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Average price slips as fewer people moving to Alberta, realtors association says
, ]- f- B* z/ ~' J' e) J0 j6 pBill Mah, The Edmonton Journal
3 G( S) n& [- ]. b* [( ZPublished: 1:31 am
1 \$ a7 `& v0 r( C) REDMONTON - 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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6 [3 ^3 v0 {7 l- XFigures 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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% R4 b: X/ h' W' OThat'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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% ?3 G3 K; t+ T7 u/ A+ fAssociation president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta." W& k3 U! G6 Z
& M& ]9 o7 V& ~) ONet 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.3 [ o* e' t. s! c3 z' K8 K( N# g
, J( |: B$ q3 l5 i# G# b0 Q4 A"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.. j' l8 q: t6 h0 i
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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.+ }- R* H( e$ }$ N& x
- @+ T0 t6 C9 @9 K; \ A" ["Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.+ i; l' S: y% p! m, }# {
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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."1 h6 o2 @7 Q |7 O) `0 }
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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.' `: i: o( P# R( x8 e
# h; i9 Z- E" M; k( F2 N" W' vBut 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 k) }# @8 Z& f) e
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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.% A) ?7 Y% [* y: [. Y
" L7 z- O/ v6 BTotal MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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! n( l8 O3 \1 @. hMeanwhile, 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., l9 K Z; [) c# k1 a4 w
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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.
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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 $235,000, said the LePage study.& \8 V( H) X$ @9 U- P* }
. B4 B( z; ?& [' F. @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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According to the report, prices varied by specific market in the Edmonton region. Here are some highlights:' G; `! F- X- K$ {
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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.! Y) R& H# c" K! q& R% |2 G( U+ `# p
0 c- z' f, D# GSpruce 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 $235,000.
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, U2 t/ T% b* y2 i$ D% A. dLeduc: 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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5 n8 I5 ~! |9 `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 X7 ^; a6 K6 A4 P T6 WCastle 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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7 H2 @. X/ F4 Z+ c0 N2 IClareview: 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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