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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.& Y$ f; N! A2 @- o1 v2 N
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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.' a4 d$ ?. ]4 X" [ v
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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.7 M. z* X! A) d M) b8 R
* R8 B ~2 U; m1 OThere 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 $2.3 billion.( C( ]: E$ m) W* S# z8 u9 ~
( }% Y* O7 O0 V/ X+ `; ]2 K3 @“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 k# b9 y' n3 N$ c0 ]
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0 U/ y. y3 p! XHighlights of MLS® activity
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April 2008 activity Record for
6 T# U, s5 L" f' h* o2 `( P( bthe month* % change from
8 p; a, e2 o$ f p7 KApril 2007
3 B: I3 s+ s* p3 a5 O- n3 j+ B3 kTotal MLSsales this month 2,047 -25.80%
" A2 P' x" Z: w6 qValue of total MLSsales – month $699 million -28.80% 8 ?9 N- ^' h h ?9 t1 C- \- v) T
Value of total MLSsales – year $2.27 billion -27.50%
( y5 D. C0 l& HResidential¹ sales this month 1,823 -25.30% 7 y+ O5 `, Z; x% _, B
Residential average price $336,931 -2.10% $ ~6 a" O5 ?8 t0 n1 e+ K
SFD² average selling price – month $386,033 -6.60% . y# i: ?; a' v p9 W
SFD median³ selling price $372,500 -6.60%
" o, ?3 ?$ b6 z5 }9 y. _Condo average selling price $256,947 -1.60% |
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