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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.! P$ F; p6 j* V- a1 Z* _7 n# b
7 `; [1 T4 C0 E: K“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.2 \( Z" X1 P9 a8 w9 _ X
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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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* {( i+ | T! J/ n3 f- B, [# t“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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. e! S \ Y, E) z2 m# hHighlights of MLS® activity0 b4 s l1 J, M E5 q( F
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April 2008 activity Record for
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April 2007
; C9 _6 G/ g& y3 mTotal MLSsales this month 2,047 -25.80% 3 x) }) A) m9 v" p' Z9 m
Value of total MLSsales – month $699 million -28.80%
# t; l% O5 O$ ~) ]Value of total MLSsales – year $2.27 billion -27.50%
5 ]: V/ @( P9 p4 J; O+ hResidential¹ sales this month 1,823 -25.30%
F2 j8 F% _ ^" X1 q/ m( PResidential average price $336,931 -2.10%
" l" W' X5 u2 K4 aSFD² average selling price – month $386,033 -6.60%
2 S( D4 a8 l3 O2 eSFD median³ selling price $372,500 -6.60% 3 g1 t: c" U' W. ?. b, A
Condo average selling price $256,947 -1.60% |
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