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Average price slips as fewer people moving to Alberta, realtors association says, s/ S7 ]/ g/ h4 v; u0 b, z+ w
Bill Mah, The Edmonton Journal4 x- C: Q2 Q- r) d
Published: 1:31 am
/ F: \1 c* o& k+ T) ~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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; p9 [8 P8 c0 w+ |2 R6 }0 AFigures 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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Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.' {, |: }: H" T9 F, F: R
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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.
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6 P2 O+ T. Y: j' sHe predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.; x; d! D' L8 _4 Q, }' z# `1 x/ P1 h
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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 t5 Z# I- Y. m+ F- q$ F
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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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But the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.9 |2 m% } z4 d5 ]* e/ |
, V) o% u/ g% T" E& W2 }; cThere were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37 per cent. Homes spent 51 days on the market, down one day from last month.
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Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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9 k; c: d$ n' e5 t: r- u, EMeanwhile, 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 $363,707.) {4 g7 T* z$ Q; ~0 L
: h7 i2 q: F9 A2 O5 |0 bThe 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 $235,000, said the LePage study.- Y7 }2 |$ t! c2 p+ w
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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.# W2 Q" m# h, I5 A
/ A1 e$ p3 }( Y9 w0 d( jAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:5 D# V; \; w# g5 _
- P" K. h7 p G* ~3 {0 ~+ C/ KSherwood 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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Spruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.% j5 y! }& o' ?' p
. D& K% O; p! S8 N- U0 P5 E- Q; sRiverbend/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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8 p& l6 E& {/ O) c6 ZLeduc: 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.) Z8 |% q( A2 s* v& Z. 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.
" W1 Z) O8 n! b1 f* l5 PCastle 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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& R9 F ]7 j& _' D, h& ~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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