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Average price slips as fewer people moving to Alberta, realtors association says: [ i. y7 y$ A5 }' g
Bill Mah, The Edmonton Journal V* i( Z0 p7 [: @
Published: 1:31 am- K: g7 E: L0 z/ `) P! O& y
EDMONTON - The buyer still reigns in Edmonton's housing market, where the number of homes for sale has skyrocketed by 268 per cent from a year ago.
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Figures released Thursday by the Realtors Association of Edmonton show there were 9,464 residential properties available in the city area -- up by a whopping 1,220 homes from February.
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, w- b. }7 P( |! A6 Q7 @That's the third-largest inventory in Edmonton history. Only last September and October were there more homes for sale at month's end, 9,918 and 9,577 respectively.
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Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.
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Net migration to Alberta last year was 27,048. That's down significantly from 74,523 who moved here in 2006, according to Statistics Canada data.
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"We had an industry that ramped up, expecting that those numbers would keep up and now, as a result of that drop-off, we've seen inventory numbers come up fairly significantly," Perras said.) C j3 Q+ N8 w3 R1 Y" q+ }
* t9 z# k5 d0 @1 ~& z {He predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.
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"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.
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"We saw quite a roller-coaster ride last year when prices jumped up significantly in the first six months and fell off significantly in the last six months."7 ~ n/ z: H/ e$ x5 e S; C
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A single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.: p! i5 @3 w$ s+ K8 ~2 O' ]# A
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But the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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9 I5 M: q: [6 i4 zThere were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37 per cent. Homes spent 51 days on the market, down one day from last month.* p/ z) s0 c. {7 T2 k, J% j( e2 _' n
3 n8 |: Y! S. @9 iTotal MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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9 V! W, a/ Z! ]$ r4 z" mMeanwhile, a house price survey released Thursday by Royal LePage Real Estate Services says Edmonton-area houses became more affordable in the first three months of 2008.# t5 b* S# ]5 O
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The study looked at certain local markets examined and found the average price of a "standard two-storey home" fell 3.7 per cent to $363,707.& x6 O$ I! E c9 g5 j/ s2 u
( z; q- i) g. UThe price of detached bungalows fell 4.9 per cent to $330,000 from the same time last year. Standard condo prices also fell 7.7 per cent year-over-year to $235,000, said the LePage study.2 F. D" l0 y7 }, D; h. v; T
) q& ?. ~& J) B9 F4 V+ MKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.& b& {3 H* Z- i- K! @+ L" O5 }: A
8 j- N1 Z2 k- \"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said./ j5 a& X/ U1 ~# w* {! S6 z5 G
5 L6 V. m4 @# RAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:
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Sherwood Park: Average prices for two-storey homes dropped by 7.1 per cent to $390,000, while detached bungalows and condos were unchanged from last year.; K- x! e! s0 V- J6 i5 G% @4 B
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Spruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.9 ~. `9 j+ x2 ~ N7 m/ {
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Riverbend/Terwilligar: A two-storey property rose by 12.7 per cent to $410,950 over the same time last year. The average price of a detached bungalow rose by 2.6 per cent to $390,000, while condo prices dropped by 10.6 per cent to $235,000.$ y9 C4 m$ x. G
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Leduc: Average condo prices rose by 9.1 per cent to $240,000 year-over-year. Two-storey house prices dropped by 7.5 per cent ($310,000.)
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St. Albert: The average price of a two-storey home fell by 12.8 per cent to $340,000 while detached bungalows dropped by 12.3 per cent and condos by 13.3 per cent.% e2 o7 w/ s4 _; l6 J& a
Castle Downs: Average detached bungalows fell by 18.6 per cent to $285,000. Average two-storey homes went down 11.4 per cent to $350,000.
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Clareview: Detached bungalows decreased by 8.8 per cent to $310,000, year-over-year. Condo prices fell by 16 per cent to $210,000 from the same time last year. |
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发表于 2008-4-4 07:30
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