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Edmonton housing prices have largest one-month drop in city's history# U5 S" Y; }8 D3 g
Edmonton Journal
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Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.7 r; r- ^" C9 T) ~5 C V4 y: U8 f8 s
# n0 q$ y9 o; A2 r4 o. {7 |The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.0 F3 _# f: S8 ?& w+ M
8 E6 ^' d* e/ o: W) fInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.- }, T; V* s# A) l* f0 R* ?# y
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One year earlier, inventory was just 2,138 units.3 ]: ?% o: ~. H, n% \- M
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While sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.
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) A3 s2 H0 [- u+ x2 ]6 u0 _& ~Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.
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Percentage-wise, home prices have fallen more steeply in earlier years. From December, 1994 to January, 1995, average prices fell 6.5 per cent to $106,645. From June to July, 1984, they fell 7.9 per cent to $75,800. From February to March, 1964, they fell 23.1 per cent to $10,720.
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© Edmonton Journal 2007 |
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