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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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3 ?4 ?0 s) w2 N8 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.
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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.3 f6 ~' g7 V! Z; @
0 i# t. ^8 U. rThere 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." y% I. p, R u) e" H4 P
5 F# k* s# f7 E0 R9 Q7 E“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.
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/ s/ s5 V2 K# E# p3 X; i% v) E. WHighlights of MLS® activity
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" n I( M1 f; X4 f7 ?April 2008 activity Record for) h/ j3 M; y& c
the month* % change from
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* t0 x& q, V3 dTotal MLSsales this month 2,047 -25.80%
" s1 v# T0 K" A' DValue of total MLSsales – month $699 million -28.80%
: q# n: S7 U& O4 AValue of total MLSsales – year $2.27 billion -27.50%
9 S% |) G5 \! f; Y/ n2 l/ W. GResidential¹ sales this month 1,823 -25.30%
) g. O7 O I$ F$ y7 AResidential average price $336,931 -2.10% 1 ^4 ^7 U# |- o
SFD² average selling price – month $386,033 -6.60%
; ^3 R% j( f9 n/ ]$ }0 m# q( ~6 m- bSFD median³ selling price $372,500 -6.60% ! C0 g0 ?5 D; z# z4 J( G, M! ~$ A
Condo average selling price $256,947 -1.60% |
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