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Average price slips as fewer people moving to Alberta, realtors association says& V, }' u$ w V: U4 S P# ?
Bill Mah, The Edmonton Journal
5 l0 {) P% ]' J6 X( g3 cPublished: 1:31 am7 S- L4 O- `3 X V J
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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; O% @9 h5 h. c5 {& g+ L, l/ {! ^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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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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& x$ Z! i6 ^# h6 ^Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.
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2 M' J. }* [% A. b% dNet 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.1 N1 ~6 \/ {# k/ k2 X
0 {9 o3 Q* q+ J- n$ nHe predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.9 }0 m( W' G) _# U- A9 }+ n
. y. G; H' u0 X. U: F; g"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.9 t- L: i" q; ~1 L& f4 l
+ `0 \+ q* h; _9 D2 G5 `* O"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."
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/ h1 A K4 t8 c; \) KA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.) `8 D( |# o- a: G) _
7 _3 A, p% y; z9 g% Q& B- WBut 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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There 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.' M+ u- s6 S* u7 ?( H9 \2 D
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Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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4 {( w8 ?. J2 M0 }Meanwhile, 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.
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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 $363,707.8 q: e- G& h( q
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The 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.
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Ken Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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"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.
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2 n/ r1 n( U. M( q& M7 ~According to the report, prices varied by specific market in the Edmonton region. Here are some highlights:6 p' I- s! c9 p) c6 @2 J6 |
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Sherwood Park: Average prices for two-storey homes dropped by 7.1 per cent to $390,000, while detached bungalows and condos were unchanged from last year.. ~$ c s: T6 j+ f q. X1 U
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Spruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year., E$ [2 h- w( l2 j" i8 Q
$ K! F, r- k7 ~" A w4 O I; mRiverbend/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." f/ | ?" ]# c- z6 ^6 t+ x7 P# b n
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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 ($310,000.)/ T7 {4 O' T$ K H8 k
; m* v; A/ }: c8 M# z& tSt. 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.6 q% G' E! w, [; W+ \) i6 i; U0 K
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 $350,000.5 r; s8 s3 z. y& j
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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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