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Average price slips as fewer people moving to Alberta, realtors association says
7 Z7 e0 V) v: S2 l. m& S& eBill Mah, The Edmonton Journal
; _4 J! z4 J- cPublished: 1:31 am
8 B# @! Y: T% TEDMONTON - 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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' b% q/ Z8 }! B& VFigures 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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4 t+ [" D( }* j: a/ Z6 {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.8 U" B/ W. C5 p0 ]/ b" z
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Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.* _6 M) F2 I; y8 ]2 w' q
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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.8 g$ {6 O" H8 h* p9 w, }
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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." w3 a# N, \7 N
: q0 P# W4 W, B# q( e+ p+ h. XHe 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.
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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."4 I! X1 [" B' C( f; A6 F0 x4 P, ~
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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.- W) _) z5 s4 u& C; B
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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.
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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.# ]: J( o4 A+ Y) ]0 K6 s1 Y
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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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" \$ n5 O: e/ l& s6 k+ sMeanwhile, 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.. Z8 Z' z4 n: h4 O
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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.. u; p6 [. @% `
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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 $235,000, said the LePage study.
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Ken Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.
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According to the report, prices varied by specific market in the Edmonton region. Here are some highlights:
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7 B z1 _4 C- \8 N$ nSherwood 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.
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. d+ C3 q& n0 W( | gRiverbend/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.)
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St. Albert: The average price of a two-storey home fell by 12.8 per cent to $340,000 while detached bungalows dropped by 12.3 per cent and condos by 13.3 per cent.$ I; j/ g- ~. f2 r" 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." A4 ~* d' m( I3 M1 J5 ?9 \5 j/ r
A7 C2 \/ a( RClareview: 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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