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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.- W5 c+ Z) @* ^+ X% t* T
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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 $2.3 billion.6 B. d) @5 P) ^3 w7 E
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“It is hard to draw comparisons to last year,” said Perras. “Prices were still going up at this time last year and inventories were about one quarter what they are now. It’s a much different market in 2008.” He encouraged all buyers and sellers to consult with their REALTORS® for the best advice on current market trends and conditions.
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Highlights of MLS® activity' Q# K3 j* W+ a2 k' {. x9 p
. o8 b9 f& G' [7 a1 n' D2 uApril 2008 activity Record for3 x2 b! L7 k$ N( h8 m Q
the month* % change from" R9 B+ m( v$ X7 {
April 2007 6 b4 b$ t3 z7 D# Z% Z* w- b8 i M
Total MLSsales this month 2,047 -25.80%
& y; D8 c) g' g; b% u, @Value of total MLSsales – month $699 million -28.80% 8 l1 Y. g; h3 N+ U
Value of total MLSsales – year $2.27 billion -27.50% 0 p+ Z: H' m/ E$ y! S
Residential¹ sales this month 1,823 -25.30% 8 c$ \7 m Q/ f& o- b0 v
Residential average price $336,931 -2.10%
|' M+ X2 b$ z# l% _" |SFD² average selling price – month $386,033 -6.60% 1 ]& T6 W; W, {) ?! y# R
SFD median³ selling price $372,500 -6.60%
8 G3 Q! p. ~! I# MCondo average selling price $256,947 -1.60% |
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