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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.
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: V. g! p/ ]4 v, A" M7 JSingle 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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( p/ B: t! Y c( a; }8 ~9 TThere 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 $2.3 billion./ q7 _" J) a# |
/ z! t$ A# r% w2 @0 V; N“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.$ Q* A1 ~- X# J4 G- A! i$ A
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Highlights of MLS® activity
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& O( T. F- }* M4 {/ c$ WApril 2008 activity Record for
% q$ w) r8 t* g! Z: T1 e' athe month* % change from
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% V5 p0 z' q$ i) x; STotal MLSsales this month 2,047 -25.80% 6 _4 @. v1 c- `- b
Value of total MLSsales – month $699 million -28.80% ! C) C, E, f% p
Value of total MLSsales – year $2.27 billion -27.50% % ~1 e+ Y) l3 m. l @
Residential¹ sales this month 1,823 -25.30% ; ]" f& w+ d B
Residential average price $336,931 -2.10% 8 U/ P" b6 l) p- ]6 o
SFD² average selling price – month $386,033 -6.60% 8 u6 K2 {: s2 G3 e7 P+ l
SFD median³ selling price $372,500 -6.60%
6 n2 ~7 B- K5 b: Q$ q0 HCondo average selling price $256,947 -1.60% |
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