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Average price slips as fewer people moving to Alberta, realtors association says
Q @& a) Y* j" uBill Mah, The Edmonton Journal9 U2 M+ O8 `. }2 ^% A. ]4 O5 |
Published: 1:31 am) O3 l; X4 u! W5 U. A
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.1 _" d* o7 ` ?: K4 h: z2 I& v+ D4 _
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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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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.4 L- O* i9 Q- j& F5 H7 x
7 M( p" M3 h' H+ J8 F0 ]"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.
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He predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.5 K; x J5 Y' d% h$ y
+ b! e& [: ]; A4 o3 u; r"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."
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. a+ K( }- D3 J) H& ^7 e% ~) gA 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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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.* s: {. T! I2 K; k
- c" Q3 {& ^+ R* `& y3 Q) X, iThere 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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3 A \2 v' ^3 D# BMeanwhile, 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 2008.2 t# m, {7 [9 i3 M
# Q* z8 R! o; q+ jThe study looked at certain local markets examined and found the average price of a "standard two-storey home" fell 3.7 per cent to $363,707.1 j7 r) T; i+ k6 b
% ~. o H0 e& d; [5 m; q& I3 S. yThe 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 $235,000, said the LePage study.
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Ken Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower. f: }0 b& w) Q; N
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"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.& H$ g% ]4 h) z9 c0 \# |' v
$ _. O0 ~1 W, `: S; uAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:# n* O- }& j+ q, h
+ ~. X9 y$ P1 MSherwood 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.8 J! c5 |) R! J' V6 i! S5 f
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Spruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.
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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.
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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.), D8 X9 p% K1 e
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St. Albert: The average price of a two-storey home fell by 12.8 per cent to $340,000 while detached bungalows dropped by 12.3 per cent and condos by 13.3 per cent.4 r9 a7 w4 s& e$ d4 g& a! L- G
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., W) l! |# ]( c6 \/ i3 T
7 E3 M" Z( L( ]9 ~) A2 LClareview: 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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