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Average price slips as fewer people moving to Alberta, realtors association says+ f" u, {$ X6 _4 o
Bill Mah, The Edmonton Journal, U- p( z4 S1 T6 ^; _" A
Published: 1:31 am3 J! i+ s, c, 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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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.
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3 c3 x! M; T) c* ]9 l/ p( ^8 ~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.* M3 S$ d5 O7 k
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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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; S* h9 r; l$ `& ^% SNet 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. n; j5 t4 J6 H& P7 H
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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.4 h q5 }1 v" O
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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.7 f) V- L2 B* d4 \# }, q
/ ~2 A- v5 o$ L2 T$ {"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.% v* I; z" h% m! z
% ^. n, i* A( z"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."/ ]- S# `3 x7 P$ Z2 b
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A single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.. J- q% n1 t1 l& f- }$ s
& A9 J. X" A! Z. q& c" ]7 KBut the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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: g, N: S$ h* w2 ]/ u( fThere 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.( @4 r) ?7 M) t' A3 u* z2 t) s
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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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2 K8 s6 g& }9 V7 k) [! ^5 U. wMeanwhile, 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.; z: R" `- U! O& T( Y( o
( T3 v8 M: b0 I) 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 $363,707.9 [' x1 _: J9 E) i' d. l
% i% l/ Z& T( ?; e3 s4 b$ B' [" MThe 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.& ]; U0 Y: z2 d% C+ |- F: @) b
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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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, ^! O5 Z) B7 c! |0 ?1 ISherwood 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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% O7 v1 M9 O5 f5 |& s6 z5 qSpruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.: l3 o% q. d$ f$ x1 S
; H4 Q: v$ W- y( B( Z2 xRiverbend/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 $235,000.
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, Y$ ]2 F, c$ p- OLeduc: 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.)6 z0 [, B, t* ~5 U+ T: `7 q% W
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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.
/ ?# E; f) e: T" ACastle Downs: Average detached bungalows fell by 18.6 per cent to $285,000. Average two-storey homes went down 11.4 per cent to $350,000.
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6 U8 M$ @0 n6 z, eClareview: 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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