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Average price slips as fewer people moving to Alberta, realtors association says$ K3 O5 z, }+ q$ l X# w
Bill Mah, The Edmonton Journal+ p! H' }) { m( l6 X
Published: 1:31 am
) |! A, ? g- gEDMONTON - 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.0 |" `: _; b# U
% m7 E' H8 E! O) SFigures 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.
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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.
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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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! e4 [+ k1 w5 ANet 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.
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s' j5 B% l5 y/ p5 K, D9 G2 s"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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He predicted home prices will increase by the year's end as inventory drops and called the current situation a "stable, normal" market.4 A7 Z( v8 S! R2 }2 h u c$ V$ ~
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"Our sales volumes are similar to what we saw in 2004 and 2005 and our prices are essentially flat.
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9 l! P3 w, I, k6 \0 \7 ?"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."9 e6 ^% z& `$ p& @
! r# I7 @) E" ]* v# h4 T8 f/ jA single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.
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) E2 c- [$ `2 Y( R {* x# vBut the average residential price -- including single-family homes, condos, duplexes, mobile homes and others -- was $343,760, 5.66 per cent higher than March 2007.$ ]9 _+ o2 I/ h2 g- o
1 d' x8 ]. J3 e$ X# e: fThere 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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Total MLS sales in March dropped 31 per cent from a record-setting pace in March 2007.+ Y% R) k5 W: I# _
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Meanwhile, 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 @4 P2 O; F* x
8 z, B) p8 C' \3 XThe 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.
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The 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 $235,000, said the LePage study.
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3 N% o8 P9 o6 r% ^8 lKen Shearer, a Royal LePage broker and owner, said debate over energy royalties kept house prices lower.' ~; g# q1 Z2 M( G3 u5 M& U
) A! R r( G3 f6 q* {"As a result of this debate, the market has receded from the wild pace it experienced last year as buyers are simply no longer interested in paying skyrocketing house prices," he said. I* U- c/ R0 |( W9 n
/ d2 Y- v7 r! X( \# s" nAccording to the report, prices varied by specific market in the Edmonton region. Here are some highlights:3 x3 W( R$ c: K- I
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Sherwood Park: Average prices for two-storey homes dropped by 7.1 per cent to $390,000, while detached bungalows and condos were unchanged from last year.; m7 ]0 K& c7 e# b& n- Y4 j$ X i* G
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Spruce Grove: A two-storey home rose 6.9 per cent to $405,000 year-over-year.7 s3 B$ A0 u2 `6 h# Q! @; Y
: |0 ^+ _' g s BRiverbend/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.% r, k+ k% H% s- d% j
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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.)* P! X8 R( O; ]( ~" e: d
8 B' U7 L3 {% WSt. 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; I# s& d4 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.' ?, D( H1 v6 E, p
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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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