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Average price slips as fewer people moving to Alberta, realtors association says6 V$ R5 p, p! X' T! _* i
Bill Mah, The Edmonton Journal
+ ^! n- Z/ F3 b, k' ZPublished: 1:31 am5 E# D/ x6 Q4 T1 V7 O- K: E3 u
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.' ?, p% ?# l! Z) D* W+ d
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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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9 t" B. Z: l$ s- |1 @5 E8 eThat'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.9 k6 `: B8 E# D0 J% O
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Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.3 J8 Z% w' A6 F3 e1 h7 ^# j% w
2 j3 G, x% Z. t e9 ^" p% pNet 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./ Q/ q2 v2 S4 ]6 K& e
6 g' g+ E& x3 A3 O9 J& X# R9 u"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.2 F1 a$ ?# B, t1 D% k/ I$ `
0 b& U+ a- U/ ]"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.0 C$ N5 c2 F, n, Y+ e9 s/ H
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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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" _1 M/ d" E6 M0 I* m! IA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.
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& G& t7 j$ M2 Q9 DBut 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./ x8 J: w, Y" Y2 n
k1 b2 Q; Z& J/ GThere 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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Meanwhile, 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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5 Y/ O; L3 b9 M0 f/ b7 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.
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c" U+ y% ]) `9 KThe 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 $235,000, said the LePage study.
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- J) R$ W2 \5 w) zKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower. Z& a1 T$ M7 l
" v* y/ B. j; k! |- f/ m"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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$ K) o# d$ G, m. c" n1 r' LAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:7 [5 }; i& D* R# w: v
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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.
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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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3 }" K: X% f) F6 k; |/ WRiverbend/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 ($310,000.)" F* ~+ d$ Q( n' C% v5 \+ p
7 o7 b( ^5 q; B* ^% SSt. 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.) _# N( W8 A; e* c0 e k1 a3 W# E! h
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.
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: J# z2 }' z8 U/ [3 c% K, k+ g4 wClareview: 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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