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EDMONTON — Prices for single-family homes in the Edmonton region dropped while condo prices rallied in December, according to figures released today by the Realtors Association of Edmonton." |6 d% [& ^/ J
, e/ ~0 ?, n- A9 l( V“That’s a 180-degree twist from what we saw in the month of November,” said outgoing association president Marc Perras.; F) m. o, `& E2 Z( ^
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The average price for a single family home dropped by three per cent to $351,870 after remaining flat for two months. That’s $30,000 less than the average price of a single family dwelling at the start of 2008.% k# a$ S m! ~5 O, n7 S1 {8 G
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Condominium prices — which fell more than eight per cent in the previous two months — edged up 1.2 per cent over November.
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t3 u% R# y7 iOver the year, condo prices dropped 7.5 per cent from $253,270 to $234,286.5 j1 S! o; W% s0 g
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At the end of December, there were 6,316 homes in inventory. The sales to listing ratio was 46 per cent and average days on market was 65, up two from November.; e9 ~3 e7 h$ i S' H& k1 M: o7 q
2 R; s/ S' {& R! X; vResidential sales plunged by 29.1 per cent in December to 608. Perras blamed cold weather and global economic uncertainty.7 b1 _! a6 [8 |, }& Y& j9 n3 P
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“Who wants to tour homes when both your toes and your portfolio are frozen?” Perras said.
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Neither Perras, nor incoming president Charlie Ponde would release a resale market forecast for 2009 until a news conference scheduled for Thursday.5 i/ ^ G+ g, P, K3 V1 h
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But one real estate company predicted Tuesday that after months of sluggish sales and slipping prices, Edmonton’s housing will return to “a normal state” in 2009.
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The year will bring stable average house prices and gradually increasing sales, according to the Royal LePage 2009 Market Survey Forecast.- T- P+ H/ T! A3 v
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“The combination of healthy employment levels, historically low interest rates and good affordability — something the city has not seen in a while — will all bolster Edmonton’s housing resale market in 2009,” said the survey.
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The report predicts the average local house price to hold steady at $333,000 this year. The number of homes sold is expected to increase by three per cent to 17,825 units, it said.; I1 }' t+ S, } u a1 l
The company added that a glut of homes that burdened the market shrank in 2008 and will get smaller in 2009, putting Edmonton in a balanced market.* n4 |, O. Z5 C1 p: |- W
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“Nationally, Canadian average house prices are forecast to dip by three per cent from last year to $295,000, while transactions are projected to fall to 416,000 (–3.5 per cent) unit sales in 2009,” the report said.
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Meanwhile, the Realtors Association of Edmonton will release a recap of the housing market this morning and a forecast of 2009 on Thursday. |
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