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Average price slips as fewer people moving to Alberta, realtors association says
) v: _* }; S: G- DBill Mah, The Edmonton Journal" S5 e2 t: J4 m# W! @6 D2 h
Published: 1:31 am: b0 x/ \' }1 m* u4 `- T, x
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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. Q* v7 v' a- `2 R/ P" f( `! C# c, J8 }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.- [" e/ R7 S2 E( Y4 ]$ m
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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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. y8 R* d9 r1 r6 ^' R# ~; FAssociation president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.
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0 T% X$ p1 e; ^9 X1 H* zNet 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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. \7 V+ g2 G+ X( i, z"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. \5 [2 W9 p5 a0 s9 |
8 r0 C/ l3 [) B" ?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.6 N& o. g* X( c) K! u6 j
/ p" j }' r Q' ~"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."" Q- o2 p: z: Q1 y* _' q; ^6 U) A
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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.
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6 z9 ?, M* C2 u1 Q9 o) KBut the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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There were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37 per cent. Homes spent 51 days on the market, down one day from last month.
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Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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- K- }* {$ S" CMeanwhile, 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.; h4 Y+ q$ I7 m- c4 T4 |
" i! m* h' ~6 _% IThe 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.
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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 $235,000, said the LePage study.
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7 x8 S5 J j2 B S |: |4 C" A5 [( NKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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4 g; l( X4 S r"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.
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4 D1 J Q4 e' j0 aAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:
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$ C1 G( Z- u3 s hSherwood 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.
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( C, L& G' Y* q/ i) V' i+ l, jSpruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.: H, M7 h# d8 Y, x
: ]5 r/ n& z {7 q; a, URiverbend/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.
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, p" `3 q9 K2 K; r( G* }5 G: N1 PLeduc: 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.)3 E/ {3 |+ F4 W3 e1 S) B9 z
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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.0 A- l2 Z# \6 c* Y0 E: Q5 q
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 $350,000.
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% u$ I9 L% P! }) C! yClareview: 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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