 w# J) I0 P1 O9 t+ R
Residential¹ sales this month 1,823 -25.30%
' A1 ^, r; D9 Q/ T' A" ?" d dResidential average price $336,931 -2.10%
+ x5 m5 ?( |4 _3 O- H- v) M0 ^SFD² average selling price – month $386,033 -6.60%
$ g! p9 N' J f+ ^# P) f8 kSFD median³ selling price $372,500 -6.60%
7 e, x+ a6 m# |+ ~8 M$ d" iCondo average selling price $256,947 -1.60% |
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