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Average price slips as fewer people moving to Alberta, realtors association says
+ T6 M# D( N' D) RBill Mah, The Edmonton Journal2 C( P. y; m+ w
Published: 1:31 am
: Q) o7 a$ }1 j7 n! GEDMONTON - 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.4 b8 _; p W9 n4 w. z
/ W9 ?8 n0 M" r9 F2 bFigures 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 m3 U/ H0 n& i, i, _ g' n4 jThat'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.) q; u Q' S4 K) P1 W' ^- [
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5 q6 X8 S- J! y5 E- z. N# D! YAssociation president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.9 i' t8 k4 z5 r/ [% v9 S. C( D- N. j
/ X- r: Q) `9 h- F% Q# 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.
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7 ?, e: s5 Y0 o: K"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.% O" n+ I* A, Z
1 K; k8 ?, L! W/ n"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."
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4 F5 h- W, a& K* Q; iA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.; w/ V$ z! }! l' m* m" w+ k
$ h( k8 ]% m; g4 hBut the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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, a' F6 H. s9 EThere were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37 per cent. Homes spent 51 days on the market, down one day from last month.# X' J2 A1 _8 J4 t, A8 u8 r! e
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Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.6 Y! t! d+ N& U6 f2 a6 j" E" U: ~% s
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Meanwhile, a house price survey released Thursday by Royal LePage Real Estate Services says Edmonton-area houses became more affordable in the first three months of 2008.
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1 R$ V- M, ]1 c! E- q/ P8 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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* w8 W1 A4 p2 Z% N" q* P! _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 $235,000, said the LePage study. e0 ~& Q. \" R: o" ^, C
* l3 s' z+ q" _* O. s7 J4 ?4 ~Ken Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.8 |6 i( P5 |/ I( X/ H g+ O d- {) S
: n. A8 U) `$ w- ^3 qAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:' M6 s) Z) p K8 P) }) T$ Y
& S1 T% ^+ e8 r% ?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.! E7 y: B2 F. {" X* g# @
6 P2 X3 r; `. _' C3 q! s5 s, w4 PSpruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.; @" `3 K/ H8 g: k) }2 E* Z
7 j0 B& {1 L- L& ]! O7 HRiverbend/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.% h5 {1 p7 N0 S. h6 Y8 z
+ e8 {7 u: S& `+ @6 n2 xLeduc: 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 ($310,000.)# I* v F$ B$ }
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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.
4 U3 E6 K' {: S( jCastle 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.. Z( ?' Y% F* J) l8 \3 Z
$ E! w7 W2 w! g- v" C+ sClareview: 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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