City home prices stabilize
Average cost of single-family house hovers around $350,000 --10% lower than year ago
Bill Mah
The Edmonton Journal
Friday, April 03, 2009
After months of slow decline, Edmonton-area home prices appear to have plateaued.
The average price of a single-family home in the Edmonton area hovered around $350,000 for the first quarter of 2009, according to Multiple Listing Service statistics released Thursday by the Realtors' Association of Edmonton.
At the end of March, the average price of a single-family dwelling was $349,716 -- down 9.8 per cent from the same time last year. Condominium prices are on a slightly rockier track, ending March at an average price of $230,469.
The average condo price in March was down 12.4 per cent from the same time last year.
Association president Charlie Ponde said the period of little change shows home prices are stabilizing after slipping steadily from their peaks in mid-2007, he said.
"Overall, prices have dropped gradually in an orderly market," Ponde said. "We are now in a four-month plateau period."
Compared with March of last year, sales and prices are down across the board. Ponde said that's no surprise because the market couldn't sustain last year's "torrid" pace.
The average price of a duplex or rowhouse was $276,776 in March -- down from $308,908 last year.
Residential sales for the year to date total 3,185 units -- down 28 per cent from the same period last year.
"But the pace is picking up," Ponde said. "With price stability, low interest rates, spring weather and pent-up demand, it appears Realtors are starting to get busy again."
He pointed to residential sales in March rising 28 per cent over February.
Days on the market for March averaged 56, down five from February; Last March, it was 51.
There were 2,891 home listings in March -- down 31.7 per cent from last March. The month-end inventory was 7,476 homes -- down from 9,464 from the same time last year. Ponde said the softening market cleared those testing the market, leaving the serious sellers.
Sales-to-listing ratio was 48 per cent.
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© The Edmonton Journal 2009
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