 鲜花( 17)  鸡蛋( 0)
|
Average price slips as fewer people moving to Alberta, realtors association says
, h# r, _2 a5 _) A* Q) A8 Z" bBill Mah, The Edmonton Journal. G1 J0 |" q: d& C2 h6 d2 v
Published: 1:31 am
- E3 U/ s4 m- w5 f5 F1 R& k+ Y# G1 bEDMONTON - 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.7 U: x `4 y4 S6 P! a7 P
# \8 n# s1 x, r6 hFigures 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.
" `$ g c; R) @" a% h9 A* s% g1 C; `: Y, a
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.' y( t$ M; d, ^1 d4 r+ \" a/ v8 o
5 q% b8 W* P! m
; m/ A! E. P3 Y* _( U6 R1 y# U9 UAssociation president Marc Perras said the inventory, about six month's worth, stems largely from fewer people moving to Alberta.8 x5 K& x$ Y! M' E. n/ K7 g' B
2 B& A. L! }' G/ K4 z$ Y& BNet 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.
- q- J% E2 T' Y4 E0 d* y( N" c4 J- r9 H% ~& s5 }5 S$ g
"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.
; K/ H# [- Z/ _; c0 @5 B ?% ^& f; v2 A2 X% P- ?2 {) B0 S
He predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.1 _. J# |3 ^ u
* e- Z' F/ V' L, H8 U3 K/ u, C
"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.
6 Y. k$ a- t7 k, w& u
4 c* i3 P8 e& a# A: j0 {* e; h"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."
( c/ M4 x" _) L0 L# g; n% C7 G! {. a/ m1 }% h2 z
A single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.
2 _( J3 b7 ]% G% P4 k) L. W, D/ _ d8 P' s- m2 r6 i" e7 v6 V
But the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.
# M2 a$ T! \/ x& |2 ~0 T9 q3 D( B: A9 Z+ X& P$ O
There 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.
7 t5 N5 W0 v$ t2 t5 a# l/ c V) f" |, f/ d1 Q" O. T2 U% r7 j
Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.
# ^( }, C7 ]' M1 P& P
, F' p/ D( ^3 V- z3 J+ @7 w$ T5 r2 w. OMeanwhile, 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 2008.4 x* v1 n4 Q. @- U
4 {* `1 g: Q* O5 d9 J Z* q
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 $363,707.6 ~& P% v" G" q" F5 i) `$ H3 b) F1 `
7 l- ` f4 L! _4 ]+ S, H/ r9 e* UThe 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 $235,000, said the LePage study.7 u; G9 @% E7 y9 V4 v; M, w+ o
. y9 z7 s8 M5 r3 E# z. Z0 ZKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.) L5 Q' ~, l# O% X5 } ?6 N0 T, H
; X0 s. {2 |4 k G1 @; A8 S" y"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said.
6 Z- `2 f! o$ B0 Z
1 u# s3 ^4 ~! C. N5 D' `According to the report, prices varied by specific market in the Edmonton region. Here are some highlights:% ]/ s2 \" P# }
& N' i2 y* t1 z) P M3 ^% q
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.; f: O/ s% x% e
9 L& Y+ c5 Q; R* }" S9 gSpruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.
# q1 T. W/ e2 W b
0 _4 D: s) t, TRiverbend/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.
6 V9 A. ?5 {% ?8 P1 H) o! b. }* G; i. ~7 w
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 ($310,000.)
8 m% H' q* o& i7 m" Q" `. V) v2 H V% y5 h3 Y' @2 x# n$ o9 A
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.
! G. K, R3 r% [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.
2 S! R2 v" A) G- d, u) @; {
- V" v8 S, J: k/ k, DClareview: 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. |
|