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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 2005.7 M9 U0 n, F5 C
" B. Z, g+ \, p+ x“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." J, T* d) Q7 R* P5 o8 S0 D" u
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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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1 D- G2 ^( i8 _( FThere 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.0 {0 d. \4 v I% N2 V
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0 p3 M+ c, G1 YHighlights of MLS® activity
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, i' \( q5 h: E3 G& v9 e2 MApril 2008 activity Record for
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April 2007 9 E; S3 W, B4 D$ g# m
Total MLSsales this month 2,047 -25.80% 1 |) R1 O8 R3 K, c X0 |$ Y6 L: o
Value of total MLSsales – month $699 million -28.80%
' I2 R' I/ ]1 a# g. [6 uValue of total MLSsales – year $2.27 billion -27.50%
( J; p* ^9 F- f& w+ i6 J2 X2 A4 [Residential¹ sales this month 1,823 -25.30%
& r0 N, d0 |) D. VResidential average price $336,931 -2.10% ) h7 |5 I: h2 E+ N0 `* A% U
SFD² average selling price – month $386,033 -6.60% + B& R% B. G! H7 D+ q4 K
SFD median³ selling price $372,500 -6.60% ) z5 z: [! A; H5 y- u
Condo average selling price $256,947 -1.60% |
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