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Average price slips as fewer people moving to Alberta, realtors association says+ Y9 G% L( D! F: L+ b; c3 n( b
Bill Mah, The Edmonton Journal
+ |- J9 y) |5 ?. ?Published: 1:31 am* h# a. c9 S h+ h* y- Y. e
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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( K5 e3 d) F& d5 \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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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.
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Association president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.- C+ z: a' o# O
^ J+ f& p! R$ e! ?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.
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: z, u8 W+ f3 z2 j& i* y1 V"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.& Y2 ?/ F' U" b6 Q; @* v6 i; a
. A3 Q' P# R& m! x: i! [8 o"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."- [$ E% k* Q) e( r/ l: g+ e5 m
7 W; Y; b" q- A. | pA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.5 `, M9 q0 v& `, x
6 q4 R" l6 L* ~. K& l7 d( }8 YBut the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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5 \- l9 D$ P& v1 u& HThere 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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$ ^% p8 Y/ |. V3 S3 P x& k/ ~% d( j& PTotal MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
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! y& ]/ @; H" U {0 B4 x- vMeanwhile, 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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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.( R3 h+ M( f0 m& F8 F2 H) {
; v6 q' Y; S( f: d) J6 L2 s# QThe 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 $235,000, said the LePage study.
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+ _' ?3 o/ G \6 YKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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- O* D: q0 v+ t9 Z# E& M"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.
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) T$ j5 @# o* q1 ~$ NAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:( B9 z* i7 i% e
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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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* I9 q4 [ D& F3 C3 e' J9 wSpruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.& m* n: P- k+ V x# e3 p
7 S! f# ~1 u# G7 O1 ^! @- URiverbend/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.
+ ]0 _7 o/ p" J2 P# B' H5 o6 nCastle 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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Clareview: 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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