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EDMONTON — Prices for single-family homes in the Edmonton region dropped while condo prices rallied in December, according to figures released today by the Realtors Association of Edmonton.) K3 R4 L/ R) q) u7 {
% \2 m" g- I# s8 h“That’s a 180-degree twist from what we saw in the month of November,” said outgoing association president Marc Perras.
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4 U6 m0 t$ F, _8 x: `- N$ sThe average price for a single family home dropped by three per cent to $351,870 after remaining flat for two months. That’s $30,000 less than the average price of a single family dwelling at the start of 2008.
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Condominium prices — which fell more than eight per cent in the previous two months — edged up 1.2 per cent over November., s) T$ e8 Z6 O3 t/ v
/ B/ l7 Q1 V# H+ `6 k; W+ dOver the year, condo prices dropped 7.5 per cent from $253,270 to $234,286.
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At the end of December, there were 6,316 homes in inventory. The sales to listing ratio was 46 per cent and average days on market was 65, up two from November.* \4 ^) K! a/ D6 B3 t. n
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Residential sales plunged by 29.1 per cent in December to 608. Perras blamed cold weather and global economic uncertainty.' K9 B: }3 m, |( V, r/ ?
* W7 V, s, r/ \1 N. c& \1 M“Who wants to tour homes when both your toes and your portfolio are frozen?” Perras said./ @4 ]; }3 L9 i, a
' @! }4 D* P5 s+ l1 e; F! ?$ ]Neither Perras, nor incoming president Charlie Ponde would release a resale market forecast for 2009 until a news conference scheduled for Thursday.
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But one real estate company predicted Tuesday that after months of sluggish sales and slipping prices, Edmonton’s housing will return to “a normal state” in 2009.+ z, r4 C# p( r/ {, A2 C
! I( h1 I" o9 c- n- x# BThe year will bring stable average house prices and gradually increasing sales, according to the Royal LePage 2009 Market Survey Forecast.
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“The combination of healthy employment levels, historically low interest rates and good affordability — something the city has not seen in a while — will all bolster Edmonton’s housing resale market in 2009,” said the survey.
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The report predicts the average local house price to hold steady at $333,000 this year. The number of homes sold is expected to increase by three per cent to 17,825 units, it said.
Z5 S" W! R' C/ q3 C7 ?The company added that a glut of homes that burdened the market shrank in 2008 and will get smaller in 2009, putting Edmonton in a balanced market.* ?) E* m7 P' z! m% c* _8 a* q
) ~- ~) g; G. H, L; P# g2 B“Nationally, Canadian average house prices are forecast to dip by three per cent from last year to $295,000, while transactions are projected to fall to 416,000 (–3.5 per cent) unit sales in 2009,” the report said.' c1 a: k2 j! ^7 N& }& y: T, P# \
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Meanwhile, the Realtors Association of Edmonton will release a recap of the housing market this morning and a forecast of 2009 on Thursday. |
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