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Average price slips as fewer people moving to Alberta, realtors association says" c: M) r$ U, X6 |: I" R' L
Bill Mah, The Edmonton Journal; B8 w/ i4 T6 b8 Z3 u/ J
Published: 1:31 am- p) ]5 e' A! s! L0 X/ a9 p
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.4 Y3 }7 l. e- j7 |) g& i; i
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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.& |' i. ?( M* z
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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.. H/ p: m5 u! I G- P$ v
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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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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.& u* ^' z) Y# ^1 d
1 d/ b- r* h2 ?"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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: x% T# }6 P( a) R8 K; u, aHe predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.6 K2 d6 R% b# Y
/ ~: l; c. t* S) f9 |"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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8 k5 } C/ D& `6 g( }9 b, qA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.2 }5 [! N7 k" I
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But the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
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) \1 q; a8 d5 G7 k- GThere were 1,557 residential properties sold in March with new listings of 4,236 for a sales-to-listing ratio of 37 per cent. Homes spent 51 days on the market, down one day from last month.
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4 j5 j4 `+ i; O" N6 b3 s8 STotal MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.' F' m5 J0 I0 X- q! a# z2 J' [
6 f% U3 B5 ?. Z% bMeanwhile, a house price survey released Thursday by Royal LePage Real Estate Services says Edmonton-area houses became more affordable in the first three months of 2008.' V! T4 [& w) |5 G$ R
9 z. f9 e1 M& t; Z+ |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.- R' x& n2 E7 X8 Q" X
# \, B- @. b0 s8 E3 g& O5 e7 bThe 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 $235,000, said the LePage study.
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( `1 W, I7 K5 Z) HKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.
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' F2 L } @( p* y! I- R& k* B; u"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said." H# R4 \4 c4 Q6 m
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According to the report, prices varied by specific market in the Edmonton region. Here are some highlights:$ ?6 } e& \8 A3 A
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Sherwood Park: Average prices for two-storey homes dropped by 7.1 per cent to $390,000, while detached bungalows and condos were unchanged from last year.! @4 }$ @" B# T" L$ ~
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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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! m, K; e4 i8 q4 }Riverbend/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.8 t2 \4 q; D! P: K2 X0 s
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.- \: V( t! b0 q" j: N l7 T
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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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发表于 2008-4-4 07:30
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