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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm
" M3 x, H& b/ }4 R4 BEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.+ U# m& {3 l0 E. ^4 B
8 a2 ?+ y4 R4 ]8 L+ sThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.
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) s6 ]) Z; z7 K- KOne year earlier, inventory was just 2,138 units.
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% i2 R8 o% g ~! j* X$ A3 XWhile 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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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.( K0 G6 A' S$ e
* y6 r7 q" H1 M& U; b+ t" mPercentage-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.! z4 o8 L. Q, P
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© Edmonton Journal 2007 |
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